LIC’s Jeevan Utkarsh is a non-linked, close-ended single premium, with profit- life insurance plan. It offers a combination of protection and savings wherein the risk cover is ten times of Tabular Single premium. The policyholder will have an option to choose the Basic Sum Assured. The single premium payable shall depend on the chosen Basic Sum Assured and age at the entry of the policyholder.
a) Death Benefit –
On death during the first five policy years:
b) Maturity Benefit –
On maturity of the policy, the policyholder will receive Sum Assured on Maturity + Loyalty Addition. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
c) Rider Benefit –
The policyholder has the option of availing LIC’s Accidental Death and Disability Benefit Rider by paying an extra premium. The premium for this rider shall not exceed 30% of premium under the base plan and the rider sum assured shall not exceed the Basic Sum Assured.
The below table shows the eligibility conditions of LIC Jeevan Utkarsh Policy.
|Minimum and Maximum Age at Entry
6 years (completed) and 47 years (nearest birthday)
|Minimum and Maximum Basic Sum Assured
Rs 75,000 and No Limit
Policy Tenure – 12 yrs.
|Single Premium to be paid for the entire policy|
If I surrender the policy, will I get any surrender value?
Yes, if the policy is surrendered during the policy year then the policyholder will get the surrender value on the policy. The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:
Can I get a loan against this policy?
Yes, one can avail loan facility against this policy any time during the policy term only after completion of 3 months of policy (i.e. 3 months from the date of issuance of policy) or after the expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time.
Is there any free look period in this policy?
Yes, a free look period of 15 days is available in the policy. If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reason of objections.
On receipt of the same, the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.
Are there any exclusions in this policy?
Suicide – The policy will become invalid if the Policyholder (whether sane or insane at the time) commits suicide within 12 months from the date of commencement of the risk. The corporation shall pay an amount which is higher of 90% of the single premium paid or Surrender Value. No other claim under this policy will be entertained at any cost.
This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years i.e. if the age of the Policyholder is below 8 years on suicide single premium without interest shall be payable.
So, by now every one of you has come to know each and every detail of this policy. Now it’s up to you all to decide if this policy is what you need or something else. If you have any doubt regarding this policy, they please let us know in the comment section.
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