LIC Jeevan Utsav Single Premium Policy: What are the benefits of LIC’s Jeevan Utsav Single Premium plan?

Life Insurance Corporation of India (LIC) has launched a new insurance product- LIC’s Jeevan Utsav Single Premium plan. It is a non-par, non-linked, single premium plan with the accrual of guaranteed additions during the guaranteed additions period.

This plan is open to individuals aged 30 days to 65 years. The minimum basic sum assured is Rs 5,00,000, while there is no fixed upper limit. This plan is open to individuals aged 30 days to 65 years. The minimum basic sum assured is Rs 5,00,000, while there is no fixed upper limit, subject to the underwriting decision as per the board-approved underwriting policy. Guaranteed additions of Rs 40 per Rs 1,000 of the basic sum assured will accrue at the end of each policy year during the guaranteed addition period.

If the policy holder dies after the risk cover has commenced and the policy is active at that time, the nominee will be entitled to receive the death benefit. This payout will consist of the sum assured on death, along with any guaranteed additions accrued till the date of death. The sum assured on death will be the higher of the basic sum assured or 1.25 times the tabular single premium, whichever amount is greater.

If the life assured survives till the full policy term, the policy will pay out the sum assured on maturity together with all guaranteed additions accumulated over the years. The “Sum Assured on Maturity” is defined as the higher of the basic sum assured or 1.25 times of a tabular single premium.

There are two survival benefit options-
Option I- Regular income benefit
Option II- Flexi income benefit.