LIC Jeevan Utsav Plan 2025: Your Gateway to Guaranteed Financial Security and Flexibility

LIC Jeevan Utsav is a Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan designed to provide financial stability and lifelong protection. This plan is perfect for individuals seeking guaranteed returns, flexible income options, and comprehensive life cover. With its unique features, it ensures both financial security for your family and a steady income stream for you.

Table of Contents

Key Features of LIC Jeevan Utsav

Dual Benefit Options:

Option I: Regular Income Benefit.
Option II: Flexi Income Benefit.

Guaranteed Additions: Accrued throughout the premium-paying term at ₹40 per ₹1,000 of the Basic Sum Assured annually.
Whole Life Coverage: Offers lifelong financial security and guaranteed benefits.
Flexible Premium Payment Terms: Ranges from 5 to 16 years.
High Sum Assured Rebates: Premium discounts for higher coverage.
Loan Facility: Provides liquidity for emergencies.
Optional Riders: Enhance coverage with riders like Accidental Death and Disability, Accident Benefit, Term Assurance, and Premium Waiver Benefit.

Eligibility Conditions

Minimum Entry Age: 30 days
Maximum Entry Age: 65 years (varies based on premium-paying term).
Premium Ceasing Age: 75 years.
Minimum Basic Sum Assured: ₹5,00,000
Maximum Basic Sum Assured: No limit (subject to underwriting approval).

Benefits Under LIC Jeevan Utsav

1. Death Benefit

In case of the policyholder’s demise:

Sum Assured on Death (higher of Basic Sum Assured or 7 times the annualized premium) plus accrued Guaranteed Additions.
Minimum death benefit is 105% of total premiums paid.

2. Survival Benefit

Option I – Regular Income Benefit:
10% of Basic Sum Assured annually starting from the 11th policy year (varies with premium payment term).
Option II – Flexi Income Benefit:
Flexible payouts at 10% of Basic Sum Assured annually with the option to defer and accumulate benefits at 5.5% p.a. interest.

3. Maturity Benefit

This plan does not offer a lump sum maturity benefit, focusing instead on lifetime income benefits.

4. Guaranteed Additions

Guaranteed Additions accrue during the premium-paying term and stop afterward.

Premium Payment Options in LIC Jeevan Utsav

Modes: Yearly, Half-Yearly, Quarterly, or Monthly.
Mode Rebate:
Yearly: Nil
Half-Yearly: 1.75%
Quarterly: 2.50%
Monthly: 3.25%

Rebates in LIC Jeevan Utsav

High Sum Assured Rebate:

₹10,00,000–₹24,00,000: Fixed percentage rebate based on term.
₹25,00,000 and above: Higher rebate percentages.

Online Purchase Rebate:

10% discount for policies purchased directly via LIC’s official website.

Optional Riders

Accidental Death and Disability Benefit Rider: Provides a lump sum or monthly payouts in case of accidental death or disability.
Accident Benefit Rider: Covers accidental death with an additional lump sum payout.
New Term Assurance Rider: Offers extra life cover during the policy term.
Premium Waiver Benefit Rider: Waives future premiums upon the death of the proposer.

Loan Facility

Loans available after the first policy year, provided at least one full premium is paid.
Loan limits:
Up to 75% of surrender value for in-force policies.
Up to 50% of surrender value for paid-up policies.

FAQs

1. What is the minimum Basic Sum Assured in LIC Jeevan Utsav?
The minimum Basic Sum Assured is ₹5,00,000.

2. Can I defer my income benefit under Option II?
Yes, you can defer and accumulate Flexi Income Benefits at 5.5% p.a. interest.

3. Is there a maturity benefit in LIC Jeevan Utsav plan?
No lump sum maturity benefit is offered. Instead, the plan provides lifetime income benefits.

4. What happens if I miss a premium payment?
A grace period of 30 days is provided for yearly, half-yearly, and quarterly payments, and 15 days for monthly payments. Lapsed policies can be revived within five years.

5. Are there any tax benefits in LIC Jeevan Utsav?
Yes, premiums paid and benefits received are eligible for tax benefits under prevailing tax laws.

Official Site-LIC

Conclusion

LIC Jeevan Utsav is a versatile plan tailored for individuals seeking long-term financial stability and lifetime income benefits. With guaranteed returns, flexible options, and robust protection, it ensures peace of mind for you and your loved ones.

Disclaimer-To know more, visit the LIC website or consult your nearest LIC branch.