LIC Jeevan Utkarsh (Plan 846)
LIC Jeevan Utkarsh (Table No. 846) is a single premium with 12 years fixed maturity term, Loyalty Addition (with profit) based and non-linked (not share market dependent) life insurance plan. On completion of 12 years term, maturity will be Sum Assured + Loyalty Addition (LA) and in case of death during the policy term, 10 times single premium (excluding rider premium and GST) + Loyalty Addition (LA) (if any) will be death claim amount. This plan also comes with a feature of settlement option with 5, 10 or 15 years settlement period, so if policyholder does not want to receive maturity or death claim amount in one go, then he/she can opt for equated amount over a period of 5, 10 or 15 years. Premium, Maturity and risk covers have been explained with the help of an example in the later part of this article.
The last date to purchase this policy is 2nd June-2018.
- High Risk Cover (10 times of Single Premium)
- 5,10 or 15 years settlement option
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
|Age at Entry||6 Years (Completed)|
|Maximum Age at Entry||47 (Nearest Birthday)
Calculate your Age
|Premium Paying Mode||One Time (Single Premium)
|Policy Term||12 Years|
|Sum Assured||75,000 and above|
|Surrender||70% of Single Premium in 1st Policy Year
90% of Single Premium from 2nd Policy Year
|Loan||Can be Availed after 3 Months|
- On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.
- On death during First Five Years of the policy:
- If Death happens before 8 years of Age, then death claim amount will be single premium (excluding Rider premium and GST) without any interest.
- If Death happens after 8 years of age, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
- On death after 5 years of the policy and before maturity:
- Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.
Note: 8 Years is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.
Jeevan Utkarsh Policy (846) with an Example
Let's take and example of Jeevan Utkarsh policy with following details.
|Basic Sum Assured||5,00,000|
|Premium Paying Term||1|
|Premium of Basic Plan (without GST)||2,62,450|
|Premium of Basic Plan with AD & DB Rider (without GST)||2,67,000|
Accidental Benefit & Disability Benefit (AD & DB) rider has been included in above example
Case:1 (Maturity Details)
If Policy holder survives 12 years, then Maturity (Sum Assured + Loyalty Addition) will be as under.
|Maturity Year||Age at Maturity||Total Maturity|
|2029||37||500000 + Loyalty Addition (LA)|
Case:2 (Death Before 12 Years)
In case of death, during policy term and before date of maturity, 10 times of single premium paid (excluding GST) + Loyalty Addition will be death claim amount.
Understanding Following Table: Suppose if Death happens in Year 2023, then nominee will get death claim amount as 10 times of single premium i.e. 2624500 + Loyalty Addition (LA) of year 2023 in case of normal death and in case of accidental death, an additional amount eqaul to sum assured (50000) will also paid along with normal death claim.
|Normal Life Cover||Accidental Life Cover||Return|
|2022||30||0||2624500 + LA||3124500 + LA||0|
|2023||31||0||2624500 + LA||3124500 + LA||0|
|2024||32||0||2624500 + LA||3124500 + LA||0|
|2025||33||0||2624500 + LA||3124500 + LA||0|
|2026||34||0||2624500 + LA||3124500 + LA||0|
|2027||35||0||2624500 + LA||3124500 + LA||0|
|2028||36||0||2624500 + LA||3124500 + LA||0|
|2029||37||Maturity||500000 + LA|