Buy LIC Jeevan Utsav Limited Premium Guaranteed Income Plan Online

Eligibility Conditions and restrictions

Minimum age	90 days (Completed)
Maximum age	65 years
Premium paying term	5 to 16 years
Income starts from	For 5 to 8 years payment, Income from 10 year 9 to 16 years, Income from 11 to 18 years (premium paymnent +2 years)
Income is paid	For Whole life
Minimum Sum Assured	Rs.5,00,000
Maximum Sum Assured	No limit
Premium Payment	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible after 2 years
Income paid	10% of Sum Assured is paid every year for whole life
On Death	Sum Assured + Guaranteed addition is payable
Income Tax Benefits	Premiums paid are eligible for Tax rebate u/s 80c Maturity amount / Death claim is Non-taxable u/s 10(10d)

Benefits of LIC Jeevan Utsav Plan Insurance

On death

In case of death during the policy term, provided the policy is in force ‘Sum Assured on Death’ shall be payable along with the accrued guaranteed additions

Survival Benefits:

For policyholders who successfully complete the payment term of the policy, there exist two alternatives to receive survival benefits:

Option I – Regular Income Benefit:

This choice ensures that the policyholder receives 10 percent of the basic sum assured annually. The initiation of payments is contingent upon the selected premium payment term, offering a deferment window spanning from three to six years. For instance, with a premium payment term of five years, the survival benefit will commence from the 11th policy year, while for a term of 16 years, it begins from the 19th policy year.

Option II – Flexi Income Benefit:

Similar to the regular income option, this flexible alternative also guarantees 10 percent of the basic sum assured annually. The deferment period aligns with the regular income option, but policyholders have the flexibility to further postpone it. If left unclaimed, the accrued amount earns an annual interest of 5.5 percent compounded yearly until withdrawal, policy surrender, or in the event of death. Policyholders can withdraw up to 75 percent of the accumulated balance annually, including interest, while the remaining amount continues to accumulate interest.

Income tax benefit.

1. Claim Tax rebate on premiums paid u/s 80C
2. Tax free maturity returns u/s 10 10D

The policy offers a tax benefit wherein the premium deposited, up to Rs 1.5 lakh per financial year, qualifies for exemption under section 80C of the Income Tax Act. Additionally, the maturity amount, which is ten times the annual premium, is also exempt from taxes under section 10(10D).

Surrender

Surrender value and paid-up value available after 2 years of premium payment

Loan

Policy holder can avail loan on the policy after two years with full premiums paid

Additional Benefits of LIC Jeevan Utsav Plan Insurance

Riders

1. Accidental death and disability rider benefit

Suppose this rider has opted in case of accidental death of policyholder, the accident benefit sum
assured will be payable in lumpsum along with the death benefits of the base plan

2. New Term Assurance rider

New Term assurance rider available where amount equal to rider including base death benefit paid to policy holder

3. Critical illness benefit rider

If rider is opted for; critical illness benefits are payable on the first diagnosis specified under the rider. 15 critical illnesses are covered under this rider benefit

4. Premium payment waiver rider

If opted for this rider, all the future due premiums payments under the base policy will be waived off following the eligible proposer's death.