JEEVAN UTKARSH PLAN 846
LIC Jeevan Utkarsh Plan 846 is a single premium, non-market-linked, with-profits, savings cum protection plan wherein the risk cover is ten times of Single Premium paid.
Eligibility Conditions for LIC Jeevan Utkarsh:
- Minimum Entry Age : 6 years (completed)
- Maximum Entry Age : 47 years (nearer birthday)
- Mode of premium payment : Single premium only
- Minimum Basic Sum Assured : Rs.75,000/-
- Maximum Basic Sum Assured : No Limit
- Policy Term : 12 years
Basic Sum Assured shall be in multiples of:
Rs. 5,000 – if Basic Sum Assured under a policy is below Rs. 3,00,000 Rs. 20,000 – if Basic Sum Assured under a policy is Rs. 3,00,000 and above Age at entry for the Life Assured is to be taken as age nearer birthday except for the minimum age at entry i.e. 6 years, where it is in completed years.
Date of commencement of risk:
In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age. For those aged 8 years or more, risk will commence immediately.
Benefits Of Jeevan Utkarsh:
Maturity : On the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Death Benefit :
On death during first five policy years:
Before the date of commencement of risk: Refund of Single Premium without interest. Single Premium mentioned above shall not include any taxes, extra premium chargeable under the policy due to underwriting decision and rider premium, if any.
After the date of commencement of risk: “Sum Assured on Death” shall be payable.
On death after completion of five policy years but before the stipulated Date of Maturity: “Sum Assured on Death” equal to 10 times the Tabular Single Premium along with Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the highest of 125% of the single premium; or Guaranteed Sum Assured on Maturity i.e. Basic Sum Assured ; or “Absolute amount assured to be paid on death” i.e. 10 times of Tabular Single Premium
c) Loyalty Addition: Depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit after completion of five policy years in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years.
Optional Benefit: LIC’s Accidental Death and Disability Benefit Rider shall be available under this plan.
Income Tax Savings :
- Tax saving under 80 C.
- Maturity is Tax free under Section 10 ( 10D).