LIC JEEVAN UTSAV PLAN DETAILS PLAN NO 871 GUARANTEED INCOME THE INCOME BENEFITS CAN START AS EARLY AS AGE 19 ITSELF AND CONTINUE FOR FULL LIFE TIME

Some Basic Concepts OF LIC JEEVAN UTSAV PLAN DETAILS PLAN NO 871 GUARANTEED INCOME

Non linked
• Non Participating
• Individual
• Savings
• Whole Life
• Limited Premium
• Insurance Plan

Plan Parameters:

Minimum Age at Entry: 90 Days
Maximum Age at Entry: 65 Years
Premium Paying Terms: 5 to 16 Years
Maximum Premium ceasing Age : 75 Years
Minimum Basic Sum Assured: Rs. 5 lacs
Maximum Basic Sum Assured: No limit.

Important Feature:
Life Long Guaranteed Income Benefit

• This plans provides payment of Income Benefit of 10% of Basic Sum Assured, every year, for the entire lifetime of the Life Assured.
• The income benefit is payable after a small waiting period after the Premium Payment Period is over.

• The Life Assured can choose anyone of the options:
• Regular Income Benefit
• Flexible Income Benefit

Two types of Income Benefit

The Income Benefit will start at a particular year, which is based on the Premium Paying Term.
Two types of Income Benefit:
• 1. Regular Income Benefit:
10% of Basic Sum Assured, every year, for the entire lifetime of the Life Assured.
2. Flexi Income Benefit:
Same 10% of the Basic Sum Assured will be added to the Policy Account as Survival benefits every year, but the same are allowed to remain with LIC and LIC pays 5.5% interest (compoundingYearly).
The Life Assured can collect upto a maximum of 75% of such Accumulations, whenever he/she wants, on the dates of his/her choice. Such withdrawals are allowed once in a year.

Guaranteed Additions are added at the end of each Policy year, during the Premium Payment Period at the rate of Rs.40 Per 1000 Sum Assured. No Guaranteed Additions payable, after the Premium Paying Period.

Benefits on Maturity

This is a Whole life Plan and there is no Maturity. Once Premium Paying Period is over, life long Income Benefit is payable to the Life Assured. Upon Death of the Life Assured, Death Claim is payable to the Nominee.

Sum Assured on Death is:

Highest of 7 Times of Annualised Premium or 105% of “Total Premium Paid” upto the date of death or Basic Sum Assured

Revival

Revival permitted within 5 Years from First Unpaid Premium. A lapsed policy can be revived, even after the Premium Paying Term, but within 5 years from the FUP.

Surrender:

Surrender is available during the Premium Paying Period as well as Income Period. Both GSV & SSV available; Higher is payable

Riders Optation Available LIC JEEVAN UTSAV PLAN DETAILS PLAN NO 871 GUARANTEED INCOME

Available Riders:
ADDB Rider or AB Rider
Term Rider
Critical Illness Rider
Premium Waiver Benefit Rider

Loan AT LIC JEEVAN UTSAV PLAN DETAILS PLAN NO 871 GUARANTEED INCOME

Loan available under this plan.
✔ Maximum loan amount will be:
✔ Before the start of the Year in which Income Benefit starts: 75% of the Surrender Value for In force Policies 50% of the Surrender Value for Paid up Policies
✔ After the start of the Year in which Income Benefit starts: The loan amount would be arrived in such a manner that the Annual interest should not exceed 50% of the Annual Income Benefit