LIC Jeevan Utkarsh Plan - Review in delhi | Key Features & Benefits in delhi | On LIC Jeevan Utkarsh Plan in delhi

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LIC Jeevan Utkarsh Plan


LIC Jeevan Utkarsh is a non-linked, closed-ended single premium, with-profit life insurance plan. This plan provides an amalgamation of savings and protection, where the risk cover is ten times that of the Tabular Single Premium. Basic Sum Assured can be chosen by you. The single premium to be paid, shall be based on your age at the time of your purchase. Moreover, Jeevan Utkarsh plan by LIC also takes care of the liquidity requirements via loan facility.

How LIC Jeevan Utkarsh Works?

The sum of a single premium depends on the basic sum assured selected by you, that is payable on the maturity of scheme. Rs. 75, 000 is the minimal basic sum assured and the premium differs depending on the age of the insured.

In case of an untimely death of the policy holder before the maturity of the policy, the beneficiary will receive the death benefit, ten times that of the single premium, together with the loyalty addition (if any). On the insured’s survival, the policy holder receives the sum assured together with the loyalty additions (if any), on the maturity of the policy.

When will you receive the Loyalty Additions?

Usually, with-profit insurance plans are eligible to earn bonuses. LIC’s Jeevan Utkarsh scheme does not offer any bonus on top of the element of loyalty addition. As per LIC, “The plans under the Jeevan Utkarsh policy shall partake in the profits, in form of loyalty addition that shall be paid at the time of exiting after the policy completes its 5 years.” This means the scheme will qualify for the loyalty addition only after the 5 policy years, either on the surrender of the policy, or on the death of the insured.

Based on the profitability of the insurer, and therefore without guarantee, the stated loyalty addition will be combined with the paid-on maturity and the sum assured. It is a one-time addition to the plan, unlike the bonus that is added every year while profits are made by the insurance companies.

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Lic Jeevan Utkarsh Plan
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