LIC's Jeevan Utsav

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 LIC's Jeevan Utsav is a non-linked, non-participating, individual savings, whole life insurance plan introduced by the Life Insurance Corporation of India (LIC). This plan is designed to provide financial support to the policyholder's family in case of their unfortunate demise and offers survival benefits in the form of Regular Income Benefit or Flexi Income Benefit, depending on the option chosen by the policyholder. citeturn0search0

Key Features of LIC's Jeevan Utsav:

  • Whole Life Coverage with Limited Premium Payment: The plan offers lifetime insurance coverage with the convenience of limited premium payments, ranging from 5 to 16 years. citeturn0search2

  • Guaranteed Additions: Throughout the premium-paying term, the policy accrues guaranteed additions of ₹40 per ₹1,000 of the Basic Sum Assured annually, enhancing the policy's value over time. citeturn0search2

  • Survival Benefits: Policyholders can choose between two survival benefit options at inception:

    • Option I – Regular Income Benefit: Provides 10% of the Basic Sum Assured annually, starting from a specified policy year based on the premium paying term.

    • Option II – Flexi Income Benefit: Allows the policyholder to defer the income benefit, which accumulates at an interest rate of 5.5% per annum (compounded annually), with flexible withdrawal options. citeturn0search2

  • Death Benefit: In the event of the policyholder's death after the risk commencement, the nominee receives the "Sum Assured on Death" along with accrued Guaranteed Additions. This ensures financial security for the family. citeturn0search2

  • Loan Facility: The policy offers a loan facility after two full years of premium payments, providing liquidity to the policyholder when needed. citeturn0search4

  • Optional Riders: Policyholders have the option to enhance their coverage by adding riders such as Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, New Critical Illness Benefit, and Premium Waiver Benefit, subject to eligibility and additional premium. citeturn0search4



Eligibility Criteria:

  • Minimum Age at Entry: 90 days

  • Maximum Age at Entry: 65 years

  • Premium Paying Term: 5 to 16 years

  • Maximum Premium Ceasing Age: 75 years (nearest birthday)

  • Minimum Basic Sum Assured: ₹5,00,000

  • Maximum Basic Sum Assured: No limit, subject to underwriting decisions as per LIC's Board Approved Underwriting Policy. citeturn0search2

LIC's Jeevan Utsav is available for purchase both offline through licensed agents, corporate agents, brokers, insurance marketing firms, and online directly through LIC's official website. citeturn0search2

This plan is ideal for individuals seeking a combination of savings and whole life insurance coverage, offering flexibility in premium payment terms, guaranteed additions, and options for regular or flexible income benefits to suit diverse financial needs.

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