LIC Jeevan Utsav : Table No. 871
10% Guaranteed Lifelong
पॉलिसी एक, फायदे अनेक
90 दिन से लेकर 65 वर्ष की आयु तक
Key Benefits: Short term, Limited Premium, Non-Participating, Guaranteed, Life Long Income benefit, Whole life, Tax Free Insurance Plan
All about LIC Jeevan Utsav [ Table No. 871 ] LIC’s New Plan
LIC Jeevan Utsav, also known as Table No. 871, is LIC’s new plan designed to meet the growing demand for short-term, guaranteed, and lifelong income benefit plans.
In today’s changing times, where people are seeking security and assurance, LIC OF INDIA has responded by launching the Jeevan Utsav Plan. This plan aims to fulfill the evolving needs of individuals, whether they are just 90 days old or a youthful 65 years, providing a comprehensive solution tailored to each person’s requirements.
What makes this plan stand out are the numerous benefits and flexibilities it offers to policyholders. The beauty of Jeevan Utsav lies in its guarantees, clearly outlined in the policy bond. With guaranteed bonuses, insurance coverage, moneyback options, survival benefits, and a secure death claim, this plan ensures financial security and peace of mind for policyholders.
It’s a comprehensive package that addresses the diverse needs of individuals across different age groups.
Table Of Content
LIC Jeevan Utsav Plan
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Features of LIC Jeevan Utsav Policy
- It’s a whole life, guaranteed, Annual Income benefit, insurance plan. The customer has to pay the premium for limited number of years (5 to 16yrs) and the coverage continues for life that is till 100yrs or upto the death whichever is earlier.
- 10% of the sum assured will be payable whole life after the deferement period in the policy.
- Option to accumulate survival benefit @5.5% p.a. compounded yearly.
- Policyholder can withdraw the accumulated amount any time by just writting a letter and can withdraw
- It is best suited plan for yound kids, boys & Girls. This Plan can be gifted to spouse, sister or two anyone who want regular guaranteed income for life.
Eligibility Criteria of Jeevan Utsav :
| Criteria | Minimum | Maximum |
| Age Entry | 90days | 65Yrs |
| Age at the end of PPT | 16yrs | 75Yrs |
| Sum Assured | 5,00,000 | No Limit |
| Premium Paying Term | 5yrs | 16yrs |
| Deferent Period | For 5yr PPT-5yr, For 6yr PPT-4yr, FOr 7yr PPT-3yr | For 8yr to 16yr PPT-2yr |
Minimum Installment Amount for different modes of payments being as under
| Mode of Installment Payment | Minimum Installment Amount |
| Monthly | Rs 5,000/- |
| Quarterly | Rs 15,000/- |
| Half Yearly | Rs 25,000/- |
| Yearly | Rs 50,000/- |
Benefits Offered by LIC Jeevan Utsav Plan
Annual Income Benefit
Income benefits starts at the age of minimum 18yrs. Income benefit payable at the end of policy year in which it falls due. That is the term and the premium paying term should be choosen accordingly.
Survival benefit
Option I : Regular income benefit 10% of the basic sum assured at the end of each policy year.
Option II: Flexi income benefit 10% of the basic sum assured at the end of each policy year. Flexibility to defer and accumulate such Flexi income benefit at 5.5% per annum compounded yearly for completed months from the due date, till the date of withdrawal or surrender or death, which ever is earlier. Policy holder on written request can withdraw once in a policy year, a maximum of 75% of balance accumulated Flexi income benefits, including interest if any, which has not already been withdrawn and net amount after withdrawal will continue to accumulate at 5.5% per annum compounding yearly.
Riders Available:
(1)LIC’s accidental death and disability benefit rider
(2)LIC is accident benefit rider
(3)LIC is term Assurance Rider
(4)LIC is critical illness benefit rider
(5)LIC is premium waiver benefit rider
Loan in LIC Jeevan Utsav
Up to 50% of Flexi income benefit due and not withdrawn is available
Death benefit in LIC Jeevan Utsav
Death benefit is equal to sum assured on death + accrued guaranteed additions, where sum assured on death is defined as higher of basic sum assured or seven times of the annualised premium.
Paid up condition in LIC Jeevan Utsav Policy
Under a paid up policy, where paid up sum assured is less than Rs 2 lakh on death of the life asured death benefit equal to death paid up sum assured along with accrued guaranted editions shall be payable to the nominee/beneficiary
On survival of life assured regular income benefit of Flexi income benefits shall not be payable under a paid up policy where paid up sum assured is less than Rs 2 lakh
Under a Paid up Policy, when Paid up sum assured is greater than equal to Rs 2lac
| Paid up Sum Assured | Regular Income/flexi Benefit |
| Rs 2lac to Rs 2.99lac | 5% of Paid up Sum Assured |
| Rs 3lac to Rs 3.99lac | 6% of Paid up Sum Assured |
| Rs 4lac to Rs 4.99lac | 7% of Paid up Sum Assured |
| Rs 5lac & Above | 10% of Paid up Sum Assured |
Nomination: Multiple and successive nomination is possible
Multiple Nomination: More than one nominee is possible in this plan and their share in the death claim can also be specified.
Successive nominations: Successive nominations are possible in this plan. That is if something happens to first nominee then death claim will be given to the second nominee and if something happens to first and second nominee then the death claim will be payable to the third nominee.
Option to take death benefit in installments
This is an option to receive death benefit in installments over the chosen term. 5 years or 10 years or 15 years instead of lumps in amount under and inforce as well as paid up policy.
Sample illustration of LIC Jeevan Utsav
A person aged 25 decided to buy LIC Jeevan Utsav for Sum Assured Rs 10,00,000 with premium paying term 12yrs. The annual income benefit will start from 14yrs that is from 39years of age. He decided to go for Option II flexi income plan. He is getting Rs 1 lac annually which is decided not to withdraw till 60yrs of age. At 60 he withdraws Rs32lac as lum sum at the age of 60. The policy continues and the illustration is as follows:
Free Look Period/Grace Period : 30days