LIC’s Jeevan Utsav plan 771 (UIN: 512N363V02) is a Non-Par, Non-Linked, Individual Whole Life Savings Insurance Plan. It provides:
- Financial support for your family in case of the policyholder’s demise.
- Regular or Flexi Income Benefits for the survival of the policyholder.
Unlike traditional plans, this product focuses on fixed, guaranteed benefits rather than discretionary bonuses.
Key Features of LIC Jeevan Utsav Plan 771
- Whole life coverage with limited premium payment terms ranging from 5 to 16 years.
- Two benefit options: Regular Income or Flexi Income.
- Guaranteed Additions of ₹40 per ₹1,000 of Basic Sum Assured during the premium-paying term.
- Loan facility for liquidity needs.
- Enhanced coverage through optional riders like Accidental Death Benefits or Premium Waiver Rider.
- High Sum Assured rebates for large coverages.
Why Choose Jeevan Utsav plan 771?
- Tailored for long-term financial security with customizable income options.
- Flexibility to defer and accumulate income with an interest rate of 5.5% p.a. under the Flexi Income option.
- Offers loans for liquidity while maintaining policy benefits.
- Transparent structure without dependency on discretionary bonuses.
Plan Details Jeevan Utsav plan 771
| Eligibility Criteria | Details |
|---|---|
| Minimum Basic Sum Assured | ₹5,00,000 |
| Maximum Basic Sum Assured | No Limit (subject to approval) |
| Entry Age | 30 days to 65 years |
| Maximum Maturity Age | 75 years |
| Premium Paying Term (PPT) | 5 to 16 years |
Premium Illustration
For a Basic Sum Assured of ₹10,00,000:
| PPT | Age 30 (Annual Premium) | Age 50 (Annual Premium) |
|---|---|---|
| 5 Years | ₹1,09,575 | ₹1,18,625 |
| 8 Years | ₹72,600 | ₹72,600 |
| 12 Years | ₹44,275 | ₹45,225 |
Benefits of Jeevan Utsav Plan
A. Death Benefit
- Sum Assured on Death is the higher of the Basic Sum Assured or 7 times the annual premium, plus accrued Guaranteed Additions.
- Minimum Death Benefit is 105% of the total premiums paid.
B. Survival Benefit
- Regular Income: 10% of Basic Sum Assured annually, starting from a specified policy year based on the premium-paying term.
- Flexi Income: Option to defer and accumulate income with 5.5% annual interest, compounded yearly.
C. Guaranteed Additions
Guaranteed Additions accrue at ₹40 per ₹1,000 Basic Sum Assured for each policy year during the premium-paying term.
How to Enroll in Jeevan Utsav Plan
- Purchase through LIC’s website, licensed agents, brokers, or marketing firms.
- Not available via POS agents or Common Public Service Centers.
FAQs
Q1: What is the minimum premium term?
The minimum premium term is 5 years, and the maximum is 16 years.
Q2: Can I change my chosen income option (Regular or Flexi)?
Yes, you can change your option up to 6 months before the first income benefit is due.
Q3: What happens if I cannot pay my premiums?
- If you fail to pay premiums within the grace period, the policy lapses.
- You can revive the policy within 5 years of the first unpaid premium by paying arrears and applicable interest.
Q4: Can minors be insured under this plan?
Yes, minors can be insured. Policies on minors automatically vest in the life assured when they turn 18 years old.
Q5: Is there any maturity benefit?
No, LIC Jeevan Utsav does not offer maturity benefits. It focuses on survival benefits and death coverage.
Q6: What is the Flexi Income Benefit, and how does it work?
- Policyholders can defer their income benefits and accumulate them at an interest rate of 5.5% per annum (compounded yearly).
- Withdrawals are allowed once a year, up to 75% of the accumulated benefits.
Q7: What are the applicable riders?
- Accidental Death and Disability Rider
- Accident Benefit Rider
- New Term Assurance Rider
- Premium Waiver Benefit Rider
Q8: Can I surrender the policy?
Yes, after completing one policy year and paying at least one full year’s premium, you can surrender the policy.
Q9: Are loans available against this policy?
Yes, loans are available after one year. You can borrow:
- Up to 75% of the surrender value for active policies.
- Up to 50% of the surrender value for paid-up policies.
Q10: What is the free-look period?
If you are not satisfied with the terms, you can cancel the policy within 30 days of receiving the policy document.
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