LIC Jeevan Utkarsh Plan 846

           LIC Jeevan Utkarsh (Table No. 846) is a single premium with 12 years fixed maturity term, Loyalty Addition (with profit) based and non-linked (not share market dependent) life insurance plan. On completion of 12 years term, maturity will be Sum Assured + Loyalty Addition (LA) and in case of death during the policy term, 10 times single premium (excluding rider premium and GST) + Loyalty Addition (LA) (if any) will be death claim amount. This plan also comes with a feature of settlement option with 5, 10 or 15 years settlement period, so if policyholder does not want to receive maturity or death claim amount in one go, then he/she can opt for equated amount over a period of 5, 10 or 15 years.

           It is very well said that prevention is better than cure. LIC's Jeevan Utkarsh is one such plan which makes your life easier. Jeevan Utkarsh Plan has been recently launched in the market. It is a single premium endowment policy which offers 10 times of your single premium along with loyalty addition.  This plan was launched on 6th of September, 2017.

           LIC’s Jeevan Utkarsh is a single premium with a fixed maturity term of 12 years, Loyalty addition based and non-linked life insurance plan. At the time of the maturity, insured receives sum insured plus loyalty addition i.e. after completion of 12 years. In case of the death during policy term, a death claim amount is received which is 10 times single premium plus loyalty addition.

           Single premium life insurance is the one where entire insurance amount is paid in one year only. Because single-premium policies are paid at once, the money invested builds up rapidly, making for a potentially sizable benefit even in the event of the policyholder's sudden death.

Features 

• Settlement option of 5, 10 and 15 years i.e. the policyholder can go for an equated amount over a period of 5, 10, 15 years, if he does not wish to receive maturity or death claim amount in one go.
• Single Premium Endowment Plan with a fixed tenure of 12 years
• Loyalty Additions to be paid at the end of the policy term.
• Option of selecting Accidental Death and Disability Rider along with the plan.
• It is a close ended plan.
• One can surrender policy at any point of time during the policy period depending upon the conditions.
• Loan facility up to 90% of surrender value is available after 3 months of commencement of policy.
• High risk cover.
• Tax free maturity amount

Eligibility Conditions

Age at Entry	6 Years (Completed)
Maximum Age at Entry	47 (Nearest Birthday)
Premium Paying Mode	One Time (Single Premium)
Policy Term	12 Years
Sum Assured	75,000 and above
Surrender	70% of Single Premium in 1st Policy Year
	90% of Single Premium from 2nd Policy Year
Loan	Can be Availed after 3 Months(90 Days)

Benefits 

Maturity benefits

           At maturity of the policy sum assured along with loyalty addition, if any is given to the insured. Here the sum assured is equal to the Basic sum assured.

Death benefits

           Before the commencement of the risk, during the first five years of the policy, single premium is refunded without any interest and is free from taxes, extra chargeable premium and rider premium. On death after the completion of five years but before the date of maturity sum assured on death is equal to 10 times the Tabular single premium along with loyalty addition.

Loyalty addition

           Policies under this plan are eligible for loyalty addition at time of exit after completion of five years in the form of death during the term or maturity. Loyalty addition shall also be considered in special surrender value calculation on surrender of policy during the policy term, provided the policy has completed five years.

Optional benefits

           Optional benefits like LIC’s Accidental Death and Disability Benefit Rider are also available under this plan. They are available as optional rider by paying additional premium. This benefit is available at the time of commencement only. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of accident permanent disability, an amount equal to Accident benefit sum assured is paid in the form of equal monthly installments spread over a period of 10 years. If the assured dies before the expiry of 10 years, then the policy becomes a claim, the disability benefit installments which have not fallen due are paid along with the claim amount.

Additional Information

• Loan facility - after the payment of premium for 3 months, loan facility is available under this plan subject to policy conditions.
• Free Look period - The policyholder is provided with a free look period of 15 days, if he/she is not satisfied with the terms and conditions of the policy. For the same policyholder need to provide a proper justification and submit the policy to LIC with free look period.
• Date of vesting - It is applicable only if the age of assured is below 18 years on the date of inception of the policy.
• Suicide clause- If the policyholder commits suicide before 2 months from the date of commencement of risk, he/she can be returned with 90% of the premium paid without any taxes or extra premium.
• Taxes - Taxes, if any, will be applicable as per tax laws and rate tax applicable from time to time.
• Back dating - Allowed within the same financial year.

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LIC Jeevan Umang Plan 845

           LIC Jeevan Umang is non-linked, whole life assurance plan with profits. This plan provides annual survival benefits at the end of the completion of premium payment up to 100 years of age and a maturity lump sum amount at maturity of term or death of the policyholder during the term.
           LIC Jeevan Umang Plan 845 was recently launched in the market and came into effect from 16th May, 2017. This plan is similar to Jeevan Tarang Plan.
           LIC Jeevan Umang is a whole life product i.e. it provides life coverage up to 100 years of age. A whole life plan is a life insurance plan which remains throughout the lifetime of the policyholder. There are various companies which have offered maturity and death benefits under such a policy,LIC is one of them.

Features 

• It is whole life insurance plan i.e. for 100 years
• 8% of the Sum Assured is paid as money back at the end of the term
• Large Sum Assured available under this plan.
• Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.
• Simple reversionary bonus is payable on maturity or early death.
• Suitable plan for pension.
• Premiums paid are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

Age at Entry	90 Days (Completed)
Premium Paying Term (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years (As per Nearest Birthday)	55 for 15 PPT
	50 for 20 PPT
	45 for 25 PPT
	40 for 30 PPT
Age at Maturity	100 Years (Nearest Birthday)
Policy Term	100 - Age at Entry
Basic Sum Assured	2,00,000 and above in multiples of 25,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Death benefits

           On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival addition

           On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

           On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

           LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

           If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

Additional Information

• Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
• Risk Coverage: This option is available until the end of the Policy Term.
• Riders: The LIC Jeevan Umang has rider option facility.
• Cooling off period: The Policy can be returned within 15 days if the Life Insured is not satisfied with the Terms and Conditions of the policy.
• Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Jeevan Umang provides Assignments and Nominations in this plan.

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LIC Aadhaar Stambh Plan 843

          LIC’s Aadhaar Stambh Plan is a non-linked insurance plan, with profits and regular premium paying endowment plan. This plan is a combination plan which offers both savings as well as protection. LIC’s Aadhaar Stambh Plan is exclusively for male policy holders having Aadhaar cards issued by UIDAI. This is a Loyalty Addition based plan. This plan does not require any medical test and is available standard healthy lives.
          LIC’s Aadhaar Stambh Plan also provides financial support to the family in case of unfortunate death of policyholder before maturity and a lump sum amount the time of maturity for the surviving policyholder.

Features

• This plan provides auto cover facility i.e. it takes care of liquidity needs through its Auto cover as well as loan facility.
• This plan is only available for males.
• It is low premium plan.
• It is an Endowment policy wherein the amount is given as a lump sum at maturity i.e. at the end of the term.
• In this plan Loyalty Addition will be paid additionally if the death occurs after 5 years, whereas normal insurance coverage will equal to Basic Sum Assured.
• At the maturity of this plan the policyholder receives Basic Sum Assured + Loyalty Addition.
• Critical illness benefits are not available under this plan.
• Loan facility is available under this plan but only after completion of three years.
• Benefits like LIC’s Accidental Rider and permanent disability rider are available.
• Revival of lapsed policy is available under this policy within the two years of first unpaid premium.
• Paid premiums are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

  Male Only

	Minimum	Maximum
Basic Sum Assured*	Rs. 75,000	Rs. 3,00,000
Policy Term	10 years	20 years
Premium Payment Term	Same as policy term
Entry Age	8 years (completed)	55 years (nearest birthday)
Maximum Maturity Age	70 years (nearest birthday)
Premium paying frequency	Annually, Half-yearly, Quarterly, Monthly

Benefits 

Maturity benefits

On successful completion of the term policy while the assured is alive i.e. when all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition is paid.

Death benefits

On death of the assured during first five years, Sum Assured on Death is paid. On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, is paid. Where Sum assured on death is defined as the higher of 10 times of annualised premium or basic sum assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premiums, if any.

Loyalty addition

If the policy has completed five years and full premium has been paid for at least five years, then the plan is eligible for Loyalty Addition at the time of exit in the form of death during the policy term or maturity. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in force. Loyalty addition is also considered during Special Surrender Value Calculation on surrender of policy during the term, only if the policy has completed five years and at least for five years full premium has been paid.

Optional Accidental benefit rider

Policy holders above 18 years of age have option of availing LIC’s Accidental Benefit Rider with this plan, which will provide additional amount equal to basic sum assured in case of death caused due to accident.

Date of commencement of risk

Under this plan the risk will commence immediately from the date of inception of policy. It also includes minor lives.

Payment of premium

Premium under this policy can be paid in intervals in the form of yearly, half yearly, quarterly and monthly, where monthly premium can only be through NACH or salary deduction during the term of policy. A grace period of one month but not less than 30 days is allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Revival

A revival period of two years is given to the assured from the date of first unpaid premium but before the date of maturity. This happens when the policy gets lapsed, if the premium is not paid by the end of the grace period. The policy can be revived by paying all due premium along with interest at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Paid up value

All the benefits under the policy will cease after the expiry of grace period and nothing will be paid, if the premiums have been paid for less than 3 years. In case of premium fully paid for three years and any subsequent premium is not duly paid, then the policy won’t be ceased but continued as a paid-up policy.

Free-look Period

If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned.

Grace Period

In case of Yearly, Half-yearly and Quarterly premium payment mode you have a grace period of 30 days from the premium due date. In case of monthly premium payment mode, the grace period is of 15 days. 

Loan

You can avail a long against this policy after you have paid 3 years of premium.

Riders  

You have the choice of taking the following rider by paying an extra premium amount:

LIC’s Accident Benefit Rider

Surrender Value

If you surrender the plan anytime before paying 3 years of premiums, you will not be paid anything back. In case you have paid at least 3 years premiums, the policy will acquire a Surrender Value. Check the Surrender Value of LIC Aadhar Stambh Plan.

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