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LIC Jeevan Utkarsh Plan 846 is a single premium, non-linked, with-profits, saving cum protection plan. A meaning of Utkarsh under Jeevan Utkarsh Plan is superiority. However, LIC Jeevan Utkarsh Plan seems to be average plan. A launch date of LIC Jeevan Utkarsh (Plan 846) is 6th Sept 2017. The plan will be available up to 270 days from launch date. It is non-linked, traditional close ended endowment plan. This plan offers risk coverage up 12 years.
Features of LIC Jeevan Utkarsh Plan
- LIC Jeevan Utkarsh is a Single Premium Policy.
- The policy term of this plan is 12 Years.
- This plan provide unique feature of settlement.
- You can also avail accidental death and disability benefit rider.
- Risk cover in this plan is ten Times of Tabular Single Premium.
- Risk cover commencement is after 5 years policy period.
- On the Life Assured surviving to the end of the policy term, “Sum Assured on Maturity”(Basic Sum Assured) along with Loyalty Addition, if any, shall be payable.
- Loan Facility is available after 3 months from the policy start period.
Eligibility Condition for LIC Jeevan Utkarsh Plan –
- Min Entry Age – 6 Years (Completed)
- Max Entry Age – 47 Years
- Mode of Payment – Single Premium
- Min SA – Rs. 75000/-
- Max SA – No limit
- Policy Term – 12 Years
Benefits Jeevan Utkarsh Policy 846
Maturity Benefits of LIC Jeevan Utkarsh Plan
On survival of policy term (12 years) a policy holder get maturity benefit such as “Sum Assured” (Basic Sum Assured) along with Loyalty.
Death Benefits of LIC Jeevan Utkarsh Plan
- Death within first 5 years of policy
On unfortunate death of policy holder within 5 years of policy period no benefit shall be payable to nominee. This means this policy does not provide any risk coverage during first 5 years. Only refund of single premium without any interest shall be paid to nominee.
- On Unfortunate death after 5 years before 12 years (Policy Term)
Sum assured equal to ten times single premium along with loyalty addition shall be payable to the nominee.
New Settlement Option under LIC Jeevan Utkarsh 846 Plan
New settlement option is introduced in LIC Jeevan Utkarsh. This option provide option to select method for claim settlement amount payable lump sum or in regular installment. The installment shall be in period of 5 years, 10 years or 15 years. This option can be exercised only by the Life Assured aged 18 years or above for full or part of the Death/Maturity amount.
The Death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.
Few Important Points – LIC Jeevan Utkarsh Policy
Few important points about LIC Jeevan Utkarsh 846 Plan are given below.
- Sufficient insurance coverage is not provided by this policy. Policy term is only 12 years and insurance coverage is only for 7 years.
- It is a typical endowment plan. You can expect 5-7% return from this plan.
- You need to arrange lump sum amount at single go as this policy is single premium plan.
- Once money is invested it is blocked for 12 years.
- Settlement option is not lucrative and rigid in nature.
- A death claim shall be paid as per option exercised by the policy holder. Nominee cannot change any exercise option.
- This plan provide income tax saving under section 80 C.
For insurance coverage it is advisable to opt for term plan instead of LIC Jeevan Utkarsh. If you are looking for lump sum investment option you can go for other investment options such as Mutual Fund or PPF.