LIC Jeevan Utsav Plan 771

LIC of India new plan launched on 1st. October 2024 which name is LIC Jeevan Utsav Plan 771 (LIC Table no. 771) is a traditional plan which means not related to market. Jeevan Utsav 771 is a combination of insurance, savings and pension.

LIC’s Jeevan Utsav Plan 771 is a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan. It is a Limited Premium plan with Guaranteed Additions throughout Premium Paying Term.

LIC Jeevan Utsav 771 provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of this plan is it has the limited premium payment option. Premium paying term is 5 years to 16 years for whole life policy terms. The unique Identification of 'Jeevan Utsav Plan 771' is 512N363V02.

The proposer shall have following two options to choose at inception of the policy. The benefits shall vary as per the option chosen

• Option I - Regular Income Benefit
• Option II – Flexi Income Benefit

However, the policyholder can change the option exercised by him at the inception of the
policy at any time up to six months before the beginning of the policy year in which the first
Regular Income Benefit or Flexi Income Benefit becomes due

Key Features

• Guaranteed Income for Lifetime starting from age 18 till 100 years.
• Option to choose regular income benefit or flexi income benefit.
• All the benefits will be guaranteed at the time of inception of the policy.
• Guaranteed Additions at the rate of Rs. 40 per thousand sum assured till the premium paying term.
• Option to defer and accumulate the income at an attractive investment rate of Rs 5.5% per yearly and compounding annually.
• You can change type of income benefit six months before the payment of benefits.
• Option of premium payment term from 5 years to 16 years only.
• Policy can be taken for 90 days child to 65 years older person.

Multiple rider options are available:

1. LIC’s Accident Benefit Rider (UIN: 512B203V03)
2. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
3. LIC’s New Term Assurance Rider (UIN:512B210V02)
4. LIC’s Premium Waiver Benefit Rider (UIN:512B204V04)

Rebates/Loadings

The following rebates/loadings shall be applicable:

(1) High Sum Assured Rebate

(1) Mode Rebate

The rebate for high Basic Sum Assured (BSA) as a % of Tabular Annual Premium is as under:

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Benefits

Maturity Benefits

LIC Jeevan Utsav Plan 771 Maturity Benefit = Maturity Benefit is not available under this plan.

Death Benefits

LIC Jeevan Utsav Plan 771 Death Benefit = On death of the Life Assured after the date of commencement of risk, Death Benefit equal to “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable, provided the policy is in-force.

• This Death Benefit shall not be less than 105% of total premiums paid up to the date of death.
• “Sum Assured on Death” is defined as higher of ‘Basic Sum Assured’ or ‘7 times of Annualized Premium’.

Where,
1. “Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums, loadings for modal premiums, High Sum Assured Rebate and Rebate for CIS/ Online sale, if any.

2. “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk, the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest.

Survival Benefit

Survival Benefit in form of Regular Income Benefit or Flexi Income Benefit as per the
option chosen shall be as under:

• Option I - Regular Income Benefit:

On survival of Life Assured, Regular Income Benefit equal to 10% of Basic Sum
Assured shall be payable at the end of each policy year starting from the year as provided all due premium have been paid.

• Option II - Flexi Income Benefit:

On survival of Life Assured, the policyholder shall be eligible for Flexi Income Benefit equal to 10% of Basic Sum Assured at the end of each policy year starting from the year as specified in Table 1 below, provided all due premium have been paid. Policyholder shall have the flexibility to defer and accumulate such Flexi Income Benefits.

The Corporation shall pay interest on the deferred and accumulated Flexi Income
Benefits at the rate of 5.5% p.a. compounding yearly for completed months from its due date till the date of withdrawal or surrender or death, whichever is earlier. Fraction of months will be ignored for the purpose of calculation of interest.

Policyholder on written request can withdraw once in a policy year, a maximum of 75% of balance accumulated Flexi Income Benefit(s) including interest, if any, which has not already been withdrawn and the net amount after withdrawal will continue to accumulate as mentioned above.

The accumulated Flexi Income Benefit(s) due and not withdrawn along with interest (if any) shall be payable on death or surrender, whichever is earlier.

Guaranteed Additions

Under an inforce policy, the Guaranteed Additions shall accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There shall be no further accrual of Guaranteed Additions after Premium Paying Term.

In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

Under an inforce policy on death of Life Assured during the Premium Paying Term, the Guaranteed Addition in the year of death shall be payable for full policy year.

In case of surrender of an inforce policy during the Premium Paying Term, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy is surrendered.

LIC Jeevan Utsav Plan 771 Surrender, Loan and Paid-up value.

LIC Jeevan Utsav Plan 771 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 1 years at least 1 full year payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Utsav plan 771, after at least 1 full year of premium paid.

Paid-up value : Once a LIC Jeevan Utsav Plan 771 policy has completed minimum 1 full year and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula