Page 43 - Insurance Times April 2024

II. Death Benefit LIC Jeevan Utsav Plan Parameter
Benefits include 'sum assured on death' and accumulated sum Table 1
assured. Death benefit is the total premium paid till death,
minus any rider or additional premiums and taxes paid. The LIC Jeevan Utsav Plan Parameter
sum assured is seven times the basic or annual premium. Minimum Age 90 Days (Completed)
Policyholders can avail death benefits in monthly, quarterly, at Entry
half-yearly and annual installments instead of a lump sum.
Maximum Age 65 Years
Since the policyholder is given a life insurance policy, the at Entry
death benefit is paid as follows: Maximum premium 75 Years
If the life assured dies after the date of commencement
of risk, a death benefit equal to the "sum assured on ceasing age
death" and accumulated sum assured will be paid if the Premium Paying Yearly, half-yearly, quarterly,
policy is in force. This death benefit shall not be less than Mode and monthly (through NACH
105 percent of the total premium paid till the date of only) or salary deductions (SSS)
death. "Death Sum Assured" means the 'sum assured' Policy Term 100 - Current age
or '7 times the annual premium, whichever is higher.
Premium Payment 5 to 16 years
Maturity benefits are not available under this scheme Term
as Regular/Flexi Income benefits continue for life as per
fellow option. Basic Sum Assured 5,00,000 and above (in
multiple of 25,000 and
Additional cash flow through debt
1,00,000)
Attractive high sum assured discount available.
Loan After 2 years
This product fulfills the long pending demand for low,
flexible premium payment period. Surrender After 2 years of premium
payment
Five optional riders are available under this scheme.
Accidental death of policyholder LIC and
Disability Benefit Rider or LIC's Accident Benefit Rider Paid-up sum assured under Regular
and remaining three riders namely LIC's New Term Income Benefit and Flexi income Benefit
Assurance Rider, LIC's New Critical Illness Benefit Rider
and LIC's Premium Waiver Benefit Rider are available On survival of Life Assured, the policyholder shall be eligible
by paying additional premium as per eligibility. for Regular Income Benefit and Flexi Income Benefit as
specified below at the end of each policy year starting from
One can buy this plan offline through licensed agents,
corporate agents, brokers and insurance marketing the year as mentioned in Table 1 of Para 3.B :
companies. One can visit LIC website and buy online.
Table 2
Paid-up sum assured under Regular Income
Benefit and Flexi income Benefit

Paid-up Sum Assured Regular and Flexi
Income Benefit
Rs 2,00,000 and above but 5% of Paid-up Sum
less than Rs 3,00,000 Assured
Rs 3,00,000 and above but 6% of Paid-up Sum
less than Rs 4,00,000 Assured
Rs 4,00,000 and above but 7% of Paid-up Sum
less than Rs 5,00,000 Assured
Rs 5,00,000 and above 10% of Paid-up Sum
Assured

The Insurance Times April 2024 39