Today I have come up with latest plan of LIC named as LIC Jeevan Utkarsh Policy 846. It is basically a single premium policy which is a saving cum insurance plan and provides profits. LIC Jeevan Utkarsh Policy is a traditional close ended plan. Well the plan is launched in market on 6th September, 2017 for a limited period period. The plan is available for the buyers in the market till 270 days from the launch date. However, this plan is a non-linked plan so the amount invested in not invested in the stock market. While talking about the risk cover of this plan, then it is ten times of the tabular single premium plan.
Key Features of LIC Jeevan Utkarsh Policy 846
- LIC Jeevan Utkarsh policy is a single premium policy. It means that investors will pay premium only once which will be payed at the time of buying the policy.
- The maturity period of the policy will be of 12 years.
- This policy provides protection against accidental death and disability benefit rider.
- One of the most unique feature of the policy is its New Settlement Feature.
- Policy holder can apply for loan after a period of 3 months from the date of purchase of policy.
- Insurance coverage will be given only after the policy has completed its 5 years of time frame. In case if the policy holder dies before the completion of 5 years then the amount that will be given to the nominee will be equal to the premium made by the policy holder. No interest will be given to the policy holder before 5 years as the interest will start computing after the completion of 5 years.
- If in case the policy holder survives till the completion of the policy term then he/she will be provided with the “Sum Assured on Maturity” along with the Loyalty (if any), shall be payable.
Key Points Related to LIC Jeevan Utkarsh Policy 846:
|1.||Minimum Entry Age||6 Years (Completed)|
|2.||Maximum Entry Age||47 Years|
|3.||Mode of Payment||Single Premium|
|4.||Minimum Sum Assured||Rs. 75000/-|
|5.||Max Sum Assured||No limit|
|6.||Policy Term||12 Years|
Benefits of LIC Jeevan Utkarsh Policy 846:
Death Benefit of LIC Jeevan Utkarsh Policy
a. Death within first 5 years of the policy.
Well if a person die in the first 5 years of the policy then in that the amount that the nominee of the policy will receive. It will be equal to the premium made by the policy holder. No interest will be received by the nominee and even no tax amount will be offered.
b. Death after first 5 years and before 12 years.
Well if the policy holder dies after first 5 years and before 12 years then the amount received will be 10 times the single premium. Along with this amount a loyalty amount will also be provided to the nominee.
Maturity Benefits of LIC Jeevan Utkarsh Plan
On the maturity of the LIC Jeevan Utkarsh Plan 846 the basic sum assured will be provided at the maturity. Along with the “Sum Assured” some loyalty and bonus if any is provided will also be payable to the policy holder.
New Settlement Option under LIC Jeevan Utkarsh 846 Plan
Well settlement option offered by LIC latest policy is the main highlight of this policy. Since it is an option through which one can receive the claim amount whether Death benefit or Maturity benefit in installments. So with this option one can select the time frame like 5 years, 10 years or 15 years. On these time frame the amount will be offered instead of providing the amount in lump sum.
However the installments that will be received it would be made in advance. Like what amount should be given at what time frame. The minimum installment payment that will be initiated will be of Rs 5000. While the interest rates that will be applicable on the installments will be fixed or decided by LIC which may vary time to time.