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. Premium, Maturity and risk covers have been explained with the help of an example in the later part of this article.

The last date to purchase this policy is 2nd June-2018.

Key Features

  • High Risk Cover (10 times of Single Premium)
  • 5,10 or 15 years settlement option
  • Premium paid is eligible for rebate under 80(C)
  • Maturity amount will be tax free under 10(10D)

Plan Parameters

Age at Entry6 Years (Completed)
Maximum Age at Entry 47 (Nearest Birthday)
Calculate your Age
Premium Paying Mode One Time (Single Premium)
Calculate 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

Maturity Benefits

  • On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.

Death benefits

  • On death during First Five Years of the policy:
    • If Death happens before 8 years of Age, then death claim amount will be single premium (excluding Rider premium and GST) without any interest.
    • If Death happens after 8 years of age, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
  • On death after 5 years of the policy and before maturity:
    • Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.

Note: 8 Years is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.

Jeevan Utkarsh Policy (846) with an Example

Let's take and example of Jeevan Utkarsh policy with following details.

Purchase Year2017
Age25 Years
Basic Sum Assured5,00,000
Premium Paying Term1
Policy Term12
Premium of Basic Plan (without GST)2,62,450
Premium of Basic Plan with AD & DB Rider (without GST)2,67,000

Accidental Benefit & Disability Benefit (AD & DB) rider has been included in above example

Case:1 (Maturity Details)

If Policy holder survives 12 years, then Maturity (Sum Assured + Loyalty Addition) will be as under.

Maturity Year Age at Maturity Total Maturity
2029 37 500000 + Loyalty Addition (LA)

Case:2 (Death Before 12 Years)

In case of death, during policy term and before date of maturity, 10 times of single premium paid (excluding GST) + Loyalty Addition will be death claim amount.

Understanding Following Table: Suppose if Death happens in Year 2023, then nominee will get death claim amount as 10 times of single premium i.e. 2624500 + Loyalty Addition (LA) of year 2023 in case of normal death and in case of accidental death, an additional amount eqaul to sum assured (50000) will also paid along with normal death claim.

Year Age Premium
(Without GST)		 Normal Life Cover Accidental Life Cover Return
2017 25 267000 2624500 3124500 0
2018 26 0 2624500 3124500 0
2019 27 0 2624500 3124500 0
2020 28 0 2624500 3124500 0
2021 29 0 2624500 3124500 0
2022 30 0 2624500 + LA 3124500 + LA 0
2023 31 0 2624500 + LA 3124500 + LA 0
2024 32 0 2624500 + LA 3124500 + LA 0
2025 33 0 2624500 + LA 3124500 + LA 0
2026 34 0 2624500 + LA 3124500 + LA 0
2027 35 0 2624500 + LA 3124500 + LA 0
2028 36 0 2624500 + LA 3124500 + LA 0
2029 37 Maturity 500000 + LA

Comments & Reviews (13)

Wrote :

22-11-2017 19:08:48

Let me know about this plan No 846 i.e lic jeevan utakrsha Sir if I purchased this plan basic sum assured Rs 75000.00 then how much amount I will get including profits and how much amount will be exmpted from Income Tax return. Please intimate me immediately as I am in need.

Wrote :

22-11-2017 23:33:35

Paid premium excluding GST will be exempted under 80c.

Write CommentReply

Wrote :

06-11-2017 00:30:46

Sir, Am looking for a plan which covers only risk benefit of 1cr. My age is 37. Pl advise me best plan

Wrote :

06-11-2017 11:19:25

Term plan will serve your purpose, you can learn about LIC term plan Amulya Jeevan 2 yourself.

Write CommentReply

Wrote :

20-10-2017 09:43:36

Dear Sir, I am 33. I want to take Jeevan Utkarsh plan for SA of 2 Lakhs. So, the Approximate premium paid is around 1.2L. I am a smoker. Can I go through the Required Medical Test since It is mentioned that more than 1 L SA require medical Test?

Wrote :

21-10-2017 22:15:18

You just need to apply for the plan with correct details and habbits, LIC will decide for medical test as per sum assured, profession and health conditions. As the sum assured will be more than 10 lakh, medical test may be required.

Write CommentReply

Wrote :

16-10-2017 10:42:32

for SA 75000/- the premium before gst is 42 - 43 thousand rupees. but for 80c deduction 10% of sum assured i.e.7500/- is only eligible for deduction, am i correct

Wrote :

16-10-2017 20:29:48

Single premium excluding GST will be exempted u/s 80c subject to maximum limit of 1.5lakh.

Write CommentReply

Wrote :

09-10-2017 17:29:38

Lic Jeevan Utkarsh mutual fand

Wrote :

10-10-2017 00:26:16

It is not a mutual fund scheme. It is a single premium insurance plan.

Write CommentReply

Wrote :

17-09-2017 16:40:19

Pl confirm that it is not ulip/market linked. What is expected return?

Wrote :

18-09-2017 13:28:40

Yes,It is not market based plan.

Write CommentReply

Wrote :

16-09-2017 17:50:28

Is this policy cover normal death or only accidental death Thanks inadvance

Wrote :

16-09-2017 18:45:46

The basic plan provides normal death benefit, there is no extra benefit in case of accidental death, but accidental benefits & disability rider can be taken along with basic plan to avail accidental & disabilty benefits.

Write CommentReply

Wrote :

15-09-2017 11:27:36

Please provide me 37 age full details & premium

Wrote :

15-09-2017 11:57:59

What sum assured amount or single premium you are looking for?

Write CommentReply

Wrote :

13-09-2017 07:50:13

Sir I am 37yrs, how much amount will be paid including tax in jeevan utkarsh plan.

Wrote :

13-09-2017 11:54:56

You can use premium calculator for this plan which available on this site.

Write CommentReply

Wrote :

10-09-2017 22:18:13

Sir,Please tell me about the loyalty addition of jeevan utkarsh policy and whixh lic policy gives highest return as i m not interested in insurance cover at the time of death. Prem Thanking You

Wrote :

10-09-2017 22:24:31

If you are not interested in insurance, please do not invest in LIC plans.

Write CommentReply

Wrote :

07-09-2017 16:21:47

Any medical test is required to this policy details please.

Wrote :

07-09-2017 17:05:27

Generally, risk cover above 10 Lakh require medical test, so if your single premium is 1Lakh , then risk cover will be 10Lakh and LIC may ask you under go medical tests.

Write CommentReply

Wrote :

07-09-2017 08:10:34

can i invest in this facility

Wrote :

07-09-2017 09:28:19

Age 6-47 can apply for this plan.

Write CommentReply

Wrote :

06-09-2017 09:15:32

Please send the details table 846. My age 47

Wrote :

06-09-2017 11:12:15

Please use Jeevan Utkarsh Premium Calculator to calculate benefits for you.

Write CommentReply

Write Comment & Reviews

Related Links
More Links