LIC Jeevan Utkarsh Plan 846 Calculator
Single Premium Non-Linked With-Profits Savings Plan
Calculation Results
Benefits Details
Note: LA = Loyalty Addition (if any) will be added to the above benefits as declared by LIC. Death benefit includes loyalty addition after 5 policy years.
Key Features of LIC Jeevan Utkarsh Plan 846
- Plan Type: Single Premium, Non-Linked, With-Profits Plan
- Policy Term: Fixed 12 Years
- Premium Payment: One-time Single Premium
- High Risk Cover: 10 times of Single Premium (Excl. GST & Rider)
- Maturity Benefit: Sum Assured + Loyalty Addition (if any)
- Death Benefit: 10 times Single Premium + Loyalty Addition (after 5 years)
- Risk Commencement: From age 8 years and above
- Settlement Option: Available in installments of 5, 10, or 15 years
- Tax Benefits: Premium eligible for deduction u/s 80C; Maturity tax-free u/s 10(10D)
- Loan Facility: Available after 3 months (up to 90% of surrender value)
- Surrender Value: 70% in 1st year, 90% from 2nd year onwards
Life Insurance Corporation of India (LIC) offers various insurance plans to help individuals secure their financial future and provide protection to their loved ones. One such plan is the LIC Jeevan Utkarsh Plan 846, a unique single-premium, non-linked, with-profits insurance plan.
What is LIC Jeevan Utkarsh Plan 846?
LIC Jeevan Utkarsh is a single premium endowment plan with a fixed term of 12 years. It combines savings and protection, offering life cover as well as a chance to earn loyalty additions (bonuses) over the policy term. It is a non-linked plan, meaning investments are not linked to the stock market, providing more stability and less risk.
Key Features:
- Single Premium Payment: Pay the premium once at the start of the policy.
- Policy Term: Fixed 12 years.
- Death Cover: 10 times the single premium paid, plus Loyalty Addition.
- Maturity Benefit: Sum Assured plus Loyalty Addition.
- Settlement Option: Option to receive maturity or death claim amount in equal installments over 5, 10, or 15 years.
- Loan Facility: Available after 3 months from policy start, up to 90% of the surrender value.
- Optional Riders: Accidental Death and Disability Benefit rider.
- Tax Benefits: Eligible for deductions under Section 80C and maturity proceeds are tax-free under Section 10(10D).
Eligibility Criteria and Restrictions
- Age at entry: Minimum 6 years completed, maximum 47 years.
- Basic Sum Assured: Minimum Rs. 75,000, no upper limit.
- Sum Assured Multiples:
- Below Rs. 3,00,000: in multiples of Rs. 5,000
- Rs. 3,00,000 and above: in multiples of Rs. 20,000
- Policy Term: Fixed at 12 years.
- Premium Payment: Single payment only.
Unique Features of LIC Jeevan Utkarsh Plan 846
High Risk Cover
Provides a risk cover of 10 times the tabular single premium, ensuring significant protection for the policyholder’s family.
Settlement Option
The settlement option allows policyholders to receive claim amounts in installments instead of lump sum. This flexibility helps with financial planning over years.
Loyalty Addition
On maturity, policyholders receive not only the Sum Assured but also Loyalty Additions, which are bonuses paid by LIC based on the corporation’s profits.
Loan Facility
Policyholders can avail loans against their policy after 3 months from the policy commencement, which brings liquidity in times of emergency.
Understanding LIC Jeevan Utkarsh Plan 846 Benefits
Maturity Benefit
If the policyholder survives the entire 12-year policy term, the maturity amount payable is the Sum Assured plus Loyalty Addition (if any).
Death Benefit
- If death occurs after commencement of risk (typically after 5 policy years for young policyholders), the nominee receives the higher of:
- 125% of the Single Premium paid, or
- Basic Sum Assured, or
- 10 times the Tabular Single Premium, plus Loyalty Addition.
- If death happens within the first five years, only the single premium (without interest) is refunded.
How to Use LIC Jeevan Utkarsh Plan 846 Calculator?
A LIC Jeevan Utkarsh calculator helps prospective buyers calculate:
- The single premium payable for a given Sum Assured and age.
- Estimated maturity benefits including loyalty additions.
- Death benefits and risk coverage.
- Loan amounts available during the policy tenure.
Steps to use the calculator:
- Input your Age: Enter your current age (between 6 and 47 years).
- Select the Sum Assured: Choose the amount you want to be assured (starting from Rs. 75,000 upwards).
- Calculate Premium: With this data, the calculator provides the premium payable.
- View Maturity and Death Benefits: It will show approximated maturity values with loyalty additions, and death claim amounts.
- Loan and Settlement Options: Some calculators also provide options to calculate loan eligibility or installment payout amounts under the settlement option.
Several online LIC calculators are available, including interactive ones that reflect official LIC premium rates and benefit calculations LIC Official Site and other trusted insurance portals.
Example Calculation
Let’s consider an example:
- Age: 35 years
- Sum Assured: Rs. 5,00,000
- Policy Term: 12 years
- Single Premium: Rs. 2,62,450 (approximate)
Maturity Benefit
At the end of 12 years, if the policyholder survives, they will receive:
Sum Assured (Rs. 5,00,000) + Loyalty Addition (as declared by LIC at maturity).
Death Benefit
If the policyholder dies during the policy term (after risk commencement), the nominee receives:
10 times single premium (approx. Rs. 26,24,500) + Loyalty Addition.
In case of accidental death, an additional sum equal to the Sum Assured is also payable.
Benefits of Using the LIC Jeevan Utkarsh Plan 846 Calculator
- Accurate Premium Estimation: Avoid surprises by calculating exact premiums.
- Better Planning: Know the maturity and death benefits in advance.
- Compare Options: Helps compare with other insurance plans before buying.
- Transparency: Gives a clear picture of loyalty additions and settlement options.
- Easy Understanding: Simplifies complex insurance terms with instant number generation.
Summary of LIC Jeevan Utkarsh Plan 846
| Feature | Detail |
|---|---|
| Plan Type | Single Premium Endowment |
| Policy Term | 12 years |
| Eligibility Age | 6 years to 47 years |
| Minimum Basic Sum Assured | Rs. 75,000 |
| Premium Payment Mode | Single Premium |
| Death Benefit | 10 times Tabular Single Premium + Loyalty Addition |
| Maturity Benefit | Sum Assured + Loyalty Addition |
| Settlement Option | 5, 10, or 15 years installment |
| Loan Facility | Available after 3 months |
| Riders Available | Accidental Death & Disability |
| Tax Benefits | Section 80C and 10(10D) |
Important Considerations
- The policy was available for purchase only for a limited period and has a closing date (historically was June 2018). Before planning to buy, check its current availability.
- The risk under the policy starts immediately for those aged 8 years or above; for younger children, risk starts after they turn 8.
- Policyholders must carefully choose Sum Assured and understand loyalty additions are declared based on LIC’s profits.
- Tax benefits depend on current government laws and may change.
Frequently Asked Questions
What is LIC Jeevan Utkarsh Plan 846?
It is a single premium endowment plan by LIC offering savings with life cover for 12 years, with benefits on maturity or death.
How is the premium paid in this plan?
The premium is paid only once at the start of the policy.
What is the minimum and maximum age to join this plan?
The minimum age is 6 years completed, and the maximum age is 47 years at the time of entry.
What is the policy term for LIC Jeevan Utkarsh?
The policy term is fixed at 12 years.
What are the benefits on maturity?
On maturity, the policyholder receives the Sum Assured plus Loyalty Addition (bonus).
What happens in case of the policyholder’s death during the term?
Nominee receives the highest of 10 times single premium or basic Sum Assured or 125% of the single premium, plus loyalty additions.
Conclusion
The LIC Jeevan Utkarsh Plan 846 is an excellent option for those looking for a single-premium, with-profits savings plus protection plan with a fixed term. Its high-risk cover, single premium payment, and flexible settlement option make it attractive for risk-averse investors and those seeking lump sum or installment maturity payouts.