LIC Jeevan Utkarsh Plan 846 Calculator
LIC Jeevan Utkarsh Plan 846 is a single premium life insurance plan that combines financial protection with guaranteed savings benefits. Designed as a non-linked, with-profits policy, the plan provides life cover throughout the policy term and offers maturity benefits along with potential loyalty additions declared by LIC.
What is LIC Jeevan Utkarsh Plan 846?
LIC Jeevan Utkarsh Plan 846 was a single premium endowment insurance plan introduced by the Life Insurance Corporation of India (LIC). Under this plan, the policyholder pays a one-time premium at the beginning of the policy and enjoys insurance coverage along with maturity benefits at the end of the fixed policy term.
Since the plan is non-linked, its benefits are not connected to stock market performance, making it suitable for individuals seeking stable and predictable returns with life insurance protection.
Key Features of LIC Jeevan Utkarsh Plan 846
- Single Premium, Non-Linked, With-Profits Insurance Plan.
- Fixed Policy Term of 12 Years.
- One-time premium payment at policy inception.
- Life cover equal to 10 times the Single Premium (excluding taxes and rider premiums).
- Maturity Benefit payable at the end of the policy term.
- Loyalty Addition may be payable based on LIC’s experience and declarations.
- Loan facility available after the specified waiting period.
- Surrender value available as per policy conditions.
- Settlement option available for receiving benefits in installments.
- Tax benefits available under applicable income tax provisions.
Plan Overview
| Parameter | Details |
|---|---|
| Plan Name | LIC Jeevan Utkarsh |
| Plan Number | 846 |
| Plan Type | Non-Linked, With-Profits |
| Premium Type | Single Premium |
| Policy Term | 12 Years |
| Premium Payment Term | One-Time Payment |
| Risk Cover | 10 Times Single Premium |
| Maturity Benefit | Sum Assured + Loyalty Addition (if any) |
| Loan Facility | Available |
| Settlement Option | Available |
| Tax Benefits | Available as per prevailing tax laws |
Death Benefit
If the life assured passes away during the policy term while the policy remains in force, the nominee receives the applicable Death Benefit.
Death During First Five Policy Years
The nominee receives the Sum Assured on Death as per policy conditions.
Death After Five Policy Years
The nominee receives:
- Sum Assured on Death
- Loyalty Addition, if declared and applicable
The Death Benefit is designed to provide substantial financial protection to the family throughout the policy term.
Maturity Benefit
If the policyholder survives the entire policy term, LIC pays the Maturity Benefit at the end of 12 years.
The Maturity Benefit generally consists of:
- Basic Sum Assured
- Loyalty Addition (if declared)
The final maturity amount depends on LIC’s declared Loyalty Addition rates applicable at the time of maturity.
Risk Cover
One of the major attractions of LIC Jeevan Utkarsh Plan 846 is its high life insurance coverage.
The Sum Assured on Death is generally based on:
- 10 Times the Single Premium Paid (excluding applicable taxes and rider premiums)
This ensures meaningful financial protection even though the premium is paid only once.
Settlement Option
Policyholders can choose to receive the claim proceeds in installments rather than a lump-sum payment.
The installment payout option can generally be selected for periods such as:
- 5 Years
- 10 Years
- 15 Years
This feature helps create a regular stream of income for the policyholder or nominee.
Loan Facility
The policy offers a loan facility after the completion of the prescribed waiting period.
Key benefits include:
- Quick access to funds during emergencies.
- Loan amount linked to the policy’s surrender value.
- Policy benefits continue subject to loan conditions.
Any outstanding loan and interest are adjusted against claim proceeds when payable.
Surrender Benefit
If the policyholder wishes to discontinue the policy before maturity, surrender value becomes available according to LIC’s surrender rules.
Indicative surrender provisions include:
- Higher surrender value after the initial policy years.
- Surrender value linked to the single premium paid and policy duration.
- Eligibility subject to policy conditions in force at the time of surrender.
Tax Benefits
The plan provides tax advantages under prevailing income tax laws.
- Premium paid may qualify for deduction under Section 80C.
- Maturity proceeds may qualify for exemption under Section 10(10D), subject to applicable provisions.
- Death benefits are generally tax-free under prevailing tax regulations.
Policyholders should consult a tax professional for updated tax treatment based on current laws.
Key Features of LIC Jeevan Utkarsh Plan 846
Single Premium Payment
LIC Jeevan Utkarsh Plan 846 requires only a one-time premium payment at the beginning of the policy. Once the premium is paid, no further payments are required during the entire policy term.
Fixed Policy Term
The policy comes with a fixed tenure of 12 years, providing guaranteed insurance coverage and savings benefits throughout the selected period.
Comprehensive Death Cover
The plan offers life insurance protection through a Death Benefit that is generally based on 10 times the Single Premium paid. Eligible Loyalty Addition, if any, may also become payable according to policy conditions.
Maturity Benefit
On successful completion of the policy term, the policyholder receives the Basic Sum Assured along with applicable Loyalty Addition, if declared by LIC.
Settlement Option
Policyholders or nominees can choose to receive claim proceeds in regular installments instead of a lump-sum payment. Installment options are available for:
- 5 Years
- 10 Years
- 15 Years
This feature helps create a structured income stream for future financial planning.
Loan Facility
A loan can be availed after the completion of the prescribed waiting period from policy commencement. The loan amount is linked to the available surrender value and is subject to LIC’s prevailing rules.
Optional Rider Benefits
Additional protection can be obtained through the Accidental Death and Disability Benefit Rider, subject to eligibility conditions and payment of additional rider premium.
Tax Benefits
The plan offers tax advantages under applicable income tax provisions. Premiums may qualify for deduction under Section 80C, while maturity and death benefits may qualify for tax exemption under Section 10(10D), subject to prevailing tax laws.
Eligibility Criteria and Policy Conditions
| Parameter | Eligibility |
|---|---|
| Entry Age | 6 Years (Completed) to 47 Years (Nearest Birthday) |
| Policy Term | Fixed 12 Years |
| Minimum Basic Sum Assured | ₹75,000 |
| Maximum Basic Sum Assured | No Limit |
| Sum Assured Multiples | ₹5,000 Multiples below ₹3,00,000 and ₹20,000 Multiples for ₹3,00,000 and Above |
| Premium Payment Mode | Single Premium Only |
The plan was designed to provide flexibility through a wide range of sum assured options while maintaining a simple single-premium structure.
Unique Features of LIC Jeevan Utkarsh Plan 846
High Life Cover
One of the key highlights of LIC Jeevan Utkarsh Plan 846 is the substantial life insurance protection available under a single premium payment structure. The Death Benefit is significantly higher than the premium paid, helping provide financial security to the nominee.
Flexible Settlement Option
Instead of receiving the entire claim amount at once, policyholders can opt for installment-based payouts over a selected period. This option can assist in long-term financial management and regular income planning.
Loyalty Addition Benefit
The plan participates in LIC’s experience through Loyalty Additions. Eligible policies may receive an additional amount at maturity or death, depending on LIC’s declaration and policy conditions.
Liquidity Through Loan Facility
The loan facility provides access to funds during emergencies without requiring policy surrender. This feature adds flexibility and financial convenience during the policy term.
Guaranteed Savings and Protection
LIC Jeevan Utkarsh Plan 846 combines life insurance protection with guaranteed maturity benefits, making it suitable for individuals seeking predictable returns along with financial security for their families.
Understanding LIC Jeevan Utkarsh Plan 846 Benefits
Maturity Benefit
If the life assured survives the complete 12-year policy term, LIC pays the Basic Sum Assured along with any applicable Loyalty Addition declared under the plan.
Death Benefit
In the unfortunate event of the policyholder’s death during the policy term after risk commencement, the nominee receives the highest of the following:
- 125% of the Single Premium paid
- Basic Sum Assured
- 10 times the Tabular Single Premium
In addition, Loyalty Addition, if applicable, may also be payable as per LIC’s policy conditions.
For eligible cases where death occurs during the initial specified period, the benefit may be limited according to the plan provisions in force at that time.
How to Use the LIC Jeevan Utkarsh Plan 846 Calculator?
The LIC Jeevan Utkarsh Plan 846 Calculator is a useful tool that helps users estimate important policy values before purchasing the plan.
What Can the Calculator Estimate?
- Single Premium payable based on age and sum assured
- Estimated Maturity Benefit
- Death Benefit payable to nominees
- Loan eligibility during the policy term
- Installment payout options available under the Settlement Option
Steps to Use the Calculator
Step 1: Enter Your Age
Provide your current age, which should fall within the eligible entry-age range for the plan.
Step 2: Select the Desired Sum Assured
Choose the amount of insurance coverage you wish to obtain, starting from the minimum sum assured prescribed under the plan.
Step 3: Calculate the Premium
After entering the required details, the calculator instantly displays the approximate single premium payable.
Step 4: Review Policy Benefits
The calculator provides estimated maturity benefits, death benefits, and other policy-related values based on the selected inputs.
Step 5: Check Additional Features
Advanced calculators may also display:
- Estimated Loyalty Addition
- Loan eligibility amount
- Settlement Option payouts over different periods
Using the calculator allows prospective policyholders to compare various coverage options and make informed financial decisions.
Sample Calculation
The following example illustrates how the plan benefits may be estimated:
| Particulars | Value |
|---|---|
| Age | 35 Years |
| Sum Assured | ₹5,00,000 |
| Policy Term | 12 Years |
| Single Premium | ₹2,62,450 (Approx.) |
Estimated Maturity Benefit
If the policyholder survives the entire policy term, the maturity benefit may consist of:
- Basic Sum Assured: ₹5,00,000
- Loyalty Addition: As declared by LIC at maturity
Estimated Death Benefit
If death occurs during the policy term after risk commencement, the nominee may receive:
- Higher of the applicable death benefit criteria under the policy
- Loyalty Addition, if applicable
Accidental Death Benefit
If the optional Accidental Death and Disability Benefit Rider was taken and the claim conditions are satisfied, an additional rider benefit may become payable according to the rider terms and conditions.
This example is only for illustration purposes. Actual premiums, loyalty additions, and benefits are subject to LIC’s prevailing rules, underwriting decisions, and policy conditions.
Benefits of Using the LIC Jeevan Utkarsh Plan 846 Calculator
The LIC Jeevan Utkarsh Plan 846 Calculator helps policyholders estimate premiums and benefits quickly and accurately. It simplifies policy analysis and supports better financial planning before investing.
Accurate Premium Estimation
The calculator provides an approximate single premium amount based on the selected age and sum assured, helping users understand the investment required under the plan.
Better Financial Planning
By displaying projected maturity and death benefits, the calculator allows users to assess the plan’s long-term value and align it with their financial goals.
Easy Comparison
Users can compare different sum assured options and evaluate the plan against other insurance products before making a decision.
Improved Transparency
The calculator offers a clearer view of potential maturity proceeds, death benefits, loyalty additions, and settlement options available under the policy.
Simple and User-Friendly
Complex insurance calculations are converted into easy-to-understand figures, making the plan more accessible for prospective buyers.
LIC Jeevan Utkarsh Plan 846 at a Glance
| Feature | Details |
|---|---|
| Plan Type | Single Premium Endowment Plan |
| Policy Term | 12 Years |
| Entry Age | 6 to 47 Years |
| Minimum Basic Sum Assured | ₹75,000 |
| Premium Payment Mode | Single Premium |
| Death Benefit | As per policy terms along with applicable Loyalty Addition |
| Maturity Benefit | Basic Sum Assured plus Loyalty Addition |
| Settlement Option | 5, 10, or 15 Years |
| Loan Facility | Available after 3 Months |
| Rider Option | Accidental Death & Disability Benefit Rider |
| Tax Benefits | Eligible under Sections 80C and 10(10D), subject to prevailing tax laws |
Important Points to Remember
- The plan was offered for a limited period and is no longer available for new purchases.
- Risk cover generally commenced immediately for eligible ages, while special provisions applied for younger lives.
- Loyalty Addition is not guaranteed and depends on LIC’s experience and declarations.
- Tax benefits are subject to prevailing income tax regulations and may change from time to time.
- Policyholders should carefully evaluate the sum assured and expected benefits before investing.
Benefit Overview
| Benefit | Description |
|---|---|
| Maturity Benefit | Basic Sum Assured along with applicable Loyalty Addition payable at maturity |
| Death Benefit | Death claim amount payable as per policy conditions |
| Accidental Benefit | Additional benefit available if the rider was opted for and is in force |
Frequently Asked Questions (FAQs)
What is LIC Jeevan Utkarsh Plan 846?
LIC Jeevan Utkarsh Plan 846 was a single-premium, non-linked, with-profits insurance plan that offered both life protection and savings benefits over a fixed policy term.
How is the premium paid under this plan?
The entire premium is paid once at the beginning of the policy, with no future premium obligations.
What is the eligible age range for this plan?
Individuals could enter the plan between 6 years and 47 years of age, subject to LIC’s eligibility conditions.
What is the policy term of LIC Jeevan Utkarsh Plan 846?
The policy comes with a fixed term of 12 years.
What is payable on maturity?
On successful completion of the policy term, the policyholder receives the Basic Sum Assured along with any applicable Loyalty Addition.
What happens if the policyholder dies during the policy term?
The nominee receives the applicable death benefit calculated according to the policy provisions, along with Loyalty Addition wherever applicable.
Conclusion
LIC Jeevan Utkarsh Plan 846 was a single-premium insurance solution that combined life cover with savings benefits under a fixed 12-year term. With features such as one-time premium payment, loyalty additions, loan availability, and flexible settlement options, the plan offered a balanced approach to protection and wealth accumulation for eligible policyholders. Existing policyholders continue to enjoy the benefits and features as specified in their policy contract.
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