{"uin":"512N363V02","name":"LIC's Jeevan Utsav","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02","insurer":{"slug":"lic","name":"Life Insurance Corporation of India","url":"https://indiainsurances.com/insurer/lic"},"line":"life","category":"whole-life","category_name":"Whole life","irdai_type":"Product","kind":"product","status":"active","approved_on":"2024-10-01","withdrawn_on":null,"summary":"LIC's Jeevan Utsav is a non-par, non-linked whole life savings plan with limited premium payment of 5 to 16 years and Guaranteed Additions of Rs. 40 per thousand Basic Sum Assured a year during the premium term. It pays a yearly income of 10% of Basic Sum Assured (Regular or Flexi Income option) from a set policy year, and Sum Assured on Death plus Guaranteed Additions on death, with no maturity benefit.","analysis":{"state":"extracted","analysed_at":"2026-10-16 07:11:52.597844+00","note":"Every stated fact carries a verbatim quote found in the cited clause."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"not-stated","value":null,"display":null,"note":"No named plans. The single plan offers two survival benefit options chosen at inception (Option I Regular Income Benefit, Option II Flexi Income Benefit); these are payout options, not plans. Surrender value and loan rules differ by option.","quote":null,"sources":[],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"cross-checked","value":"Whole life: the policy has no definite policy term and terminates on the death of the Life Assured.","display":"Whole life (no fixed term; ends on death)","note":"Premiums are payable only for the chosen Premium Paying Term; the policy can also end earlier, for example on surrender.","quote":"Whole Life Insurance means an insurance policy which does not have a definite policy term and the policy terminates on death of the Life Assured. ... (A Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan)","sources":[{"clause":"60","heading":"Whole Life Insurance","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-60"},{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN:512N363V02)","page":1,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-lics-jeevan-utsav-uin-512n363v02"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"cross-checked","value":"The policyholder or claimant must tell the Corporation about the insured event at the earliest possible time; no fixed number of days is set.","display":"At the earliest possible time","note":null,"quote":"Policyholder or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured event resulting into a claim under the policy, at the earliest possible time.","sources":[{"clause":"4(b)","heading":null,"page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-b"},{"clause":"4","heading":null,"page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4"}],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"cross-checked","value":["claim forms, as prescribed by the Corporation","original Policy Document","NEFT mandate from the claimant for direct credit of the claim amount to the bank account","proof of title","proof of death","medical treatment prior to the death (if any)","school/college/employer's certificate","proof of age of the Life Assured if age is not admitted","FIR, Panchnama and Post Mortem report in case of unnatural or accidental death","discharge form for Survival Benefit or surrender claims"],"display":"Death claim: claim forms, original policy, NEFT mandate, proof of title, proof of death, prior medical treatment, school/college/employer's certificate; FIR, Panchnama and post mortem for accidental death","note":"The Corporation may also call for additional documents, and any requirement mandated under statute or law.","quote":"The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be claim forms, as prescribed by the Corporation, accompanied with original Policy Document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, medical treatment prior to the death (if any), school/college/employer’s certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted. ... In case of unnatural death or death on account of or arising from an accident, the Corporation may call for the copies of First Information Report (FIR), Panchnama and Post Mortem report. ... Where the policy results in a Survival Benefit Claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original Policy Document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account besides proof of age, if the age is not admitted earlier.","sources":[{"clause":"4(a)","heading":"Death Claim","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-a"},{"clause":"4(b)","heading":null,"page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-b"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"cross-checked","value":"Death claims not requiring investigation are settled within 15 days; early death claims requiring investigation are decided and paid within 45 days.","display":"15 days (death claims without investigation); 45 days with investigation","note":"From the CIS turnaround table; it does not say from when the days are counted. The policy wording sets no claim settlement time.","quote":"Death claims settlements not requiring Investigations | 15 days ... Early Death Claims requiring investigations - decision & payment | 45 days","sources":[{"clause":"Row 1","heading":"Death Claims","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/115#c-row-1-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"cross-checked","value":["Suicide within 12 months from the date of commencement of risk: only 80% of the total premiums paid, if the policy is in-force (not for entry age below 8 years)","Suicide within 12 months from date of revival: higher of 80% of the total premiums paid or the surrender value","Suicide on a policy lapsed without acquiring paid-up value: nothing payable","The relaxation under Non-forfeiture provisions does not apply on death due to suicide"],"display":"Suicide within 12 months of risk commencement or revival (limited refund)","note":"The CIS lists suicide as the only exclusion and says there is no waiting or lien period. Separately, the policy is void if the proposal contains untrue statements or material information is withheld, subject to Section 45.","quote":"If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Nominee or Beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid till the date of death ... provided the policy is in-force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years. ... If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death ... or the surrender value available as on date of death, shall be payable. ... For a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies. ... The relaxation mentioned under Non-forfeiture provisions shall not be applicable in case of death due to suicide. ... Suicide Exclusion: The provisions related to claim payment in case of death due to suicide ... Waiting/ lien Period, if any | Not Applicable ... in case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and connected documents or any material information is withheld, then and in every such case this policy shall be void","sources":[{"clause":"2(i)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-i-2"},{"clause":"2(ii)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-ii-2"},{"clause":"2(b)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-b-2"},{"clause":"Row 9","heading":"Exclusions (events where insurance coverage is not payable), if any.","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/115#c-row-9"},{"clause":"Row 10","heading":"Waiting/ lien Period, if any","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/115#c-row-10"},{"clause":"2(ii)","heading":null,"page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-ii"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"cross-checked","value":"Complain first to LIC's Grievance Redressal Officers at Branch, Divisional, Zonal or Central Office, through the customer portal or at co_complaints@licindia.com; death claim repudiations can be referred to the Zonal or Central Office Claims Dispute Redressal Committee. If not satisfied or no reply within 15 days, approach IRDAI, and the Insurance Ombudsman for claim grievances.","display":"LIC Grievance Redressal Officer (Branch/Divisional/Zonal/Central Office); IRDAI after 15 days; then Ombudsman","note":"CIS: decision on a complaint within 14 days. IRDAI toll free 155255 / 18004254732.","quote":"The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/ Central Office to redress grievances of customers. ... where a registered policy holder can directly register complaint/ grievance and track its status. Customers can also contact at e-mail id co_complaints@licindia.com for redressal of any grievances. Claimants not satisfied with the decision of death claim repudiation have the option of referring their cases for review to Zonal Office Claims Dispute Redressal Committee or Central Office Claims Dispute Redressal Committee. ... In case the customer is not satisfied with the response or does not receive a response from us within 15 days, then the customer may approach the Policyholder’s Protection and Grievance Redressal Department ... For redressal of Claims related grievances, claimants can also approach Insurance Ombudsman ... Calling Toll Free Number 155255 / 18004254732 ... Action on Complaint and Intimation of decision to the complainant | 14 days","sources":[{"clause":"Section 45","heading":"of Insurance Act 1938","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-section-45"},{"clause":"Row 2","heading":"Action on Complaint and Intimation of decision to the complainant","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/115#c-row-2-3"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"sum_assured","label":"Sum assured","section":"Cover","meaning":"The minimum and maximum life cover, or the rule that sets it (for example 10 times the annual premium).","status":"cross-checked","value":"Minimum Basic Sum Assured Rs 5,00,000 with no maximum (subject to underwriting). Sum Assured on Death is the higher of Basic Sum Assured or 7 times the Annualized Premium.","display":"Min Rs 5,00,000 Basic Sum Assured, no maximum; Sum Assured on Death = higher of Basic Sum Assured or 7 times annual premium","note":"Minimum and maximum Basic Sum Assured from the sales brochure; Sum Assured on Death from the policy wording. Basic Sum Assured in multiples of Rs 25,000 up to Rs 24,00,000 and Rs 1,00,000 above that.","quote":"The “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. ... Minimum Basic Sum Assured | Rs 5,00,000/- ... Maximum Basic Sum Assured | No Limit. However, the maximum Basic Sum Assured allowed to each individual will be sub ject to underwriting decision ... Rs 5,00,000 to Rs 24,00,000 | Rs 25,000 ... Above Rs 24,00,000 | Rs 1,00,000","sources":[{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-1-3"},{"clause":"2","heading":"ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-2"}],"law":[]},{"key":"death_benefit","label":"Death benefit","section":"Cover","meaning":"What your family gets if you die during the term, and how it is calculated.","status":"cross-checked","value":"Sum Assured on Death (higher of Basic Sum Assured or 7 times Annualized Premium) plus accrued Guaranteed Additions, not less than 105% of Total Premiums Paid, payable on death after risk commencement under an in-force policy.","display":"Sum Assured on Death plus accrued Guaranteed Additions, at least 105% of premiums paid","note":"For a minor aged below 8 at entry who dies before risk commences (2 years from commencement or the anniversary after age 8, whichever is earlier): refund of premiums paid without interest. Payable in lump sum or, if opted, in instalments over 5, 10 or 15 years. Accumulated Flexi Income Benefits with interest are also paid on death under Option II.","quote":"On death of the Life Assured after the date of commencement of risk, Death Benefit equal to “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable, provided the policy is in-force. This Death Benefit shall not be less than 105% of “Total Premiums Paid” up to the date of death. The “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. ... However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk ... the death benefit payable shall be the refund of premium(s) paid (excluding taxes, any extra premium and rider premium(s), if any), without interest. ... The accumulated Flexi Income Benefit(s) due and not withdrawn along with interest (if any) shall be payable on death or surrender, whichever is earlier. ... This is an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount","sources":[{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-1-3"},{"clause":"8","heading":"Option to take Death Benefit in instalments","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-8-3"}],"law":[]},{"key":"maturity_benefit","label":"Maturity benefit","section":"Cover","meaning":"What you get if you survive to the end of the term.","status":"cross-checked","value":"No maturity benefit is payable. Survivors instead receive a yearly income of 10% of Basic Sum Assured (Regular or Flexi Income Benefit) from the start year in Table 1.","display":"None","note":"Survival benefit: Regular Income Benefit or Flexi Income Benefit of 10% of Basic Sum Assured each year, starting from the 11th to 19th policy year depending on the premium paying term.","quote":"Maturity Benefit is not available under the policy. ... On survival of Life Assured, Regular Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year starting from the year as specified in Table 1 below ... On survival of Life Assured, the policyholder shall be eligible for Flexi Income Benefit equal to 10% of Basic Sum Assured at the end of each policy year ... 5 years | 11th policy year ... 16 years | 19th policy year","sources":[{"clause":null,"heading":"Table 1","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-table-1"},{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-1-3"}],"law":[]},{"key":"premium_paying_term","label":"Premium paying term","section":"Premium","meaning":"For how many years you pay premiums.","status":"cross-checked","value":"5 to 16 years, chosen by the policyholder.","display":"5 to 16 years","note":"The policy wording's Table 1 lists premium paying terms of 5 to 16 years; the sales brochure states the choice of 5 to 16 years and a maximum premium ceasing age of 75 (nearer birthday).","quote":"Premium Paying Term | Regular Income Benefit / Flexi Income Benefit Start Year ... 5 years | 11th policy year ... 16 years | 19th policy year ... Flexibility to choose Premium Paying Term from 5 Years to 16 Years ... Maximum Premium ceasing age | 75 Years (Nearer Birthday)","sources":[{"clause":null,"heading":"Table 1","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-table-1"},{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN: 512N363V02)","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-lics-jeevan-utsav-uin-512n363v02"},{"clause":"2","heading":"ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-2"}],"law":[]},{"key":"maturity_age","label":"Maximum maturity age","section":"Eligibility","meaning":"The oldest age at which cover ends.","status":"cross-checked","value":"No maturity age: whole life cover with no definite policy term, ending on death.","display":"None (whole life, cover until death)","note":"From the sales brochure: maximum premium ceasing age 75 years (nearer birthday); cover continues after premiums stop.","quote":"Whole Life Insurance means an insurance policy which does not have a definite policy term and the policy terminates on death of the Life Assured. ... Maturity Benefit is not available under the policy. ... Maximum Premium ceasing age | 75 Years (Nearer Birthday)","sources":[{"clause":"60","heading":"Whole Life Insurance","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-60"},{"clause":null,"heading":"Table 1","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-table-1"},{"clause":"2","heading":"ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-2"}],"law":[]},{"key":"suicide_clause","label":"Suicide clause","section":"Exclusions","meaning":"What is paid if death is by suicide within the first 12 months.","status":"cross-checked","value":"Suicide within 12 months from the date of commencement of risk: 80% of total premiums paid, if the policy is in-force. Within 12 months from revival: the higher of 80% of total premiums paid or the surrender value.","display":"80% of premiums paid (within 12 months of risk start); after revival, higher of 80% of premiums or surrender value","note":"Premiums exclude taxes, extra premium and rider premiums other than term assurance rider. Not applicable when age at entry (or at revival) is below 8 years; nothing is payable for a policy lapsed without paid-up value. The brochure's version excludes all rider premiums.","quote":"If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Nominee or Beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid till the date of death (excluding any taxes if collected explicitly, extra premium and rider premiums other than term assurance rider, if any), provided the policy is in-force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years. ... If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death ... or the surrender value available as on date of death, shall be payable. ... In case the age of the life assured is below 8 years at the time of revival; or ... For a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.","sources":[{"clause":"2(i)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-i-2"},{"clause":"2(ii)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-ii-2"},{"clause":"2(a)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-a-2"},{"clause":"2(b)","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-b-2"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 21","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 35","url":"https://indiainsurances.com/law/irdai-life-products-2024"}]},{"key":"surrender","label":"Surrender value","section":"Renewal and rights","meaning":"What you get if you stop the policy early, and from when.","status":"cross-checked","value":"Can be surrendered after the first policy year if one full year's premium is paid. Pays the higher of Guaranteed Surrender Value (acquired after two full years' premiums) and Special Surrender Value.","display":"After 1 year's premium; higher of Guaranteed and Special Surrender Value","note":"GSV = total premiums paid x GSV factor (0% in year 1, 30% in year 2, rising to 90% from year 34) plus accrued Guaranteed Additions x GA factor, less income benefits due (Annexures 4 and 5). Accumulated Flexi Income Benefits with interest are also paid. No surrender value on riders.","quote":"The policy can be surrendered by the policyholder after completion of first policy year provided one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value. ... In addition, any accumulated Flexi Income Benefit(s) due and not withdrawn along with interest (if any) till the date of surrender shall also be payable. ... No surrender value will be available on Rider(s), if any. ... 1 | 0.00% ... 2 | 30.00% ... 34 | 90.00%","sources":[{"clause":"4","heading":"Surrender","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-4"},{"clause":null,"heading":"Guaranteed Surrender Value Factors","page":27,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-guaranteed-surrender-value-factors"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.1 to 26.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.4 and 26.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 27","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.16 and 1.17","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(1) to (3)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(4) and (5)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(6) to (9)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)(c)(V)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"paid_up","label":"Paid-up value","section":"Renewal and rights","meaning":"What cover continues if you stop paying premiums after a few years.","status":"cross-checked","value":"If at least one full year's premiums are paid, the policy becomes paid-up on completion of the first policy year: Sum Assured on Death and Basic Sum Assured are reduced in proportion to premiums paid, accrued Guaranteed Additions stay attached, and the death benefit is not less than 105% of premiums paid.","display":"Proportionate paid-up death cover plus accrued Guaranteed Additions","note":"Income on a paid-up policy: none if Paid-up Sum Assured is below Rs 2,00,000; 5%, 6% or 7% of Paid-up Sum Assured for Rs 2 to 5 lakh slabs; 10% for Rs 5,00,000 and above. Full death benefit if death within 6 months of first unpaid premium after 3 years' premiums, or within 12 months after 5 years' premiums (not for suicide).","quote":"If, after at least one full year’s premiums have been paid and any subsequent premiums be not duly paid, on completion of first policy year this policy shall not be wholly void, but shall subsist as a paid-up policy ... The ‘Sum Assured on Death’ under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’ and shall be equal to ‘Sum Assured on Death’ multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. ... The Guaranteed Additions accrued under the policy for the period for which premiums have been paid will remain attached ... The Death Benefit under a paid-up policy shall not be less than 105% of total premiums paid upto the date of death. ... Regular Income Benefits or Flexi Income Benefits shall not be payable under a Paid-up Policy where Paid-up Sum Assured is less than Rs 2,00,000. ... Rs 2,00,000 and above but less than Rs 3,00,000 | 5% of Paid-up Sum Assured ... Rs 3,00,000 and above but less than Rs 4,00,000 | 6% of Paid-up Sum Assured ... Rs 4,00,000 and above but less than Rs 5,00,000 | 7% of Paid-up Sum Assured ... Rs 5,00,000 and above | 10% of Paid-up Sum Assured ... if at least three full years’ premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of the death of the Life Assured within six months from the due date of First Unpaid Premium ... if at least five full years' premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of death of the Life Assured within 12 months from the due date of First Unpaid Premium ... This provision shall not apply in case of death due to suicide.","sources":[{"clause":"2(ii)","heading":null,"page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-ii"},{"clause":"2(a)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-a"},{"clause":"2(b)(i)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-b-i"},{"clause":"2(b)(ii)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-b-ii"}],"law":[]},{"key":"revival","label":"Revival period","section":"Renewal and rights","meaning":"How long after lapsing you can restart the policy.","status":"cross-checked","value":"A lapsed policy can be revived within five consecutive complete years from the date of the first unpaid premium, during the Life Assured's lifetime, on payment of arrears with interest and proof of continued insurability.","display":"5 years from first unpaid premium","note":"Revival interest for 1 May 2024 to 30 April 2025: 9.50% p.a. compounding half-yearly. The Corporation may accept, modify or decline revival.","quote":"Revival Period means the period of five consecutive complete years from the date of first unpaid premium ... A policy in lapsed condition may be revived during the life time of the Life Assured, but within the Revival period. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) ... The Corporation however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. ... For the 12 months’ period commencing from 1st May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.50% p.a. compounding halfyearly.","sources":[{"clause":"46","heading":"Revival Period","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-46"},{"clause":"3","heading":"Revival of lapsed Policies","page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-3-4"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.7","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.10","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.28","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.39","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"policy_loan","label":"Policy loan","section":"Renewal and rights","meaning":"Whether you can borrow against the policy.","status":"cross-checked","value":"Yes. A loan is available after the first policy year if one full year's premium is paid, up to 75% of surrender value for in-force and 50% for paid-up policies (before income starts).","display":"Yes, after 1 year; up to 75% of surrender value (50% if paid-up)","note":"Once income starts the loan is limited so annual loan interest does not exceed 50% of the annual income benefit, still within 75% / 50% of surrender value. Interest 9.50% p.a. compounding half-yearly for loans from 1 May 2024 to 30 April 2025.","quote":"a) Loan can be availed after completion of first policy year provided one full year’s premium(s) has been paid. ... • For in-force policies- upto 75% • For paid-up policies- upto 50% ... shall be arrived at in such a way that the effective annual interest amount payable on loan does not exceed 50% of the annual Regular Income Benefit payable under the policy subject to maximum of 75% of Surrender value in case of inforce policies and 50% of Surrender value in case of paidup policies. ... For loan sanctioned during 12 months’ period commencing from 1st May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.50% p.a. compounding half-yearly for entire term of the loan.","sources":[{"clause":"5(a)","heading":null,"page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-5-a"},{"clause":"5(b)(i)","heading":null,"page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-5-b-i"},{"clause":"5(b)(ii)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-5-b-ii"},{"clause":"5(e)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-5-e"}],"law":[]},{"key":"riders_available","label":"Riders available","section":"Cover","meaning":"Optional add-ons such as accidental death, critical illness or waiver of premium.","status":"cross-checked","value":["LIC's Accidental Death and Disability Benefit Rider","LIC's Accident Benefit Rider","LIC's New Term Assurance Rider","LIC's Premium Waiver Benefit Rider"],"display":"Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, Premium Waiver Benefit","note":"Only one of the Accidental Death and Disability Benefit Rider or Accident Benefit Rider. New Term Assurance Rider only at inception; Premium Waiver Benefit Rider on the proposer's life when the Life Assured is a minor. Brochure UINs: 512B209V02, 512B203V03, 512B210V02, 512B204V04.","quote":"a) LIC’s Accidental Death and Disability Benefit Rider ... b) LIC’s Accident Benefit Rider ... c) LIC’s New Term Assurance Rider ... d) LIC’s Premium Waiver Benefit Rider ... the eligible Life Assured can opt between either of LIC’s Accidental Death and Disability Benefit Rider) or LIC’s Accident Benefit Rider and/or the remaining two riders ... this Rider can be opted for on the life of Proposer of policy (as the Life Assured is minor) ... LIC’s New Term Assurance Rider: This rider is available only at the inception of the policy on payment of additional premium. ... LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) ... LIC’s Accident Benefit Rider (UIN:512B203V03) ... LIC’s New Term Assurance Rider (UIN: 512B210V02) ... LIC’s Premium Waiver Benefit Rider (UIN: 512B204V04)","sources":[{"clause":"3(a)","heading":null,"page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-3-a"},{"clause":"3(b)","heading":null,"page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-3-b"},{"clause":"3(c)","heading":null,"page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-3-c"},{"clause":"3(d)","heading":null,"page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-3-d"},{"clause":"4(a)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-4-a"},{"clause":"4(b)","heading":null,"page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-4-b"},{"clause":"4(c)","heading":"LIC’s New Term Assurance Rider (UIN","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-4-c"},{"clause":"4(d)","heading":null,"page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-4-d"}],"law":[]},{"key":"section45","label":"Claims after 3 years (Section 45)","section":"Claims","meaning":"After 3 years a life policy cannot be questioned on any ground, and only for fraud with proof before that.","status":"cross-checked","value":"After three years from the later of issuance, risk commencement, revival or rider date, the policy cannot be called in question on any ground. Within three years it can be questioned on the ground of fraud or of misstatement or suppression of a material fact.","display":"Cannot be questioned after 3 years; fraud or misstatement only within 3 years","note":"Annexure 3 of the policy document.","quote":"No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. ... A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later on the ground of fraud ... on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal","sources":[{"clause":"1","heading":null,"page":25,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-1-6"},{"clause":"2","heading":null,"page":25,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-7"},{"clause":"4","heading":null,"page":25,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-7"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 45","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.6","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"tax_note","label":"Tax note in the document","section":"Premium","meaning":"What the document says about tax benefits. Not stated when it only says taxes are charged on the premium. Tax law changes; confirm separately.","status":"not-stated","value":null,"display":null,"note":"The policy wording only says taxes are charged on premiums. The sales brochure only says to consult a tax advisor on income tax benefits.","quote":null,"sources":[],"law":[]},{"key":"free_look","label":"Free-look period","section":"Renewal and rights","meaning":"Days after you receive the policy in which you can return it for a refund if you do not agree with its terms.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days","note":"Refund of premium less proportionate risk premium, medical examination charges and stamp duty.","quote":"During the Free Look period of 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier ... the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium [for Base Policy and Rider(s), if opted for] for the period of cover and charges for medical examinations(including special reports, if any) and for stamp duty.","sources":[{"clause":"7","heading":"Free look period","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-7-4"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 5","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(1), 20(2)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, II.8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grace_period","label":"Grace period","section":"Renewal and rights","meaning":"Days you get after the due date to pay without losing cover or continuity.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days (15 days for monthly premiums)","note":"15 days for monthly mode.","quote":"A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium.","sources":[{"clause":"7","heading":"Grace Period","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-7-3"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 8","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 9","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 8","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.2","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 1.3","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"eligibility_entry_age","label":"Entry age","section":"Eligibility","meaning":"The youngest and oldest age at which you can buy this policy.","status":"cross-checked","value":"Youngest 30 days (with 16-year premium term) to 8 years (5 to 8 year terms), completed; oldest 65 years nearer birthday (5 to 10 year terms) down to 59 years (16-year term).","display":"30 days to 65 years (depends on premium paying term)","note":"From the sales brochure (the policy wording leaves it to the chosen Premium Paying Term). Minimum entry age falls from 8 years (PPT 5 to 8) to 30 days (PPT 16); maximum falls from 65 (PPT 5 to 10) to 59 (PPT 16). Risk for entry ages below 8 starts 2 years after commencement or at the anniversary after age 8, whichever is earlier.","quote":"Minimum Age at Entry (Completed) | Maximum Age at Entry (Nearer Birthday) ... 5 | 8 years | 65 years ... 8 | 8 years | 65 years ... 10 | 6 years | 65 years ... 16 | 30 days | 59 years ... In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier.","sources":[{"clause":"2","heading":"ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-2"},{"clause":"4","heading":"Date of Commencement of Risk","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-4-3"}],"law":[]},{"key":"premium_modes","label":"Premium payment options","section":"Premium","meaning":"How often you can pay: yearly, half-yearly, quarterly, monthly.","status":"cross-checked","value":["Yearly","Half-yearly","Quarterly","Monthly"],"display":"Yearly, half-yearly, quarterly or monthly","note":"Brochure: monthly premiums through NACH only, or through salary deductions.","quote":"for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums ... Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions.","sources":[{"clause":"7","heading":"Grace Period","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-7-3"},{"clause":"5","heading":"PAYMENT OF PREMIUMS","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-5"}],"law":[]},{"key":"premium_type","label":"Premium payment type","section":"Premium","meaning":"Single premium, regular premium (every year of the term) or limited premium (fewer years than the term).","status":"cross-checked","value":["Limited premium"],"display":"Limited premium (5 to 16 years on a whole life policy)","note":"From the sales brochure.","quote":"Whole life insurance with limited premium payment ... Flexibility to choose Premium Paying Term from 5 Years to 16 Years","sources":[{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN: 512N363V02)","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-lics-jeevan-utsav-uin-512n363v02"}],"law":[]},{"key":"guaranteed_benefits","label":"Guaranteed benefits","section":"Cover","meaning":"What is guaranteed regardless of performance.","status":"cross-checked","value":"Guaranteed Additions of Rs. 40 per thousand Basic Sum Assured accrue each policy year during the premium paying term; a yearly income of 10% of Basic Sum Assured is paid from the start year in Table 1; Sum Assured on Death is a guaranteed amount.","display":"Guaranteed Additions Rs. 40 per thousand Basic Sum Assured a year during premium term; income of 10% of Basic Sum Assured a year; guaranteed death cover","note":"Brochure: benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Flexi Income Benefit deferred earns 5.5% p.a. compounding yearly.","quote":"Sum Assured on Death means an absolute amount of benefit which is guaranteed to become payable on death of life assured ... Regular Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year starting from the year as specified in Table 1 below, provided all due premium have been paid. ... Under an inforce policy, the Guaranteed Additions shall accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. ... The Corporation shall pay interest on the deferred and accumulated Flexi Income Benefit at the rate of 5.5% p.a. compounding yearly ... benefits payable on death or survival are guaranteed and fixed irrespective of actual experience","sources":[{"clause":"53","heading":"Sum Assured on Death","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-53"},{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-1-3"},{"clause":"2","heading":"Guaranteed Additions","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-2-3"},{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN: 512N363V02)","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-lics-jeevan-utsav-uin-512n363v02"}],"law":[]},{"key":"bonus","label":"Bonus type","section":"Cover","meaning":"Bonuses are not guaranteed.","status":"cross-checked","value":"No bonus: a non-par plan not entitled to any share in surplus; Guaranteed Additions apply instead.","display":"None (non-par plan)","note":"Brochure says the policy is not entitled to discretionary benefits like bonus.","quote":"(A Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance Plan) ... Non-Par Products means products where policies are not entitled for any share in surplus (profits) during the term of the policy. ... Hence the policy is not entitled to discretionary benefits like bonus etc. or share in Surplus.","sources":[{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN:512N363V02)","page":1,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-lics-jeevan-utsav-uin-512n363v02"},{"clause":"34","heading":"Non-Par Products","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114#c-34"},{"clause":null,"heading":"LIC’s Jeevan Utsav (UIN: 512N363V02)","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116#c-lics-jeevan-utsav-uin-512n363v02"}],"law":[]}],"documents":[{"kind":"wording","label":"Policy Document","pages":28,"fetched_at":"2026-10-16 07:11:35.774895+00","source_url":"https://licindia.in/documents/20121/1240315/PolicyDocument-Jeevan+Utsav-V02-withlogo.pdf/7dfd2d09-a2d2-247b-0aed-698c89ea56af?t=1727867403829","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/114"},{"kind":"cis","label":"CIS LIC's Jeevan Utsav","pages":6,"fetched_at":"2026-10-16 07:11:35.774895+00","source_url":"https://licindia.in/documents/20121/1245605/CIS+_jeevan+utsav+-Website_+R.pdf/11fdd328-5dbb-cac2-8ced-342a7565456a?t=1731428824989","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/115"},{"kind":"brochure","label":"Sales Brochure (From 22/09/2025 onwards)","pages":32,"fetched_at":"2026-10-16 07:11:35.774895+00","source_url":"https://licindia.in/documents/20121/1319704/Jeevan+Utsav+Sales+Brochure_141025.pdf/da84d78a-ef72-c80f-b8df-83bb7565f087?t=1760429620376","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02/document/116"}],"versions":[],"where_to_buy":[],"claims_and_complaints":[],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"LIC's Jeevan Utsav (UIN 512N363V02), IndiaInsurances, https://indiainsurances.com/policy/lic/lic-s-jeevan-utsav-512n363v02"}