LIC Jeevan Utkarsh is a non-linked, with profits, single premium life insurance policy. It was launched on 6th September 2017 and is open until June 2018 (270 days from launch). Non-linked means that it is not Unit Linked (as in ULIP) and has less freedom to invest in equities. Participating means that you will get a maturity value that is linked to the profits earned by LIC over the policy tenure. Single premium means that you only pay once and then wait for the policy to mature.

Death Benefit

Before the completion of five years from the commencement of the policy, this will be 10 times the single premium

After the completion of 5 years, it will be the highest of

  1. 10 times the single premium
  2. 125% of the single premium
  3. Maturity Value (Resulting from the addition of bonuses linked to LIC profits)

Maturity Value

This will include the loyalty bonus declared by the LIC once the policy completes five years.


In the first year, 70% of the single premium paid

After the first year, 90% of the single premium paid

After five years, the surrender value of the policy may include some portion of the loyalty bonus which comes from the LIC’s profits.

Accidental Death and Disability Rider

This is an optional feature which buyers can add to the base policy. This rider will pay out an additional sum of money if death occurs due to an accident or if you become disabled. The premiums for this cannot exceed 30% of the premium for the base policy.

Tax benefits

Contributions will be tax deductible under Section 80C. The maturity value and death benefit is more than 10 times annual premium and hence will be tax exempt under Section 10(10)(D).


You can get a loan up to 90% of the surrender value of the policy. However, you are only eligible for the loan three months after the commencement of the policy. The interest for a loan against this policy has been set by LIC at 10% for 2017-18.

Settlement Option

You can opt to receive the life insurance proceeds as income rather than a lump-sum on either maturity or death. These will be paid over 5, 10 or 15 years, as per your choice.

Key Details

Minimum Age: 6 years (However death benefit commences from the age of 8)

Maximum Age: 47 years

Minimum Basic Sum Assured: Rs 75,000

Maximum Basic Sum Assured: None

Policy Term: 12 years. You can only pay one premium for the policy.

Single premium rate per Rs 1,000 of basic sum assured. The basic sum assured is used to compute maturity value when the policy matures at the end of 12 years. The maturity value will also include loyalty bonuses after the fifth year. This is different from ‘sum assured on death’ which is 10 times the single premium:

Age Single Premium
10 528.60
20 544.95
30 561.35
40 657.90

You also get a discount (rebate) in this premium as follows if you take a higher sum assured:

Basic Sum Assured Approximate Premium at age 40 Approximate Discount in Premium
75,000 – 1,45,000 49,342 – 95,395 Nil
150,000 – 2,95,000 98,685 – 194,080 2,250 – 4,425
300,000 – 480,000 197,370 – 315,792 6,000 – 9,600
500,000 and above 328,950 and above 12,500 and above
Neil Borate

Neil Borate is Deputy Editor, RupeeIQ. He can be contacted at