Why LIC’s Jeevan Utsav(Plan 871) is More Than Just Life Insurance – Insurance Funda
- Description: ‘Sum Assured on Death’ plus accrued Guaranteed Additions, payable if the policy is in force.
In LIC’s Jeevan Utsav Plan 871, the “Sum Assured on Death” is a crucial component of the death benefit. It’s essentially the guaranteed amount paid to the beneficiaries if the insured person passes away. This sum is the higher of either the ‘Basic Sum Assured’ or ‘7 times the Annualized Premium’. The Annualized Premium here excludes taxes, rider premiums, and certain other specific charges. Additionally, the death benefit is guaranteed to be at least 105% of all premiums paid until the date of death, ensuring a minimum level of financial protection.
