LIC Jeevan Umang

LIC Jeevan Umang

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LIC Jeevan Umang Plan

LIC is one of the renowned life insurance comapnies of India. The company is catering into many helpful inusrance products that helps a person to grow and also assist in getting the required protection. LIC Jeevan Umang is basically an endowment cum whole life plan that provides the needful coverage at regular payout from the end of the premium payment term till the date of your survival. It is basically a participating plan which is eligible for Simple Reversionary Bonus and Final Addition Bonus.

Launch Date Table Number Product Type Bonus UIN
20th April, 2017 845 Endowment + Whole life Yes 512N312V01

LIC Jeevan Umang - Key Features

  • It is whole life insurance plan i.e. for 100 years

  • 8% of the Sum Assured is paid as money back at the end of the term

  • Large Sum Assured available under this plan.

  • Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.

  • Simple reversionary bonus is payable on maturity or early death.

  • Suitable plan for pension.

  • Premiums paid are exempted from income tax under 80c.

  • Maturity amount is tax free under 10 (10D).

LIC Jeevan Umang - Benefits

Date of commencement of risk - Risk commencement starts from the day one i.e. when the policy is taken.

Loan facility - end of the term of policy

Risk coverage - The policy also offers loan facility.

Income tax reduction - Under this policy income premiums paid are exempted from taxes under 80c and maturity returns under 10 (10D).

Riders availability- Riders like accidental and disability rider are available under this plan.

Policy revival - Policy can be revived before 2 years from the date of first unpaid premium.

Cooling-off period - If the policyholder is not satisfied with the terms and conditions of the policy then he/she can return the policy within 15 days from the date of receipt of policy.

Benefits LIC Jeevan Umang

Suicide clause - 80% of the amount paid by the policyholder is returned if he commits suicide before 1 year.

Assignment and nominations - Assignment and nominations are possible under Jeevan Umang Plan.

LIC Jeevan Umang - Eligibility

  1. Entry age for the plan is 90 days (completed).

  2. Premium paying term (PPT) - 15, 20, 25 and 30 years.

  3. Maximum age at entry in years (nearest birthday) – 55 for 15 PPT, 50 for 20 PPT, 45 for 25 PPT, 40 for 30 PPT

  4. Maturity age for the plan is 100 years with nearest birthday.

  5. Policy term: 100-age at entry.

  6. Basic sum assured is equal to 2, 00,000 and above in multiples of 25,000.

  7. Premium paying mode can be yearly, half yearly, quarterly and monthly

  8. Rebate on premium payment mode is 2% on yearly, 1% on half yearly, nil on quarterly and monthly.

High Basic Sum Assured Rebate: Basic Sum Assured (B.S.A.) chosen under the policy Minimum Maximum
Sum Assured Rs. 1,00,000 No Limit
Premium Payment Term Rs. 1,00,000 No Limit
Sum Assured 15, 20, 25, & 30 years
Policy Term 100 - Age at entry
Age at Entry 90 days 55 years
Age at End of Premium Payment Term 30 years 70 years
Premium Payment Modes Yearly, Half-Yearly, Quarterly, Monthly

LIC Jeevan Umang - Riders

  • Accidental Death and Disability Benefit

  • Accident Benefit Rider

  • New Term Assurance Rider

  • New Critical Illness Benefit Rider

Additional benefits

Death benefits

On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival Addition

On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

Other conditions in LIC Jeevan Umang

Revival of the policy

If you didnt paid premiums on time, even after the cpmpletion of the grace period, the policy will get lapsed, however it can be revived within 2 consecutive years from the date of first unpaid premium but before the date of Maturity. To revive your policy, you have to pay all your due premium that would be calculated at a fixed rate which is determined by the LIC.

Paid-up Value

In case where less than three years’ premiums have been paid and policy has not been revived, all the included benefits under the plan will be ceased after the expiry of grace period and nothing shall be payable. If aperson pay premiums for 3 full years’but not after that then the policy would not be void but will continue as a paid-up policy till the end of policy term.

Under this policy, the sum assured under a paid up policy will be reduced to a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid /Total number of premiums payable) Sum Assured on Death].

The Sum Assured on Maturity under a paid-up policy will be reduced to a sum assured called “Maturity Paid-up Sum Assured” and shall be equal to [(Number of premiums paid /Total number of premiums payable)*(Sum Assured on Maturity)].

Surrendering the Policy

You can surrendered the policy at any time offered premiums have been paid for at least three consecutive years. On surrender the policy, LIC shall pay the Surrender Value which is equal to the higher of Guaranteed Surrender Value and Special Surrender Value.

The Special Surrender Value is reviewable and will be determined by the insurance company from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender Value payable during the tenure of the policy will be equal to the total premiums paid multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid. These Guaranteed Surrender Value factors expressed as percentages that depend on the policy term and policy year in which the policy is surrendered

Free look period

In case where the insured is not satisfied with the “Terms and Conditions” of the plan, then the policy will be returned to LIC within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same LIC will cancel the policy and return the amount of premium deposited after deducting the risk premium (for base plan and rider, if any) for the period on cover and stamp duty charges.

Exclusion:

Suicide: This policy shall be void

  1. If the insured (whether sane or insane) commits suicide at any time within the first year of the policy, the Corporation will not entertain any claim under this plan except for 80% of the premiums paid, provided the policy is inforce. This clause shall will not be applicable in case age at entry of the Life Assured is below 8 years.

  2. If the Life Assured (whether sane or insane) commits suicide within the year from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable.

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