Introduction
LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.
Table No.
845
Plan Type
Non-Linked Whole Life Assurance Plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
90 Days (Completed)
Maximum :
- 55 for 15 PPT
- 50 for 20 PPT
- 45 for 25 PPT
- 40 for 30 PPT
Maturity Age
Minimum
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Maximum
100 Years (Nearest Birthday)
Basic Sum Assured
Maximum
2,00,000 and above
Minimum
No Limit
In multiples of 25,000
Policy Term
100 – Age at Entry
Policy Paying Term
15, 20, 25, & 30 Years
Premium Payment Frequency
Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Coverage
Death Benefit
- Death Benefit
- Maturity Benefit
- Survival Benifit
- Simple Reversionary Bonus
- Final (Additional) Bonus (if any)
Key Features
- 8% of SA per year as survival benefits
- Suitable plan for pension
- Whole Life Plan
- Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
- Paid premiums are exempted from income tax under 80C
- It is a combination of both regular income and Lumpsum payment.
- Offers an option to choose a premium paying term of 15 years, 20 years, 25 years or 30 years.
- It is a non-linked life insurance plan with profits.
- Offers life cover till the policyholder turns 100 years.
- Offers a loan facility up to 90% of the surrender value if the policy holder has paid the premiums for 3 years regularly and if the plan has reached a Surrender Value.
- The LIC Jeevan Umang Plan offers a simple reversionary bonus as well as final addition bonus if any.
- Maturity amount is tax free under 10 (10D)
Policy Benefits
Death Benefit
- If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
- If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.
Maturity Benefit
- on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.
Survival Benefit
- On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
Rebate
2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Profit Participation
Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy shall participate in profits during the policy term.
Commencement of Risk
- In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.
Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.
- If policy holder is 8 year old at the time of buying policy then, risk will start immediately.
Ideal Plan
It is ideal plan for those who looking for confirm income after retirement or pention.
Tax Benefits
Premiums paid are exempted from income tax under 80c.
Maturity amount is tax free under 10 (10D).
Loans
You will be eligible to get a loan against this policy once it acquires a Surrender Value. This plan gets a Surrender Value only after 3 full years of premiums have been paid. The loan amount and interest rate would depend on the prevailing at the time of taking the loan.
LIC Jeevan Umang offers a loan facility up to 90% of the surrender value once you complete 3 years of the policy period and if the premiums were paid regularly. The policy also should have acquired a surrender value to be eligible for a loan facility.
Riders
Accidental Death and Disability Rider
In case the insured suffers an accidental death during the policy period, an additional sum assured is offered to the nominee. This rider can be opted by paying an extra premium over and above the base policy premium anytime during the policy term.
Accident Benefit Rider
This rider can be opted by paying an extra premium over and above the base policy premium. You can opt for this rider anytime within the policy paying term. In case the insured suffers an accidental death within 180 days from the accident date, the rider benefit is paid to the nominee.
LIC’s New Term Assurance Rider
In case of death, the rider benefit increases here. You can opt for this type of rider during the policy issuance by paying an additional amount. This rider offers a benefit for a period of 35 years or till the policy anniversary wherein the age of the insured is 75 years, whichever is earlier.
New Critical Illness Benefit Rider
You can opt for this rider during the inception of the policy period, by paying an extra premium. Post opting for this rider, if you get diagnosed with any of the 15 critical illnesses mentioned in the policy rider, you will be paid the critical illness sum assured.
Surrender Value
The policy can be surrendered at any time provided premiums have been paid for at least three consecutive years. On surrender of the policy, LIC shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
Guaranteed Surrender Value
The Guaranteed Surrender Value payable during the policy term shall 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 will depend on the policy term and policy year in which the policy is surrendered
Special Surrender Value
The Special Surrender Value is reviewable and shall be determined by the Insurer from time to time subject to prior approval of IRDAI.
Paid Up Value
If less than three years’ premiums have been paid and policy has not been revived, all the benefits under the policy shall cease after the expiry of grace period and nothing shall be payable. If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of policy term.
The Sum Assured on Death under a paid-up policy shall 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 shall be reduced to a sum called “Maturity Paid-up Sum Assured” and shall be equal to [(Number of premiums paid /Total number of premiums payable)*(Sum Assured on Maturity)].
Rebates
Rebate on Premium Payment Mode
2% on yearly and 1% on half yearly rebate is paid.
Rebate on Sum Assured
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High Sum Assured and Mode Rebate
2% rebate is paid on basic sum assured of Rs.25 lakh and above. 1.75% rebate on the basic sum assured is paid on Rs.10 lakh to Rs.24.75 lakh. 1.25% rebate on the basic sum assured is paid on Rs.5 lakh to Rs.9.75 lakh.
Other Details
Revival Period
If premiums are not paid on time, even after the grace period, the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of Maturity. You will need to pay all the due premium with interest (compounding half-yearly) at a rate fixed by LIC.
Free Look Period
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may 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 shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period on cover and stamp duty charges.
Grace Period
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment.
Nomination
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Assignment
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Exclusions
Suicide
If the insured commits suicide within one year of the policy period, then the insurance company doesn’t offer any sum assured to the nominee. However, 80% of the premiums paid without any interest are paid to the nominee in case the policy is in force. The minimum entry age of the policyholder should be above 8 years.
Claim Process
Death Claim
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Maturity Claim
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Surrender Claim
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Examples
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FAQs
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