LIC’s Jeevan Umang Plan (Plan No. 845)

LIC’s Jeevan Umang is a whole life insurance policy that not only provides financial protection to your family in the event of your demise but also offers a unique combination of income and savings benefits. Here’s a detailed overview of the plan:

Product Summary:
Jeevan Umang offers both income and protection benefits.
It provides annual survival benefits from the end of the premium-paying term until maturity.
A lump sum payment is made at maturity or on the death of the policyholder during the policy term.
The plan also offers a loan facility to address liquidity needs.
Premium Payment Mode:
Yearly, half-yearly, quarterly, or monthly intervals (monthly premiums through NACH or Salary Saving Scheme only).

Mode and High S.A. Rebates:
Mode Rebate:

Yearly mode: 2% of Tabular Premium
Half-yearly mode: 1% of Tabular Premium
Quarterly & Monthly (NACH, SSS): NIL
High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate (Rs. Per thousand B.S.A):
2,00,000 to 4,75,000: Nil
5,00,000 to 9,75,000: 1.25 ‰ B.S.A
10,00,000 to 24,75,000: 1.75 ‰ B.S.A
25,00,000 and above: 2.00 ‰ B.S.A

Eligibility Conditions and Other Restrictions:

Minimum Basic Sum Assured: Rs. 2,00,000/-
Maximum Basic Sum Assured: No limit
Premium Paying Term: 15, 20, 25, and 30 years
Policy Term: (100 minus age at entry) years
Minimum Age at entry: 90 days (completed)
Maximum Age at entry: 55 years (nearest birthday)
Minimum Age at the end of premium-paying term: 30 years (nearest birthday)
Maximum Age at the end of premium-paying term: 70 years (nearest birthday)
Age at maturity: 100 years (nearest birthday)
Basic Sum Assured shall be in multiples of Rs. 25,000/-

Optional Benefits (Rider benefits):

Accidental Death and Disability Benefit Rider
New Term Assurance Rider
New Critical Illness Rider Benefit Rider
New Critical Illness Benefit Rider
Rider sum assured cannot exceed the Basic Sum Assured.

Policy Benefits for in-force policy:
Death Benefit:

On death of the Life Assured during the policy term, provided all due premiums have been paid:
Before the commencement of Risk: Return of premium/s paid without interest.
After the commencement of Risk: Death Benefit, which includes Sum Assured on Death and bonuses.
Survival Benefits:
On the life assured surviving to the end of the premium-paying term, provided all due premiums have been paid, a survival benefit equal to 8% of Basic Sum Assured shall be payable each year.

Maturity Benefit:

On the life assured surviving to the end of the policy term, provided all due premiums have been paid, Sum Assured on Maturity along with vested bonuses and Final Additional Bonus (if any) shall be payable.

Paid-up Value:

Policy acquires paid-up value after three years’ premiums are paid.
Surrender Value:
The policy can be surrendered during the term of the policy provided at least three full years’ premiums have been paid.

Revival:

A lapsed policy can be revived within a period of 2 years from the date of the first unpaid premium with the payment of arrears premium along with interest subject to conditions.

Policy Loan:

Loan can be availed under the policy after payment of premiums for at least 3 full years.

Taxes:

Taxes as applicable from time to time will be collected along with the premium.
Jeevan Umang Plan is designed to provide long-term financial security and income stability to policyholders and their families, ensuring peace of mind throughout their lives.

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