LIC Jeevan Umang

 

LIC Jeevan Umang Plan

LIC Jeevan Umang is an endowment cum whole life plan which offers a regular payout from the end of the premium payment term till the date of your survival. This is in addition to the life insurance cover which is being offered throughout the policy term. The policy ends when the policyholder reaches the age of 100 or on her/his death when a lumpsum amount is payable. This plan is a participating plan eligible for Simple Reversionary Bonus and Final Addition Bonus. You can avail a loan against this policy.

An earlier version of this plan which has been withdrawn can be seen here - LIC Jeevan Umang - Table No. 845.
 

Plan Name	LIC Jeevan Umang
Policy Type	Endowment & Whole Life
Plan Details	Plan No. 945
UIN	512N312V02
Launch Date	01st February, 2020

Key Features of LIC Jeevan Umang Policy 

• This is an endowment cum whole life policy
• Offers 8% of Basic Sum Assured after the premium payment term - till you are alive or till the age of 100
• Plan offers Simple Reversionary Bonus & Final Addition Bonus
• Tax Benefits on Premiums, Death Benefit & Maturity Benefits
• You can avail a loan against this policy

Benefits of LIC Jeevan Umang Policy 

Listed below are the LIC Jeevan Umang Plan Benefits.

Death Benefit

• If the policyholder dies before the “Risk Commencement Date” - All the premiums paid will be returned to the nominee.
• If the policyholder dies after the “Risk Commencement Date” - The nominee will get the Sum Assured on Death.

Sum Assured on Death is the highest of the following:

• 10 times the Annualised Premium
• Basic Sum Assured + Simple Reversionary Bonus + Final Addition Bonus

The Death Benefit will never be less than 105% of all premiums paid.
The premiums referred in the Death Benefit do not include taxes, Rider premiums and any increased premium on account of underwriting decisions.
Click to understand how the Risk Commencement Date works in this plan.

Survival Benefit
On completion of the premium payment term, the policyholder will get 8% of the Basic Sum Assured every year. This amount is payable every year till he reaches the age of 100 or he dies, whichever is earlier.

Maturity Benefit
On reaching 100 years of age, the policyholder will get the Basic Sum Assured + Simple Reversionary Bonus + Final Addition Bonus. This is referred to as the Sum Assured on Maturity.

Loan Facility
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.

Other Optional Benefits of LIC Jeevan Umang Policy

The following riders can be taken by paying an additional premium:

• LIC’s Accidental Death and Disability Benefit Rider
• LIC’s Accident Benefit Rider
• LIC’s New Term Assurance Rider
• LIC’s New Critical Illness Benefit Rider

 

Eligibility condition of LIC Jeevan Umang Policy

	Minimum	Maximum
Sum Assured	Rs. 2,00,000	No Limit
Premium Payment Term	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