LIC Jeevan Umang (Plan No 945)

LIC Jeevan Umang Plan No 945, a whole life plan, provides annual survival benefits of 8% of Sum Assured, from the end of premium paying term till the maturity of the policy and a lumpsum payment at the time of maturity or on death of the policyholder during the policy term.

 The Annual Income benefit provided by LIC Jeevan Umang may help to fulfill the needs of the family, or act as a benefit of children, or work as a gift to your child and your loved ones every year till maturity. It is a non-linked, participating, individual, Life assurance saving, whole life plan.

Unique Identification Number: 512N312V02

Launch Date: 1st February 2020

LIC Jeevan Umang Maturity Benefit:

Sum Assured on Maturity + Simple Reversionary Bonuses + Final Additional Bonus if any.

• Where Sum assured on maturity is equal to Basic Sum Assured.
• On Survival to the end of the policy term provided all due premiums have been paid.
• Payable in Lump Sum or as per Settlement Option exercised

Survival Benefit:

8% of Basic Sum Assured payable every year till Maturity.

• provided all premium have been paid

Survival Benefits Under Paid-Up policy:

Survival Benefit will not be paid if Maturity Paid-Up Sum Assured is less then the minimum Basic Sum Assured ie 2,00,000/-

If Maturity Paid-up is Rs. 2,00,000 or more, then Survival Benefit of 8% of Maturity Paid-Up Sum Assured will be paid till 1 year prior to the end of the policy term or survival of Life Assured.

Death benefit:

On death Before the Date of Commencement of Risk:

An amount equal to the total amount of premium/s paid excluding taxes, extra premium, and rider premium, if any, shall be payable.

On death After the Date of Commencement of Risk:

Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus if any.

• Where “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualized premium.
• This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premiums, any rider premiums and taxes if any)
• The Death Benefit shall be paid in a lump sum as specified above.

LIC Jeevan Umang Income Tax Benefit:

under section 80C of the Income Tax Act, premiums paid under the LIC’s Jeevan Umang Plan are eligible for a rebate up to the limit of Rs: 1,50,000/-

under Section 10(10D) of Income Tax Act, The Survival benefit and Maturity benefit received by the policyholder or the Death claim received by the Nominee under LIC Jeevan Umang Plan is entirely tax-free and no TDS is deductible.

Participation in profits :

During the premium paying term :

Simple Reversionary Bonuses declared by LIC during the premium paying term, provided the policy is in force.

Final Additional Bonus may also be declared under an in-force policy in the year when such policy results into a claim by death. However, Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.

In case the premiums are not duly paid, the policy shall cease to participate in future profits during the premium paying term.

After the premium paying term (applicable only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more):

Under a fully paid-up policy (where all premiums payable during the term of the policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more, the terms for the participation of profits after the premium paying term may be in a different form and on a different scale depending on the Corporation’s experience under this plan at that time.

Final Additional Bonus may also be declared under the policy in the year when a policy results into a claim either by death or maturity. In addition, applicable Final Additional Bonus for surrendering policies, if any, shall also be included in Special Surrender Value calculation.

Under a paid-up policy with Maturity Paid-up Sum Assured of less than Rs. 2 lakhs, the policy shall not participate in future profits.

Synopsis of LIC Jeevan Umang Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 90 days (completed) Maximum – 55 years (nearer birthday) for Premium paying term 15 years 50 years (nearer birthday) for Premium paying term 20 years 45 years (nearer birthday) for PPT 25 years 40 years (nearer birthday) for PPT 30 years
2	Policy Term Premium paying term Minimum Age at end of premium Maximum Age at end of Premium Paying term	(100 minus age at entry) years 15 years, 20 years, 25 years, 30 years. 30 years(nearer birthday) 70 years(nearer birthday)
3	Maturity Age	100 years (completed)
4	Basic Sum assured (in multiples of 25,000/-)	Minimum – 2,00,000/- Maximum – Unlimited
5	Mode rebate	Yearly –  2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil
6	Large Sum Assured rebate (per 1000 S.A)	2,00,000 to 4,75,000 – NIL 5,00,000 to 9,75,000 – Rs: 1.25 %o B.S.A. 10,00,000 to 24,75,000  – Rs: 1.75 %o B.S.A 25,00,000 and above  – Rs: 2 %o B.S.A
7	Mode of payment of premiums	Yearly  Half-yearly Quarterly Monthly NACH Salary Saving Scheme
8	Grace Period	30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes
9	Surrender & Policy Loan	After payment of premiums of 2 full years  *conditions apply
10	Revival	Within 5 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider LIC Premium Waiver Benefit Rider

Date of commencement of risk:

• Applicable only if the age of Life Assured is less than 8 years
• In case the age at entry of the Life Assured is less than 8 years (last birthday), the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.
• For those aged 8 years or more at entry, risk will commence immediately from the date of issuance of the policy.

Suicide Clause:-

• For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/

Option to take Death Claim Benefits in installment:

• Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments

Note: The above details are for information purposes only. For more authentic details about the LIC Policy please visit the official LIC website or contact your nearest LIC branch.

Other LIC Plans

Endowment Plans * Lic’s New Jeevan Anand * Lic’s Jeevan Labh * Lic’s New Endowment Plan * Lic’s Single Premium Endowment Plan * Lic’s New Bima Bachat * LIC’s Jeevan Lakshya * LIC’s Aadhaar Shila * LIC’s Aadhaar Stambh Whole Life Plans * LICs Jeevan Umang Money-Back Plans * LIC’s Bima Shree * LIC’s Jeevan Shiromani * LIC’s NEW MONEY BACK PLAN – 20 YEARS * LIC’s NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC’s NEW CHILDREN’S MONEY BACK PLAN * LIC’s Jeevan Tarun Pension Plans * LIC’s Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC’s NEW ENDOWMENT PLUS * LIC’s NIVESH PLUS * LIC’s SIIP Health Insurance Plans * LIC’s JEEVAN AROGYA * LIC’s Cancer Cover Term Assurance Plans * LIC’s TECH TERM * LIC’s Jeevan Amar Riders * LIC’s Linked Accidental Death Benefit Rider * LIC’s Accidental Death and Disability Benefit Rider * LIC’s Accident Benefit Rider * LIC’s Premium Waiver Benefit Rider * LIC’s New Critical Illness Benefit Rider * LIC’s NEW TERM ASSURANCE RIDER Micro Insurance Plans * LICs New Jeevan Mangal * LIC’s Micro Bachat Plan * LIC’s Bhagya Lakshmi