LIC’s Jeevan Umang
LIC’s Jeevan Umang
Overview: LIC’s Jeevan Umang is a non-linked, participating, individual, whole life assurance plan that combines income and protection for your family. This plan offers annual survival benefits from the end of the premium paying term until maturity and a lump sum payment either at maturity or upon the policyholder’s death during the policy term. Additionally, the plan provides liquidity through a loan facility.
Key Features:
- Death Benefit:
- Before Commencement of Risk: Return of premiums paid without interest.
- After Commencement of Risk: Sum Assured on Death (higher of 7 times the annualized premium or Basic Sum Assured) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. This benefit is at least 105% of the total premiums paid up to the date of death.
- Survival Benefit:
- An annual survival benefit equal to 8% of the Basic Sum Assured is payable each year after the premium paying term, provided all premiums have been paid. The first survival benefit payment is due at the end of the premium paying term and subsequently on each policy anniversary until maturity or death.
- Maturity Benefit:
- Sum Assured on Maturity (equal to the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is payable upon maturity, provided the policy is in force.
- Participation in Profits:
- Policies are eligible for Simple Reversionary Bonuses during the premium paying term. Fully paid-up policies or paid-up policies with a Maturity Paid-up Sum Assured of ₹2 lakhs or more may participate in profits after the premium paying term. Final Additional Bonus may be declared upon death or maturity claims.
Eligibility Conditions and Other Restrictions:
- Minimum Basic Sum Assured: ₹2,00,000
- Maximum Basic Sum Assured: No limit (in multiples of ₹25,000)
- Premium Paying Term: 15, 20, 25, and 30 years
- Policy Term: 100 years minus the age at entry
- Minimum Age at Entry: 90 days (completed)
- Maximum Age at Entry: 55 years (nearer birthday)
- Minimum Age at the End of Premium Paying Term: 30 years (nearer birthday)
- Maximum Age at the End of Premium Paying Term: 70 years (nearer birthday)
- Age at Maturity: 100 years (nearer birthday)
Date of Commencement of Risk:
- If the Life Assured is under 8 years old at entry, risk commences one day before the completion of 2 years from the policy commencement or one day before the policy anniversary following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk commences immediately from the date of policy issuance.
Loan Facility:
- This plan provides a loan facility to address liquidity needs during the policy term