Child Education

Jeevan Umang

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.

Key Feature

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

Maturity amount is tax free under 10 (10D)

Parameters

..Age at Entry 90 Days (Completed)

Premium Paying 15, 20, 25, & 30 Years

Term (PPT)

Maximum Age at 55 for 15 PPT

Entry in Years) 50 for 20 PPT

(As per Nearest 45 for 25 PPT

Birthday) 40 for 30 PPT

Age at Maturity 100 Years (Nearest Birthday)

Policy Term 100 - Age at Entry

Basic Sum 2,00,000 and above in multiples

Assured of 25,000

Premium Paying Yearly, Half Yearly, Quarterly &

Mode Monthly (SSS and NACH Only)

Premium Payment 2% on yearly, 1% on Half Yearly,

Mode rebate Nil on Quarterly & Monthly

Survival & Maturity Benefits

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
on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death Benefits

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.

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.

LIC Jeevan Umang (845) Policy with an Example

To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.

Purchase Year 2017

Age (Years) 25 (Completed)

Basic Sum Assured 25,00,000

Premium Paying Term 30

Policy Term 75 (100-25)

Yearly Premium 72,053

As per above policy details, the policy holder is require to pay premium for 30 years and once this premium paying term of 30 years completed, the policy holder starts receiving 2,00,000 (8% of BSA) per year up to his 99 years of age and on completion of 100 years of age or completion of policy term maturity will be paid.