LIC Jeevan Umang plan: LIC Jeevan Umang is a life assurance plan, the insurance bearer will be protected till the age of 100. The primary advantage of this plan is that it provides both money and insurance cover to assist the insured’s family while he or she is away. In the event of an emergency.
It offers a survival benefit which is equal to 8% of the Basic Sum Assured from the completion of your Premium Payment Term till your age of 99 years. This plan also offers a maturity benefit as a lump sum when the policyholder reaches the age of 100. Features of LIC Jeevan Umang.
LIC Jeevan Umang plan
Among the well-known names in India’s insurance industry is Life Insurance Corporation of India. To meet the customers’ financial and insurance needs, LIC offers a variety of insurance products. Numerous ground-breaking insurance products that LIC has launched have protected people’s lives all over India.
The only and most distinctive “Whole Life Plan” offered by LIC is the Jeevan Umang Plan. A conventional, unlinked-to-the-market plan that also enables profit sharing is the LIC Jeevan Umang Plan. A thorough analysis of the LIC’s Jeevan Umang Plan is provided below.
LIC Jeevan Umang plan Overview
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Features of LIC Jeevan Umang Plan
The Jeevan Umang Plan of the LIC has the following features:
- The Jeevan Umang Plan has elements of both a whole-life and endowment plan.
- The programme is LIC’s sole complete life plan.
- Because it is a traditional plan, the Jeevan Umang plan is not influenced by market trends and movements, in contrast to unit-linked plans.
- The plan guarantees to pay a survival benefit each year beginning on the day the premium-paying period finishes and continuing until the date of maturity.
- The Jeevan Umang plan guarantees to pay a lump sum amount to: The policyholder in case of plan maturity or in the event of the policyholder’s death during the policy’s lifetime.
Benefits of LIC Jeevan Umang Plan
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. The Jeevan Umang Plan from the LIC ensures that the policyholder will receive the following advantages:
- The death benefit payout schedule for the Jeevan Umang Plan of the LIC is as follows:
- If the policyholder passes away before the risk begins, LIC will reimburse the nominee for all already paid premiums. In
- this case, the nominee will not get any interest or bonuses as part of the death benefit.
- The basic sum assured chosen by the policyholder will be paid to the nominee in the event of the policyholder’s death
- after the date the risk began. In this case, the simple reversionary bonus as well as any final supplementary bonuses, if any, will be paid as part of the death benefit.
- The maturity benefit of the policy is provided under the Jeevan Umang Plan of LIC if all due premiums are paid on time. The whole sum assured, combined with a simple reversionary bonus and a final supplementary
The Jeevan Umang Plan of the LIC provides an alluring survival benefit to the policyholder. The life assured receives the survival benefit if they live through the policy payout term.
- The annual payment for the survival benefit is 8% of the amount assured.
- The policyholder receives this guaranteed survival benefit up until the policy’s end date of maturity or in the event that the life insured passes away, whichever comes first.
Please take note that no survival benefit is provided in this case.
The fact that the LIC Jeevan Umang plan delivers refunds in the form of discounts to policyholders is one of its most alluring advantages.
The programme provides two different types of rebates:
rebates connected to high basic sum assured and rebates connected to premium payment mode.
The discount rebates are as follows-
|Rebate on Premium Payment Mode|
|For the yearly mode of premium Payment||2% of Rebate|
|For Half-yearly mode of Premium Payment||1% of Rebate|
|Rebate on High Sum Assure|
|For Basic Sum Assured of more than Rs 25 Lakhs||2% of Rebate|
|For Basic Sum Assured of more than Rs 10 Lakhs up to Rs 24.75 Lakhs||1.75% of Rebate|
|For Basic Sum Assured of more than Rs 5 Lakhs up to Rs 9.75 Lakhs||1.25% of Rebate|
|For Basic Sum Assured of Rs 2 Lakhs up to Rs 4.75 Lakhs||NIL Rebate|
Policyholders of LIC Jeevan Umang may at any time obtain a policy loan on their LIC policy in the event of a financial emergency.
- Those with active Jeevan Umang Policies may use the loan facility.
- The Jeevan Umang policy of the LIC allows for loans up to 90% of the surrender value.
- If all required premium payments are made on time, the Jeevan Umang policy’s surrender value can be determined once THREE policy years have passed.
- The Jeevan Umang policy must have acquired surrender value in
Participation in Profits
The LIC Jeevan Umang plan is a participation plan, meaning that policyholders may be eligible for bonuses based on how well the insurance performs.
The Jeevan Umang insurance is qualified for the following:
- On active policies, there is a simple reversionary bonus and a final supplementary bonus.
Please take note that the final additional incentive will not be given if the policy is paid up or if the policy is surrendered within the premium payment period. All Jeevan Umang plans that are completely paid up or have a maturity paid-up sum assured of 2 lakh rupees or more are eligible to participate in profiles.
Policyholders who want to have more insurance protection at a lesser cost might choose the rider option. The use of a rider facility is a great approach to broaden your insurance protection. The Jeevan Umang policy of LIC allows for FOUR Riders.
The following riders are available to Jeevan Umang policyholders to select from:
- LIC’s Accidental Death and Disability Rider
- LIC’s Accidental Benefit Rider
- LIC’s New Term Assurance Rider
- LIC’s New Critical Illness Benefit Rider
Also known as ‘Free-Look Period’ is an optional period of 15 days given to policyholder’s to return or cancel the policy. This is a benefit offered by LIC to its Jeevan Umang policyholder’s if they are not happy with the terms & conditions of the policy. For cancelling the policy the policyholder’s of the Jeevan Umang plan are required to return the original policy bond back to LIC stating the reason for cancelling the policy. Upon receipt of such request, LIC will process the cancellation of policy and return the premium amount after deducting related expenses.
What are the eligibility parameters of LIC’s Jeevan Umang Plan?
For buying the Jeevan Umang plan the customers have to fulfill certain eligibility parameters. These eligibility conditions are as under :
|Particulars||Minimum Limit||Maximum Limit|
|Sum Assured||Rs 2,00,000||No Restriction|
|Premium Payment Term||15 years / 20 years / 25 years and 30 years|
|Policy Term||100 years MINUS age at entry|
|Age at entry||90 days (complete)||55 years (nearest birthday)|
|Min / Max age at the end of the premium paying term||30 years||70 years|
|Age at Maturity Date||100 years|
What are Premium Rates under LIC’s Jeevan Umang Policy?
For the ease of premium payment LIC has allowed its Jeevan Umang Policyholder to choose premium payment mode as per their convenience. The premium payment modes under LIC Jeevan Umang plan are Yearly, Half-Yearly, Quarterly and Monthly.
The sample premium rates for every Rs 1,000 of sum assured under Jeevan Umang policy is as under :
|Policyholder’s Age||Premium Paying Term|
|15 Years||20 Years||25 Years||30 Years|
How is surrender value calculated under LIC’s Jeevan Umang Plan?
The policyholder’s of LIC’s Jeevan Umang Policy after paying the premium of at least 3 consecutive years can at any given time surrender their policy. The surrender value of the Life Insurance Corporation’s Jeevan Umang Policy shall be equal to a guaranteed surrender value or special surrender value, whichever is higher. The Special Surrender Value or SSV is reviewed and determined by LIC at regular intervals with prior approval from IRDAI. While the Guaranteed Surrender Value or GSV is calculated by multiplying the guaranteed surrender value factor by the total premiums paid. The guaranteed surrender value factor changes as it is based on the term of the policy and the year in which the policy is surrendered.