LIC brings a plan named Jeevan Umang plan that offers a combination of income and protection to your family. This plan provides 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 the death of the policyholder during the policy term.
Benefit
Maturity Benefit of LIC Jeevan Umang
Sum Assured on Maturity is equal to Basic Sum Assured along with the simple Reversionary Bonus and the final Additional Bonus (if any) will be paid under this policy
Death Benefit of LIC Jeevan Umang
On the death of the Life Assured during the policy term, provided all due premiums have been paid then
On death before the commencement of Risk: Return of premium/s paid without interest shall be payable.
On Death after the commencement of Risk: Death Benefit can be defined as Sum Assured on Death and addition to that, Simple Reversionary Bonuses and Final Additional bonus. Sum Assured on Death is 10 times of annualized premium or Sum Assured on Maturity or Absolute amount assured to be paid on death i.e. Basic Sum Assured.
The death benefit will not be less than 105% of all the premiums paid on the date of death and the Premiums referred above shall not include any taxes
Survival Benefit of LIC Jeevan Umang
If the life assured survived the end of the premium paying term, provided all due premiums have been paid the survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of the premium paying term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity.
The policyholder has an option of availing following Rider benefit(s):
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01).
- LIC’s Accident Benefit Rider (UIN:512B203V02)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
NOTE-Rider sum assured cannot exceed the Basic Sum Assured.
Eligibility for LIC Jeevan Umang
| Minimum Basic Sum Assured | Rs. 2,00,000 |
| Maximum Basic Sum Assured | No limit |
| Premium Paying Term | 15, 20, 25 and 30 years |
| Policy Term | 100 years |
| Minimum Age at entry | 90 days |
| Maximum Age at entry | 55 years |
| Age at maturity | 100 years |
| Minimum Age at the end of the premium paying term | 30 years |
| Maximum Age at the end of the premium paying term | 70 years |
Surrender value
The policy can be surrendered at any time provided premiums have been paid for at least three consecutive years. On surrender of the policy the Surrender Value equal to or higher than that of Guaranteed Surrender Value and Special Surrender Value.
Policy loan
The loan can be availed during the policy term provided the policy has acquired a surrender value. The interest rate is decided at the periodic intervals. For loan sanctioned in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable half-yearly for entire loan term. The maximum loan as a percentage of surrender value is around 80-90% during the premium paying term and after the premium paying terms the loan value is 50% of the annual survival benefit.
Free lookup period
The policy has a free lookup period of 15 days. Within 15 days from the date of receipt of the policy bond stating the reasons of objections and the amount of premium deposited after deducting the proportionate risk premium will be returned.
Exclusion
In the case of Suicide at any time within 12 months, the policy will be voided. In the instance of the suicide of the policyholder it would not matter if the policyholder is mentally fit or unfit but by committing suicide he/she would make the policy ineffective.
