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LIC Jeevan Umang Plan

What is the Plan all About?

LIC’s Jeevan Umang is a non-linked, with-profit, whole life assurance plan, which offers a combination of protection and income for your family. It pays a lump sum amount on the death of the policyholder within the policy term or at maturity of the policy term. This plan also provides survival benefits annually started from the end of the premium paying term till maturity of the policy.

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What are the Key Features?

  • Avail annual survival benefit
  • Maturity benefit is payable
  • Financial protection till 100 years of age
  • Participation in profits through bonuses
  • Choose riders to enhance policy benefits
  • Loan facility is available
  • Rebate on choosing annual/semi annual mode
  • Take benefit of High Sum Assured Rebate
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured provided the policy being in-force, following is the Death Benefit payable.

    On death prior to the commencement of Risk: Return of premiums paid without interest is payable.

    On Death after the commencement of Risk: Sum of Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional bonus is payable.

    Sum Assured on Death is the higher of 10 times of annualized premium, Basic Sum Assured, or Sum Assured on Maturity.

    The death benefit payable is never less than 105% of all the premiums paid till the date of death.

    Date of commencement of risk: In case the age at entry of the life insured is less than 8 years, the risk cover is available 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, the risk cover will be available immediately.

Survival Benefit

    In case of survival of the life insured till the end of the premium paying term, survival benefit equal to 8% of Basic Sum Assured is payable every year. The first survival benefit is payable at the end of the premium paying term and thereafter on completion of each year till the survival of life insured or till the policy anniversary before maturity, whichever is earlier.

Maturity Benefit

    In case of survival of the life insured till the end of the policy term, Sum Assured on Maturity plus vested Simple Reversionary Bonuses and Final Additional bonus is payable. Sum Assured on Maturity is equal to the Basic Sum Assured.

Bonus

    As per the corporation’s experience with regard to policies issued, participation in profits are available through bonuses.

    Simple Reversionary Bonuses & Final Additional Bonus are declared within the premium paying term, provided the policy being in force.

    Participation in profits are applicable after the premium paying term only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of Rs 2 lacs or more.

Loan Benefit

    You can avail the maximum loan amount up to 90% of the Surrender Value for in-force policies and up to 80% of the Surrender Value for paid-up policies. Loan benefit can be availed, provided the policy has acquired the surrender value.

Surrender Value

    This policy acquires Surrender Value after payment all due premiums for at least three consecutive policy years. Upon surrendering the policy, the higher of Guaranteed Surrender Value or Special Surrender Value is payable. Moreover, Surrender Value of vested Simple Reversionary Bonuses is also payable.

Tax Benefit

    This policy provides tax benefits for the premiums paid under section 80C and the benefits received can avail tax benefits under section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 90 Days 55 Years
Age at Maturity - 100 Years
Policy Tenure (100 - Age At Entry) Years -
Premium Paying Term 15, 20, 25 & 30 Years -
Age at the end of Premium Paying Term 30 Years 70 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Basic Sum Assured Rs 2,00,000 No Limit (subject To Underwriting)
Freelook Period 15 Days From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted, on payment of additional rider premium:

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s Accident Benefit Rider
  • LIC’s New Term Assurance Rider
  • LIC’s New Critical Illness Benefit Rider

How the Plan Works?

Rajeev is looking to buy a plan to get cover for his entire life plus annual survival benefit till maturity under the policy. He at 35 years, opts to buy LIC’s Jeevan Umang with the premium paying term of 20 years, Basic Sum Assured of Rs 5,00,000.

Scenario A: Rajeev Survives the Policy Term

If Rajeev survives till the maturity of the policy term, Basic Sum Assured  plus vested Simple Reversionary Bonuses and Final Additional bonus is payable. The survival benefit equal to 8% of Basic Sum Assured is payable every year from completion of premium paying term till maturity of the policy.

Scenario B: Rajeev dies during the Term of the Policy

In the event of the demise of Rajeev during the policy term, the Death Benefit payable is the sum of Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional bonus is payable.