lic's jeevan umang

LIC’s Jeevan Umang Plan (plan no. 945) is a prevalent, incudes profit and non-linked whole life insurance plan. LIC’s Jeevan Umang Plan provides you the needful coverage from the end of your premium payment until the date of your survival or until you turn 100 year old. After the completion of the policy proprietorship or if in case the policy holder dies within the policy period, a fixed amount of money will be payed.

The highlights of the policy are:
* This life insurance policy is a whole life policy.
* 8% of the sum assured is paid every ear as a money return at the end of policy term on survival.
* This is a suitable plan for pension after the retirement.
* The age of maturity is 100 years.
* The policy also includes additional bonus if applicable by LIC.

The policy includes different benefits for different conditions.

Death benefits :-
On death of the person before initiation of risk, an amount which is equal to the total amount of premium paid is given without any kind of interests or profits.
If the death occurs after the commencement of risk, a fixed amount assured n death and vested simple reversionary bonuses along with the final additional bonuses are given.
‘sum assured on death ‘ is defined as the highest of 10 times of annualized premium or sum assured on maturity or basic sum assured on death.
This death benefits are not less than 105% of all the premiums paid as n the date of death.

Survival benefits :-
On completion of the premium a year after the payment terms, the policy holder will start getting 8% of basic sum assured every year till he reaches age of 100 or until he dies.
Maturity benefits
On reaching the age of 100, the policyholder will get the sum assured along with simple reversionary bonus and also final additional bonus.
Loan benefits :-
The policyholder will be able to get a loan against this policy only when it acquires a surrender value. This plan will get surrender value only after 3 full year of successful premium being paid on time. The loan amount and interest rate depends on the prevailing at the time of taking the loan. On the completion of the policy tenure and if all the premium dues are paid by the policy holder.

Eligibility criteria for LIC Jeevan Umang Policy
Age of entry 90 days complete Premium paying term(PPT) 15,20,25&30 years Maximum age at entry in years 55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT Age of maturity 100 years(Nearest birthday) Policy term 100- age of entry Basic sum assured 2,00,000 and above in multiples of 25,000
Premium paying modes are yearly, half yearly, quarterly, & monthly (SSS and NACH Only).
Premium mode rebate 2% on yearly, 1% on half yearly ,Nil on quarterly and monthly.
Other optional benefits of LIC Jeevan Umang Policy
The following are the other optional benefits on paying an additional premium
* Accidental death and disability benefit.
* New term assurance rider.
* New critical illness benefit rider.

Examples for LlC Jeevan Umang Plan

Suppose a policyholder named as Yuvraj who is 35 year old buys this plan on the basis of following parameters.
Sum assured is Rs. 5,00,000
Policy term = 100 – age of entry = 100 – 35 = 65 years
Premium payment term = 20 years
Yearly premium = 26,105 + taxes
Since the age of the policy holder is greater than 8 years at the time of buying the plan, the risk cover starts immediately.

Scenario 1: Yuvraj dies after 7 years of paying the premium.
The nominee gets the following death benefits.
* 10 times the annualized premium = Rs. 2,60,105
* Basic sum assured + simple reversionary bonus + final additional bonus = Rs. 5,00,000 + simple reversionary bonus + final additional bonus.
* The nominee will get this same benefits, if Yuvraj dies anytime before the premium payment term
Scenario 2: Yuvraj dies after 22 years of taking the plan and has paid all the 20 premiums.
In this case Yuvraj is eligible for survival benefits every year as follows:
* 1 year after he has finished paying the 20th premium = 8% of sum assured = 8% of Rs. 5,00,000 = Rs. 40,000
* 2 years after he has finished paying the 20th premium = 8% of sum assured = 8% of Rs. 5,00,000 = Rs. 40,000
Death benefits to the nominee:
* 10 times the annualized premium = Rs. 2,60,105.
* Basic sum assured + simple reversionary bonus + final additional bonus = Rs. 5,00,000 + simple reversionary bonus + final additional bonus.
* Since yuvraj dies the nominee will get all the death benefits and the policy will terminate.
Scenario 3: Yuvraj survives till the age of 100.
He will get the survival benefits of Rs. 40,000 every year after the completion of the premium payment term of 20 years.
* He is also eligible for the maturity benefits which is = sum assured +simple reversionary bonus + final additional bonus.

Example :- If a person wants term plan he can select "TERM INSURANCE".