The LIC Jeevan Umang insurance policy provides a combination of income and protection for your family. This plan provides annual survivor benefits from the end of the premium payment term until maturity and a lump sum payment upon maturity or death of the policyholder during the term of the policy. Additionally, this plan also takes care of liquidity needs through a loan facility.
Under the LIC Jeevan Umang insurance policy, you get a GUARANTEED survival benefit equal to 8% of the basic sum insured each year after the final premium, up to age 99 and a lump sum benefit at maturity in case of survival up to 100 years.
Main features:
Age eligibility: 90 days to 55 years old
Minimum Basic Sum Insured: Rs 2 lakhs
Maximum basic sum insured: NO LIMIT
Premium payment period: 15, 20, 25 and 30 years
Policy term: 100 years minus effective age
SPECIAL FEATURES:-
Coverage of life risks up to 100 years
Bonuses throughout the mandate
Final additional bonus (if applicable)
Loan facility
LIC Jeevan Umang
UIN: 512N312V02
Plans numbers 945
LIC Jeevan Umang is an untied, participatory and individual life (whole life) savings plan.
LIC Jeevan Umang: How to buy?
Contact your agent/branch or visit our website www.licindia.in Where
SMS ‘YOUR CITY NAME’ to 56767474
LIC Jeevan Umang Policy: Benefits payable under an in-force policy:
Death benefit:
On the death of the insured during the term of the contract, provided that all premiums due have been paid at that time
In the event of death before the start of the risk: reimbursement of the premium(s) paid without interest will be payable.
In the event of death after the onset of the risk: the death benefit, defined as the sum of the “sum insured at death” and the simple reversion premiums acquired (as mentioned in point 2 below) and the final additional premium, if applicable, will be payable. Where “Sum insured at death” is defined as the greater of 10 times the annualized premium; or sum assured at maturity; or Absolute sum insured to be paid on death, ie the basic sum insured. This death benefit will not be less than 105% of all premiums paid on the date of death. The premiums mentioned above do not include taxes, the additional amount charged under the policy due to the underwriting decision and the endorsement premium(s), if any.
Survivor benefit:
On the life insured surviving at the end of the premium payment term, provided that all premiums due have been paid, a survivor benefit equal to 8% of the basic sum insured will be payable each year. The first survivor benefit payment is payable at the end of the premium payment period and thereafter at the end of each subsequent year until the insured survives or until the policy anniversary. before the due date, whichever comes first.
Maturity Advantage:
On the life insured surviving to the end of the policy term, provided all premiums due have been paid, the “sum insured at maturity” together with accrued simple reversion bonuses (as mentioned in point 2 below) and the additional final bonus, if any, will be payable. Where “Sum insured at maturity” is equal to the basic sum insured.
