Life Insurance Corporation of India is going to launch its new plan Jeevan Umang (Plan No. 845) on 16/05/2017. LIC’s Jeevan Umang is non-linked, with-profits, whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on the death of the policyholder during the policy term.
The Unique Identification Number (UIN)of LIC’s Jeevan Umang is 512N312V01.
This plan has features similar to LIC’s earlier closed plan Jeevan Tarang (Plan 178), which used to provide the survival benefit after the premium payment term is over until the maturity or death of the policyholder.
Table of Contents
If age of Life Assured is less than 8 years on date of taking policy, the risk under this plan will start either one day before the completion of 2 years from the date of commencement of the policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For Life assured aged 8 or more, risk will commence immediately.
The benefits payable under an inforce Jeevan Umang policy are
On death before the commencement of Risk:
An amount equal to the total amount of premium/s paid without interest shall be payable
On death after the commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested simple reversionary bonuses and Final Additional Bonus, if any shall be payable
Where “Sum Assured on Death” is defined as the highest of
-10 times of annualised premium or
– Sum assured on Maturity or
-Absolute amount assured to be paid on death ie Basic Sum Assured
The death benefit will not be less than 105% of all the premiums paid as on date of Death. Premium referred here will not include any taxes, extra premium charged due to underwriting decision and rider premiums.
On the life assured surviving to the end of the premium paying term and all the premiums in policy have been paid, a survival benefit equals to 8% of Basic sum assured (BSA) shall be payable each year. First survival benefit shall be paid at the end of the premium paying term and thereafter on completion of each subsequent year till life assured survives or policy anniversary prior to the date of maturity, whichever is earlier.
On the life assured surviving to the end of the policy term, and all the due premiums have been paid, “Sum Assured on Maturity” along with Vested Simple Reversionary Bonuses and Final Additional Bonus (FAB) if any shall be payable to the policyholder.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured (BSA)
Disclaimer: This is a summary of plan Jeevan Umang (Plan No. 845), in the case of any ambiguity or to get the benefit illustration of this plan, please contact your LIC agent or LIC office.
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Hi Everyone,
For more details about this plan you can contact me on mayekar.pushpa@gmail.com