Product Summary:
LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for 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 death of the policyholder during the policy term.
In addition, this plan also takes care of liquidity needs through loan facility.
Premium Payment Mode:
Yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH or Salary Saving Scheme only)
Mode and High S.A. Rebates:
Mode Rebate:
Yearly mode – 2% of Tabular Premium
Half-yearly mode – 1% of Tabular Premium
Quarterly & Monthly (NACH, SSS) – NIL
High Sum Assured Rebate:
| Basic Sum Assured (B.S.A) | Rebate(Rs. Per thousand BS.A) |
| 2,00,000 to 4,75,000 | Nil |
| 5,00,000 to 9,75,000 | 1.25 ‰ B.S.A |
| 10,00,000 to 24,75,000 | 1.75 ‰ B.S.A |
| 25,00,000 and above | 2.00 ‰ B.S.A |
Eligibility Conditions and Other Restrictions :
| 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 minus age at entry) years |
| Minimum Age at entry | 90 days (completed) |
| Maximum Age at entry | 55 years (nearest birthday) |
| Minimum Age at the end of premium paying term | 30 years (nearest birthday) |
| Maximum Age at the end of premium paying term | 70 years (nearest birthday) |
| Age at maturity | 100 years ( nearest birthday) |
Note: The Basic Sum Assured shall be in multiples of Rs. 25,000/-
Optional Benefits:
The policyholder has an option of availing following Rider benefits:
LIC’s Accidental Death and Disability Benefit Rider
LIC’s New Term Assurance Rider
LIC’s New Critical Illness Rider Benefit Rider
LIC’s New Critical Illness Benefit Rider
Rider sum assured cannot exceed the Basic Sum Assured.
Policy Benefits for in force policy:
Death Benefit:
On 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, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
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, i.e. Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
Survival Benefits:
On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, a 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 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, whichever is earlier.
On Maturity:
On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Paid up value:
Policy will acquire paid up value after three years premium is paid.
Death benefit under paid up policies:
The Sum Assured on Death under a paid up policy shall be equal to (Number of premiums paid /Total number of premiums payable) * Sum Assured on death.
Maturity benefit under paid up policies:
The Sum Assured on Maturity under a paid-up policy shall be equal to (Number of premiums paid /Total number of premiums payable)*Sum Assured on Maturity.
Survival benefits under a paid-up policy:
- If Maturity Paid-up Sum Assured is less than the minimum Basic Sum Assured i.e. Rs. 2 lakhs, Survival Benefits shall not be paid under such policies.
- If Maturity Paid-up Sum Assured is equal to or more than minimum Basic Sum Assured of Rs. 2 lakhs, Survival Benefits equal to 8% of Maturity Paid-up Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of 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, whichever is earlier.
Surrender Value:
The policy can be surrendered during the term of policy provided at least three full years’ premiums have been paid
Revival:
Lapsed policy can be revived within a period 2 years from the date of first unpaid premium with payment of arrears premium along with interest subject to conditions.
Policy Loan
Loan can be availed under the policy after payment of premiums for at least 3 full years.
Taxes
Taxes as applicable from time to time will be collected along with premium.