LIC Jeevan Umang Plan (845)

LIC Jeevan Umang Plan (845): Features, Benefits, Other Details and Premium Calculator

LIC Jeevan Umang Plan (845)

LIC Jeevan Umang Plan (845): Features, Benefits, Other Details and Premium Calculator | LIC Jeevan Umang Plan Features, LIC Jeevan Umang Plan Benefits, LIC Jeevan Umang Plan Details, LIC Jeevan Umang Plan Premium Calculator, LIC Jeevan Umang Prmium, LIC Jeevan Umang Review, LIC Jeevan Umang Policy, LIC Jeevan Umang Policy Details, LIC Jeevan Umang Poliicy Premium, LIC Jeevan Umang Policy Review, LIC Jeevan Umang Plan (845), LIC Jeevan Umang Plan Key Features, LIC New Jeevan Umang Policy, LIC Jeevan Umang Policy Tax Benefits, LIC Jeevan Umang Policy Maturity Benefits, LIC Jeevan Umang Policy Eligibility

LIC Jeevan Umang Plan (845): Features, Benefits, Other Details and Premium Calculator

LIC Jeevan Umang Plan is a non-linked, with profits, whole life assurance plan of LIC. The LIC Jeevan Umang Plan offers cover up to the age of 100 years, annual survival benefits from the end of the premium paying term till the age of 100 years and a lump sum payment at the time of maturity or death of the policyholder.

The LIC Jeevan Umang Plan offers a combination of protection and savings. The Plan provide financial support for the family in case of unfortunate death of  the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.

This Plan also takes care of the liquidity needs through its loan facility.

Jeevan Labh Plan is similar to Jeevan Tarang Policy of LIC, which is now closed.

Key Features of LIC Jeevan Umang Plan (845):

  • Guaranteed survival benefit plan with 8% of sum assured
  • This is a whole life assurance with profit plan.
  • Accidental death and disability benefit riders, critical illness benefit rider, new term assurance rider makes this plan more beneficial.
  • This is an ideal plan for pension planning.
  • Rebate is also offered to policy holder if he opt for higher sum assured.
  • Premium Paid are exempted from income tax under section 80C.
  • Amount received on maturity or on death is exempted under section 10 (10D).

Benefits of LIC Jeevan Umang Plan (845):

Death Benefits:

On death of policyholder before commencement of risk, all premium paid without interest will be payable.

On the death of policyholder after the commencement of risk, policyholder’s nominee will get Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

Survival Benefits:

If the policy holder survive till the end of premium paying term he will get 8% of the Basic Sum Assured each year. The first survival benefit will be payable at the end of the premium paying term and thereafter on completion of each subsequent year till the policyholder survive or death which ever is earlier.

Maturity Benefits:

If the policyholder survives till the maturity period, he will get the Basic Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus if any provided all the premiums have been paid.

Participation in Profit:

The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

Optional Benefits:

Accidental Death and Disability Benefits Rider, LIC’s New Assurance Rider  and critical illness rider are also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

Tax Benefits:

Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

Loan Facility: Loan facility is also available after the completion of 3 years.

Eligibility and other restrictions of LIC Jeevan Umang Plan (845):

  • Minimum age of entry   :    90 days
  • Maximum age of entry : 55 years
  • Minimum age at the end of premium paying term: 30 years
  • Maximum age at the end of premium paying term: 70 years
  • Maximum Age of  Maturity: 100 years
  • Basic Sum Assured  :   Minimum Rs. 200000 and Maximum no limit (in multiple of Rs.25,000).
  • Policy Term: (100- age at entry) years

Mode of Payment of Premium:

Premium can be paid monthly, quarterly, half yearly and yearly.

Rebate on mode and high sum assured:

  • Quarterly and monthly mode  nil
  • Half yearly mode      1%
  • Yearly mode               2%

Basis sum assured rebate:

  • 200000 to 475000         Nil
  • 500000 to 975000        1.25% of Basic Sum Assured
  • 1000000 to 2475000        1.75% of Basic Sum Assured
  • 2500000 and above       2.0% of Basic Sum Assured

Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

Surrender Value:

The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

Premium Calculator: For the calculation of  premium of LIC  Jeevan Umang Plan (845), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

Also See: LIC New Jeevan Anand Plan: Features, Benefits and premium calculator

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