LIC’s Jeevan Umang Plan (Table No. 945)
INTRODUCTION:- LIC’s Jeevan Umang Table No. 945 is a non-linked, with Profits Individual whole life assurance plan. which offers a very attractive combination of annual 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 lumpsum payment at the time of maturity or on death of the policyholder during the policy term. If we say that LIC’s Jeevan Umang Policy is a unique policy in the field of life insurance, then there will be no exaggeration in it. LIC’s Jeevan Umang policy is one of the best insurance policies. The benefits and other basic features of LIC’s Jeevan Umang plan are given below.
Basic Eligibility Conditions and Features of LIC’s Jeevan Umang Plan (Table No. 945): –
a) Minimum Basic Sum Assured:- ` 200000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of 25000/-)
c) Minimum Age at entry:- 90 Days (completed)
d) Maximum Age at entry:- 55 years (nearer birthday)
e) Minimum Age at the end of premium paying term:- 30 years (nearer birthday)
f) Maximum Age at the end of premium paying term:- 70 years(nearer birthday)
g) Policy Term:- (100 – age at entry) years
h) Premium Paying Term:- 15, 20, 25 & 30 years
i) Age at maturity:- 100 years (nearer birthday)
j) Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
k) Rider Benefits:- a) LIC’s Accidental Death and Disability Benefit Rider
b) LIC’s Accident Benefit Rider
c) LIC’s New Term Assurance Rider
d) LIC’s New Critical Illness Benefit Rider
e) LIC’s Premium Waiver Benefit Rider
A) Death Benefit:- On the death of the Life Assured during the policy term, provided the policy is in-force i.e. all due premiums have been paid shall be as under:- a) On death before the commencement of Risk:- Return of premium/s paid without interest shall be payable.
b) On death after the commencement of Risk:- Death Benefit, defined as the sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses (as mentioned in (d) below) and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death” s defined as the higher of 7 times of annualized premium or Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid up to the date of death. Premiums referred to above shall not include any taxes, extra premiums, and rider premium(s), if any.
B) Survival Benefit:- 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 ll the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.
C) Maturity Benefit:- On the life assured surviving to the end of the policy term, provided the policy is in-force , “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses(as mentioned in (d) below) and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Option to take Death Benefit in instalments:- This is an option to receive death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time, for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.