Jeevan Umang

UIN

512N312V02

Product Summary

LIC’s Jeevan Umang Plan is a non-linked, participating, individual, life assurance savings plan. 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.

Premium Payment Mode

The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).

Eligibility conditions and restrictions

Minimum Age at entry:90 days (completed)
Maximum Entry Age:55 years (nbd) for PPT=15
50 years (nbd) for PPT=20
45 years (nbd) for PPT=25
40 years (nbd) for PPT=30
Minimum age at the end of the PPT:30 years (nbd)
Maximum Age at the end of PPT:70 years (nbd)
Age at Maturity:100 years (nearer birthday)
Policy term:(100 – age at entry) years
Premium Paying Term:15,20,25 and 30 years
Minimum Basic Sum Assured:Rs. 2,00,000/-
Maximum Basic Sum Assured:No Limit

The Basic Sum Assured shall be in multiples of Rs. 25,000/-.

Mode Rebate:

Yearly2% of tabular premium
Half-Yearly1% of tabular premium
Quarterly, Monthly& SSS modeNil

High Basic Sum Assured Rebate:

Basic Sum Assured (B.S.A)Rebate(Rs.)
2,00,000 to 4,75,000Nil
5,00,000 to 9,75,0001.25 ‰ B.S.A
10,00,000 to 24,75,0001.75 ‰ B.S.A
25,00,000 and above2.00 ‰ B.S.A.

Policy Benefits:

Death Benefit

i. On death before the commencement of Risk:
An amount equal to the total amount of premium(s) paid without interest shall be payable.

ii. On Death after the commencement of Risk:
On death of the Life Assured during the Policy Term, Death Benefit equal to “Sum Assured on Death” alongwith vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable; where “Sum Assured on Death” is defined as the higher of

  • 7 times of annualised premium; or
  • 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 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 till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.

Maturity Benefit

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 (as mentioned in 4 below) and Final Additional bonus, if any, shall be payable; where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Optional rider benefits

  • LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02)
  • LIC’s Accident Benefit Rider UIN (512B203V03):
  • LIC’s New Term Assurance Rider (UIN 512B210V01)
  • LIC’s New Critical Illness Benefit Rider (UIN 512A212V01)
  • LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)

Policy Loan

Loan facility is available under this plan, after payment of premiums for at least 2 full years, subject to certain conditions as stated in the plan conditions.

Taxes

Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.