Buy LIC Jeevan Umang Plan Online

LIC Jeevan Umang Policy Terms and Conditions

Minimum age	90 days (Completed)
Maximum age	55 years
Premium paying term	15, 20, 25 and 30 years
Policy Term/ Maturity	At age 100 years
Minimum Sum Assured	Rs.2,00,000
Maximum Sum Assured	No limit
Premium Payment	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible after 2 years
After Premium paying term	8% of Sum Assured (Tax-free) is paid every year for whole life
On Maturity/Death	Sum Assured + Bonus+ Final additional bonus is payable
Income Tax Benefits	(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is Non-taxable u/s 10(10d)

LIC Jeevan Umang Policy Benefits

Death Benefit

On Death Before the Commencement of Risk

If a demise occurs before the commencement of the term, the entire amount paid for premium (return of premium) is payable to the beneficiary on the policy. This would be non-inclusive of all taxes, additional premium and rider premium if elected.

On Death After the Commencement of Risk

If a death occurs after the commencement of risk, then the death benefit along with a vested simple reversionary bonus and a final additional bonus (if any) are paid is paid to the designated policy beneficiary. The Death Benefit will never be less than 105% of all premiums paid The death benefit is paid to the beneficiary as a lump sum amount or in instalments.

Survival Benefit

Upon policyholder’s survival, premium payment term and provided the policy is in force then the survival benefits that amount to 8% of the basic sum assured is paid annually at the end of the premium paying term and this benefit pay-out will continue till the end date of maturity or in case of death of the life insured, whichever is earlier.

Maturity Benefit:

If all premiums have been paid as required, the maturity benefit of the policy will include “The Final Sum Assured” along with any accumulated Simple Reversionary Bonuses and a Final Additional Bonus, if applicable. This benefit will be paid out if the life assured survives until the end of the policy term.

Surrender Value:

The policyholder can surrender the policy, provided that premium of the policy has been paid for two consecutive years. Once this happens, the insurance company will pay out a surrender value equal to both the higher special surrender value and guaranteed surrender value.

Loan:

The policyholder becomes eligible for a loan once they have paid the full premium amount for a period of 2 years and the policy has acquired a surrender value.

If in case the loan is availed during the tenure of premium payment, then you can avail upto 80% of the surrender value for paid-up policies and 90% in the scenario of active policies.

Profit Participation

As a policyholder, you have the privilege of receiving the insurance company’s profits. These profits are shared in the form of dividends declared at the end of every financial year and full additional bonus.

Income Tax Benefit

Under Section 80C of the Income Tax Act of 1961, the LIC Jeevan Umang policy’s premiums are exempt from income tax. Under Section 10(10D), the maturity amount received is also free from tax.

Life Cover

This plan is an endowment cum whole life of the policyholder i.e. up to 100 years. It offers a regular payout from the end of the premium payment term till the date of your survival.

Additional Benefits of LIC New Jeevan Umang Plan

Riders

i. Accidental death and disability rider benefit
The accidental death and disability rider benefit provide additional coverage. In the event of the insured person’s accidental demise, the beneficiary of the policy receives a lump-sum amount equal to the accidental rider benefit sum assured, in addition to the death benefit provided by the base plan. Similarly, if the insured person becomes disabled due to an accident, the accidental rider benefit sum assured is paid out in equal monthly installments over a period of 10 years. Additionally, all premiums that have been paid or are due in the future are waived off.

ii. Accidental Benefit Rider
By opting for this rider, the policyholder becomes eligible for a lump-sum payout in the event of accidental death within 180 days from the accident date. To avail this life insurance policy rider, an extra premium must be paid. The policyholder has the flexibility to choose this rider at any time during the premium payment period, as long as the remaining premium payment term for the base plan is a minimum of 5 years.

iii. New Term Assurance Rider
The LIC New Term Assurance Rider can be obtained when the policy is initiated. With this rider, LIC provides the beneficiary with an extra sum assured amount in the form of term assurance if the policyholder passes away during the policy duration. This rider option is available for a policy tenure of 35 years or until the plan anniversary when the policyholder turns 75 years of age, whichever happens first.

iv. Critical Illness Rider
The Critical Illness Rider is an optional add-on that can be selected when the policy is first purchased. With this rider, LIC provides the beneficiary with an extra sum assured if the policyholder is diagnosed with any of the 15 critical illnesses covered during the policy term. This rider can be chosen for a maximum of 35 years or until the policyholder reaches the age of 75, whichever occurs first.

Bonus

i. Final Addition Bonus:
Bonus is paid at the time of policy maturity or in the event of death.

ii. Simple Reversionary Bonus:
Portion payable if policy is surrendered during the policy period.

If policy is surrendered, a certain portion of the accrued bonus will be paid to you.

Frequently Asked Questions