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)

How does LIC Jeevan Umang Plan work for you

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 to the beneficiary of the policy.
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

If the policy holder survives the 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:

The maturity benefit shall be such that, provided all due premiums have been paid, “The Final Sum Assured” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable on the life assured surviving to the end of 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:

A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring 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 case of in-force policies.

Profit Participation

As a policyholder the participant, you are entitled to the profits of the insurance company. These profits are shared in the form of dividends declared at the end of every financial year and full additional bonus.

Income Tax Benefit

The premiums paid towards the LIC Jeevan Umang policy are freed from income tax under Section 80C of the Income Tax Act, 1961. In addition to this, the maturity amount received is also free from tax under Section 10(10D).

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
With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly instalments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.

ii. Accidental Benefit Rider
With this rider, the policy holder gets access to a lump-sum payout in case of accidental death within 180 days from the date of accident. In order to avail the life insurance policy rider, one must pay an additional premium. The policy holder can opt for this rider anytime during the premium paying tenure – provided the outstanding premium paying term of the base plan is at least 5 years.

iii. New Term Assurance Rider
LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure. 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
This rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional sum assured amount in case of policy holder is diagnosed with any one of the 15 critical illnesses covered under this rider during the policy tenure. 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.

Bonus

i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.

ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you

Frequently Asked Questions