Jeevan Umang (745)
01
Cost-Effective Plans
PLAN 745: LIC's Jeevan Umang Plan
DETAILS:
This is a limited premium, non-linked, with profits Whole Life Plan. This plan provides for annual Survival Benefits from end of PPT till Maturity (Age of 100 years) or earlier death.
DATE OF COMMENCEMENT OF RISK:
- For age at entry less than 8 years LBD: One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
- For age at entry 8 years & more: Risk will commence immediately.
💰SUM ASSURED ON DEATH:
Basic Sum Assured
💰DEATH BENEFIT:
- Before Commencement of Risk: Refund of Premiums paid Excluding GST & Extra.
- After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.
- Death Benefit in Installments for 5/10/15 years: Option can be exercised by life assured for full or part death benefits.
💰SURVIVAL BENEFIT:
8% of Basic SA – From end of PPT till Maturity or earlier death.
💰MATURITY BENEFIT:
Basic SA + Vested Bonus (During PPT & After PPT) + FAB if any.
Example Illustration
Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 65 years (100-35) | PPT: 20 years
Entry at Age 35:
- In case of Death at Age 39:
- Death Benefit = SA on Death + Vested Bonus for 5 years + FAB
- ₹5,00,000 + ₹1,30,000 (52×500×5) + Nil = ₹6,30,000
- In case Term Rider is opted for ₹5,00,000:
- Additional ₹5,00,000 will be paid.
- Total Natural Death Benefit: ₹6,30,000 + ₹5,00,000 = ₹11,30,000
- In case of Accidental Death (If ADDB or Accident Rider is opted):
- Additional ₹5,00,000 will be paid along with Natural Death Benefit.
- Total: ₹11,30,000 + ₹5,00,000 = ₹16,30,000
Premium Stops at Age 55:
- Life Long Survival Benefit (After PPT 20 Years) = 8% of Basic SA Every Year = ₹40,000
- Maturity at Age 100: Basic S.A. + Vested Bonus (During PPT) + Vested Bonus (After PPT) + FAB
- ₹5,00,000 + ₹5,20,000 (52×500×20) + ₹5,85,000 (26×500×45) + ₹34,85,000 (6,970×500) = ₹50,90,000
Eligibility & Policy Terms
📌 Minimum Entry Age: 30 days (completed)
📌 Premium Payment Terms (PPT) & Maximum Entry Age:
- PPT 15 years → Entry Age ≤ 55 years
- PPT 20 years → Entry Age ≤ 50 years
- PPT 25 years → Entry Age ≤ 45 years
- PPT 30 years → Entry Age ≤ 40 years
📌 Policy Term: 100 minus Entry Age
📌 Minimum Sum Assured: ₹2,00,000
📌 Maximum Sum Assured: No Limit
Available Riders:
✔ Accidental Death & Disability Benefit (ADDB) Rider
✔ Accident Benefit Rider
✔ Term Rider (Up to 35 years or Age 75, whichever is earlier)
✔ Critical Illness Rider (Up to 35 years or Age 75, whichever is earlier)
✔ Premium Waiver Benefit (PWB) Rider (For Child till Age 25)
Premium Payment Modes & Rebates
📌 Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (SSS & NACH)
📌 Mode Rebate:
Yearly: 2% | Half-Yearly: 1%
📌 High Sum Assured Rebate:
- ₹2,00,000 – ₹4,50,000 → Nil
- ₹5,00,000 – ₹9,00,000 → 2.5% of BSA
- ₹10,00,000 – ₹24,00,000 → 3.5% of BSA
- ₹25,00,000 & Above → 4% of BSA
Additional Benefits & Conditions
✔ Grace Period: 15 days (monthly) | 30 days (other modes)
✔ Policy Loan: Available after 1 full year of premium payments
✔ Surrender/Paid-Up Value: Available after 1 year
✔ Revival: Allowed within 5 years of First Unpaid Premium (FUP)
✔ Backdating: Allowed within the same financial year
Tax Benefits 💰
✅ Premium Paid: Deduction under Section 80C
✅ Survival Benefit, Maturity & Death Benefits: Exempt under Section 10(10D)
📢 Secure Your Future with LIC Jeevan Umang!
👉 Contact us today to know more!