Insured Your Whole Life (100 Years) With Jeevan Umang Plan – LIC

Do you want to get insured your life and your family for 100 years?

Definitely Yes!!

Therefore, You must know about new plan of LIC, Jeevan Umang (plan no, 845) which is combination of money back, pension plan, term plan and also endowment plan.

Recently, Life Insurance Corporation of India launched an interesting plan Jeevan Umang (Plan No. 845). Jeevan Umang is whole life assurance plan with lots of profit. This plan provides for annual survival benefits from the end of the PPT(Premium Paying Term) till maturity and lump sum payment at the time of maturity or on the death of the policyholder during the policy term.

Let’s discuss about this new plan in detail.

Features of Jeevan Umang (Plan No. 845):

• Whole life plan
• 8% of SA per year as survival benefits after paying premium term.
• Accidental benefits rider, Term rider, and critical illness rider (optional)
• Maturity amount is fully tax free (u/s 10 (10D))
• Available pension plan
• Safe and good return
• Premiums are exempted from Income tax (u/s 80C)
• Loan Facility available after payment of premium at least 3 years.
• Surrender Value will available after 3 years.

Eligibility of Jeevan Umang:

• Minimum Age: 90 days
• Maximum Age: 55 years
• Minimum Sum assured: 2,00,000
• Maximum S.A: No Limit (Depending Upon income)
• Premium Payment Mode : Monthly, Quarterly, half Yearly, Yearly
• Term: {100- age entry} years

Benefits of Jeevan Umang:

 Here, Jeevan Umang provides you three types of benefits which we will discuss one by one.

1. Survival benefits

LIC provides amazing survival benefits to the policy holder after premium paying term. Policy holder gets 8% of Sum assured each year for surviving in life.

2. Maturity Benefits

Policy holder will get Basic sum assured + Simple reversionary bonus + Final additional bonus (if any) at the maturity.

3. Death Benefits:

There are two cases. First one is before commencement of risk and second one is after commencement of risk.

In First case, if death happens of the policy holder before commencement of risk, all premiums paid excluding taxes will be paid by company to the nominee as death claim.

In Second case, if death happens of the policy holder after commencement of risk, then Company will have to pay Basic SA + Bonus + FAB to the nominee as death claim.

The death benefits will not be less than 105% of all the premiums paid as on date of death. Premium will not includes any taxes, extra premium charged due to underwriting decision and rider premiums.

Illustration:

Let’s We consider this whole life plan with the help of below illustration.

Policy Holder’s Age-30 Yrs.

Sum Assured-Rs.10, 00,000.

Premium Paying Term(PPT) – 30 Yrs.

Policy Term=100 Yrs-30 Yrs = 70 Yrs.

Premium-Rs.2720/- Per Month (Inclusive of tax)

Now, Policy holder will pay Rs. 2720/- premium per month. From 31 year, he will receive the survival benefits at the rate of 8% till maturity (until he got turn 80 years). At the age 81 years of the policyholder, LIC will provide maturity (S.A + Bonus + FAB) of this age. This plan includes the benefits of money back and endowment.

Even though it looks too attractive that you have to pay up to 30 years and from 31st year onward to 80 years 8% GUARANTEED return and again if you survive till maturity, then one more time you receive the benefit. Otherwise, in the case of death, maturity will have paid to the nominee.

Conclusion:

Choose your best plan and investment for future saving. So, Think about insured your family with Jeevan Umang plan of LIC. If you need any advise, you can contact with me on Facebook.