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LIC Jeevan Umang Plan is a Whole Life Endowment Plan which provides risk cover up to age of 100 years of policyholder and maturity at the end of term or death of policyholder (Claim to the nominee) whichever is earlier. Along with whole life risk cover and maturity, this plan also provides guaranteed money back of 8% of sum assured every year after completion of premium paying term & till the time of maturity.
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On the life assured surviving the end of premium paying term(PPT) provided all due premiums have been paid: Survival benefit will be equal to 8% of basic sum assured will be paid each year till the life assured survives or till the policy.
On the life assured surviving the end of policy term (100- Age at entry) provided all premiums have been paid Sum Assured along with vested simple reversionary bonus and FAB(if any) shall be payable.
|Before Commencement of Risk:Amount equal to Total amount of Premium Paid Without Interest.|
|After Commencement of Risk:Death Benefit is Defined as Sum Assured on Death & Vested Simple Reversionary Bonus & FAB shall be payable.|
Sum assd. On Death = Highest of 10times of Annualized Premium. Sum Assd. On Maturity. Absolute Amount Assured to be paid on Death i.e. Basic Sum Assured
Death Benefit shall not be less than 105% of all Premiums Paid as on Date of Death
Commencement of Risk:
|Minimum Age at Entry||90 Days Completed|
|Maximum Age at Entry||55 Years for PPT 15|
|50 Years for PPT 20|
|45 Years for PPT 25|
|40 Years for PPT 30|
|Policy Term||100 – Age at Entry|
|Premium Paying Term (PPT)||15, 20, 25 & 30 Years|
|Minimum Age at the end of PPT 30 Years (SB will commence after PPT)||For age 0 to 4 years minimum PPT will be 30 years|
|For age 5 to 9 years minimum PPT will be 25 years|
|For age 10 to 14 years minimum PPT will be 20 years|
|For age 15 and above minimum PPT will be 15 years|
|Age at Maturity||100 Years|
|Basic Sum Assured||₹2,00,000 and above in multiples of ₹25,000|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)|
|Loan||After 3 Years|