LIC's Jeevan Umang(845)

LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Key Features

• 8% of SA per year as survival benefits
• Suitable plan for pension
• Whole Life Plan
• Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D)

Parameters

Survival & Maturity Benefits

• On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
• on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death Benefits

• If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
• If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk

• In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.

Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.

• If policy holder is 8 year old at the time of buying policy then, risk will start immediately.