LIC Jeevan Umang Plan

LIC Jeevan Umang- An Overview

LIC Jeevan Umang 745, previously known as LIC Jeevan Umang 945 is a whole life insurance plan covering the policyholder until they turn 100. The key benefit of LIC Jeevan Umang plan is that it comes with dual benefits of income and insurance protection to help the insured's family in their absence. The assured benefits act as a strong financial backup in any emergency. Let us now talk about its features in detail:

Features of LIC Jeevan Umang Plan-745

LIC of India provides LIC Jeevan Umang (745), which is a combination of long-term protection and financial growth. Below are some of the key features of the plan:

Eligibility Criteria of LIC Jeevan Umang Plan

Let’s take a look at the eligibility criteria of the policy:

Why Choose LIC Jeevan Umang?

LIC Jeevan Umang policy is designed to offer a perfect combination of security and growth, making it an ideal choice for long-term financial planning. With the following unique features and structured benefits, the plan is tailored to suit diverse financial needs:

1. Life-long Risk Cover till the Age of 100

   The life cover against the risk of death of the policyholder starts from the date of issuance and lasts till he/she reaches 100 years of age.

2. Guaranteed Income from the Age of 30

   Policyholders can buy this policy for themselves or their children and secure a lifetime annual income until they are 100. These are paid survival benefits for surviving every year till coverage ends.

3. Tax Benefits

   All premiums paid for LIC Jeevan Umang qualify for tax benefits under Section 80C of the Income Tax Act, while the death benefit is fully tax-free. The maturity benefit is exempt from tax under Section 10(10D), subject to prevailing tax laws. For the latest tax regulations, always consult your financial advisor.

What are the LIC Jeevan Umang Benefits?

Additional Benefits Available Under LIC Jeevan Umang Policy

Some addition LIC Jeevan Umang benefits include:

1. Rider Benefit

   The following riders can be added to the LIC Jeevan Umang plan to increase the coverage.

   • LIC Accidental Death and Disability Rider Benefit
     In the event of an accident, the Accident Benefit Sum Assured will be paid in a lump sum to the beneficiary. Whereas in the case of disability, arising out of an accident within 180 days from the date of the accident, an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments for 10 years. All future premiums will be waived in the event of accidental disability arising from an accident.

   • LIC Accident Benefit Rider
     In case of accidental death, the Accident Benefit Sum Assured will be paid in lump sum along with the death benefit of the base plan.

   • LIC New Term Assurance Rider
     Under this rider, an amount equal to Term Assurance Rider Sum Assured will be paid to the beneficiary, if the policyholder dies during the policy term. The policyholder needs to buy this rider at the time of inception only.

   • LIC New Critical Illness Rider
     The rider covers the policyholder if they are diagnosed with any of the listed 15 critical illnesses, the policyholder will be paid the Critical Illness Sum Assured. The Critical Illness covered under the rider are:

     • Cancer of specified severity

     • Open chest CABG

     • Myocardial Infarction

     • Kidney Failure requiring regular dialysis

     • Major organ/ Bone Marrow transplant

     • Stroke resulting in permanent symptoms

     • Permanent Paralysis of Limbs

     • Multiple Sclerosis with persisting symptoms

     • Aortic Surgery

     • Primary (Idiopathic) Pulmonary Hypertension

     • Alzheimer's Disease or Dementia

     • Blindness

     • Third Degree Burns

     • Open Heart Replacement or repair of Heart valves

     • Benign Brain Tumour

   • LIC Premium Waiver Benefit Rider
     Under this rider, on the death of the policyholder, the pending premiums under the base policy falling due on and after the date of death till the expiry of the rider term shall be waived.

2. Death Benefits in installments

   Under the policy, there is an option to receive death benefits in installments over a 5/10/15-year period rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as:

   Mode of Installment payment	Minimum installment amount
   Monthly	Rs. 5,000/-
   Quarterly	Rs. 15,000/
   Half-Yearly	Rs. 25,000/
   Yearly	Rs. 50,000/

How does LIC Jeevan Umang work?

Sample Illustration of Premiums Charged Under LIC Jeevan Umang

You can use the LIC Calculator to get your premium quotes before purchasing the plan. The following is a sample illustration of annual premium rates (in Rs.) for a basic sum assured of Rs.2 lakhs across various entry ages and premium paying terms.

LIC Jeevan Umang Policy Details

To make the most of your investment, understanding the LIC Jeevan Umang policy details is important. Here are the key LIC Jeevan Umang policy details:

1. Grace Period

   LIC offers a grace period of 15-30 days to policyholders who still need to pay a due premium. If the premium payment frequency is monthly, the grace period is 15 days, for the rest of the frequencies, it is 30 days. The policy lapses unless payment is made by the end of this period.

2. Free-look Period

   LIC offers a 15-day free-look period from the date of policy initiation. During this period, the policyholder can cancel the policy if he/she is dissatisfied with its terms and conditions.

3. Policy Surrender

   The policyholder can surrender the policy, provided the premiums are duly paid for two consecutive years. On surrender, the insurance company will pay a surrender value equal to the special or guaranteed surrender value (whichever is higher).

4. Loan Facility

   A policyholder becomes eligible for a loan after paying premiums for at least two years without fail. The plan offers a loan facility wherein, one can avail loan to meet financial emergencies as per the below criteria:

   Loan availed during the premium paying term	Loan availed after the premium paying term
   For in-force policies- up to 90% For paid-up policies- up to 80%	The maximum amount of a loan is determined so that the annual interest rate does not exceed 50% of the annual survival benefit that may be payable under the policy.

   Any outstanding loan and interest will be deducted from the claim payout at the time of policy exit.

5. Paid-up Value

   If the life assured has paid premiums for 2 years but stops after that, the policy will continue as a paid-up policy. In such cases, the sum assured shall decrease per the remaining premiums.

   The paid-up sum assured on death is equal to:

   • Number of premiums paid/ total number of premiums to be paid X sum assured on death

   Similarly, the paid-up sum assured on maturity is equal to:

   • Number of paid premium/ total number of premiums to be paid X sum assured on maturity

6. Revival

   A lapsed policy can be revived within 5 years from the first unpaid premium by paying all overdue premiums with interest (compounded half-yearly), subject to LIC’s underwriting rules and satisfactory evidence of insurability. Riders, if any, can only be revived along with the base policy.

   If revival occurs after the premium paying term and survival benefits are due:

   • For paid-up policies with Maturity Paid-up Sum Assured < ₹2 lakhs: unpaid survival benefits will be paid.

   • For policies with Sum Assured ≥ ₹2 lakhs: the difference between full and reduced survival benefits will be paid.

7. Rebates

   The plan offers rebates as per the below-mentioned table:

   Mode Rebate
   Yearly mode	2% of Tabular Premium
   Half-yearly mode	1% of Tabular premium
   Quarterly, Monthly (NACH) & Salary deduction	NIL

   High Sum Assured Rebate
   Basic Sum Assured (BSA)	Rebate (Rs.)
   2,00,000 to 4,75,000	Nil
   5,00,000 to 9,75,000	1.25% BSA
   10,00,000 to 24,75,000	1.75% BSA
   25,00,000 and above	2.00% BSA

How To Buy LIC Plans from Policybazaar?

LIC plans can be bought in both online and offline methods. With its vast reach, there are various options to buy them from LIC official website or their insurance agents of brokers. However, if you wish to buy LIC plans from Policybazaar, you can do it in a few easy steps as following:

Step 1: Visit Policybazaar to buy LIC plans

Step 2: Fill the form with your name and contact number *available on the top right corner.

Step 3: Next, fill in your age and current city.

Step 4: Once done, you can also check the other plans available and customize the amount and time period as per your convenience.

Step 5:After this, you need to pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

What are the Documents Required for LIC Jeevan Umang Plan?

The documents needed to avail of coverage under LIC Jeevan Umang are -

• Age Proof

• Properly filled Proposal form/ Application form

• Address Proof

• Medical History

• Other KYC documents, such as: Adhaar Card, PAN Card, Tax Details, etc.

• Medical Diagnosis Reports as required

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