Jeevan Anand Vs Jeevan Umang

The Life Insurance Corporation of India has an extensive range of insurance products that have been designed as per the requirement and affordability of the buyers. This article presents a detailed comparison between LIC life insurance plans Jeevan Anand and Jeevan Umang to help you pick one that best suits your requirements. 

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Comparison Between LIC Jeevan Anand & LIC Jeevan Umang

Features LIC Jeevan Anand LIC Jeevan Umang
Life Cover
Maturity Benefit
Survival / Annual Income Benefit
Profit Participation
Optional Premium Waiver Rider
Loan Feature
Death Benefit in Instalments
Settlement Option
Tax Benefit

The above-mentioned features have been described in detail for each of these plans.

About LIC New Jeevan Anand

LIC’s New Jeevan Anand Plan is a Participating Life Assurance plan, which offers a combination of protection and savings. It offers the promised fund to the family on the death of the policyholder. If the policyholder lives till the end of the policy term, he/she gets a lump sum benefit. Through its loan facility, this plan also takes care of liquidity needs.

Jeevan Anand LIC Policy Benefits

  1. Death Benefit

    In case of the demise of the insured person, the beneficiary receives the sum assured on death along with bonuses. The death benefit will be equal to 125% of the basic sum assured or 7 times the annual premium, whichever is higher.

  2. Maturity Benefit

    In case the life insured survives the entire tenure of the policy, LIC pays him/her the Basic Sum Assured amount along with the Accrued Bonuses.

  3. Participation in Profits

    This LIC policy shall participate in the profits of the Corporation. Based on the profits in a year, LIC declares a bonus rate, which accrues every year and is paid along with the death or maturity benefit.

Eligibility Conditions

Minimum Basic Sum Assured Rs.1,00,000
Maximum Basic Sum Assured No Limit
(The Basic Sum Assured shall be in multiples of 5000/-)
Minimum Age at entry 18 years (completed)
Maximum Age at entry 50 years (nearer birthday)
Maximum Maturity Age 75 years (nearer birthday)
Minimum Policy Term 15 years
Maximum Policy Term 35 years

Option to Take Death Benefit in Installments

This option is to receive the death benefit in installments of 5, 10, or 15 years rather than a lump-sum amount under an in-force as well as a paid-up policy.

Have a look at the illustration for a better understanding

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

Premium Rebates

LIC of India offers discounts on the premiums charged based on the mode of premium payment and the sum assured.

Mode Rebate
Yearly mode 2% of Tabular Premium
Half-yearly mode 1% of Tabular premium
Sum Assured Rebate
Basic Sum Assured (B.S.A) Rebate
Rs.2,00,000 to Rs.4,95,000 1.5% of B.S.A.
Rs.5,00,000 to Rs.9,95,000 2.5% of B.S.A.
Rs.10, 00,000 and above 3% of B.S.A

About LIC Jeevan Umang

LIC Jeevan Umang is also a participating policy but unlike Jeevan Anand, it is a whole-life assurance plan with coverage till the age of 100. The plan provides annual survival benefits after the completion of premium payment tenure. Also, a lump-sum payment is made at the time of maturity or on the death of the policyholder during the policy term.

Further, the policyholder can take a loan up to 90% of the surrender value after the completion of 3 years of the policy.

Jeevan Umang Benefits

The following are the benefits offered under LIC Jeevan Umang Plan

  1. Death Benefit

    On the demise of the policyholder during the policy term, the higher the basic sum assured amount or 7 times the annualized premium is paid to the family of the insured.

  2. Survival Benefit

    If the life assured survives till the end of the premium paying term, the Survival benefit equal to 8% of the Basic Sum Assured shall be payable each year till death or maturity.

  3. Maturity Benefit

    On survival of the life assured throughout the policy tenure, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, will be paid on the date of maturity.

Eligibility Conditions

Minimum Basic Sum Assured Rs.2,00,000
MaximumBasic Sum Assured

(The Basic Sum Assured shall be in multiples of Rs. 25,000/-)

No limit
Premium Paying Term 15, 20, 25, and 30 years
Policy Term (100 - the age at entry) years
Minimum Age at entry 90 days (completed)
Maximum Age at entry 55 years(nearer birthday)
Minimum Age at the end of premium paying term 30 years(nearer birthday)
Maximum Age at the end of premium paying term 70 years(nearer birthday)
Age at maturity 100 years(nearer birthday)

Premium Rebates

Mode Rebate
Annual Mode 2% of tabular premium
Half-yearly mode 1% of tabular premium
Quarterly, monthly mode Nil
High Basic Sum Assured Rebate
Basic Sum Assured (B.S.A) Rebate on Tabular Premium
Rs.2,00,000 to Rs.4,75,000 Nil
Rs.5,00,000 to Rs.9,75,000 1.25% of BSA
Rs.10,00,000 to Rs.24,75,000 1.75% of BSA
Rs.25,00,000 and above 2% of BSA

Summing It Up

This complete comparison between Jeevan Anand and Jeevan Umang will surely help you select the policy that is suitable for your preference. Be it Jeevan Anand or Jeevan Umang, both LIC plans have their pros and cons and are meant to fulfill different requirements of different individuals. So, the ultimate choice is up to you.

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