Amongst many companies in the investment market, Life Insurance Corporation of India has always maintained a dignified top position. It is because of the extensive range of insurance products that it offers as per the requirement and affordability of the buyer. With rising uncertainties in life, just like COVID-19, having an insurance policy that gives you maximum coverage and benefits has become imperative.Read more
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There are many insurance policy options to choose from these days. In this article, you will extensively know about LIC Jeevan Anand and LIC Jeevan Umang policies.
Let us dig in and have a detailed comparison between Jeevan Anand and Jeevan Umang so that you know which policy suits your requirements the best.
LIC’s New Jeevan Anand Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and savings. This combination offers financial protection against the unfortunate demise throughout the lifetime of the policyholder. Through its loan facility, this plan also takes care of liquidity needs.
In case of the demise of the insured person, the beneficiary of policy LIC Jeevan Anand is payable of total Sum Assured amount along with the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable.
Sum Assured on Death + Accrued Bonuses
In case the life insured survives the entire tenure of the policy then a Basic Sum Assured amount along with the Accrued Bonus or Simple Reversionary Bonus and Final Additional Bonus, is paid to the insured as maturity benefit after the completion of the whole policy year. Here Sum Assured on Maturity is equal to Basic Sum Assured.
This LIC policy for 15 years shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the policy in force.
|Age of the life assured (Nearer Birthday)||30 Years|
|Policy Term||35 Years|
|Premium Payment Mode||Yearly|
|Basic Sum Assured||1,00,000|
|Premium (Excluding Taxes)||3,165|
|Minimum Basic Sum Assured||100000|
|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|
Some options available under LIC New Jeevan Anand are:
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 paid-up policy.
Have a look at the illustration for a better understanding
|Mode of Installment payment||Minimum installment amount|
The sample illustrative annual premiums in rupees for Basic Sum Assured of 1 Lakh for Standard lives are as under:
|Yearly mode||2% of Tabular Premium|
|Half-yearly mode||1% of Tabular premium|
|Quarterly, Monthly mode & Salary Deduction||NIL|
|High Sum Assured Rebate on Permium:|
|Basic Sum Assured (B.S.A)||Rebate|
|1, 00,000 to 1, 95,000||Nil|
|2, 00,000 to 4, 95,000||1.50%o B.S.A.|
|5, 00,000 and 9, 95,000||2.50%o B.S.A.|
|10, 00,000 and above||3.00%o B.S.A|
|Product Name||LIC New Jeevan Anand|
|Entry Age||18/50 Years|
|Maturity Age||Up to 75 Years|
|Policy Term||15/35 Years|
|Premium Payment Term||Same as Policy Term|
|Premium Paying Frequency||Annual/Half Yearly/ Quarterly/ Monthly|
The documents required to be insured under this insurance plan are subject to the sum assured amount chosen and the premiums paid for it. Below are some of the basic documents required for getting insured by the LIC policies:
LIC Jeevan Umang is a participating, non-linked, with profit whole life assurance plan which offers a combination of income and protection to your family. 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 the demise of the policyholder during the policy term.
In addition, LIC Jeevan Umang also takes care of liquidity needs through loan facilities, unlike LIC Jeevan Bima policy.
The following are the benefits offered under LIC Jeevan Umang Plan
On the demise of the policyholder during the policy term, all premiums shall be paid as under
The entire premium amount paid till date is payable to the beneficiary of the policy without any applicable interest as (Return of Premium)
Death benefit as the sum assured amount along with vested simple reversionary bonus and final additional bonus if any is paid to the beneficiary of the policy.
The sum assured amount paid as the death benefit is higher or basic sum assured amount or 7 times of the annualized premium.
The death benefit should not be less than 105% of the total premium paid till the date of death.
If the life assured survives after the end of the premium paying term, provided all premiums are duly paid, Survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit is paid at the end of the premium paying term and thereafter on completion of each year till the policyholder survives or the plan anniversary before the date of maturity, whichever is earlier.
On survival of the life assured through the entire policy tenure, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Sum Assured on Maturity is equal to Basic Sum Assured.
The loan facility can be availed under the LIC Jeevan Umang plan. The policyholder can take a loan up to 90% of the surrender value after the completion of 3 years of the policy, provided the premium of the policy is thoroughly paid. For eligibility, the plan should acquire a surrender value.
These are the following 5 options available under Riders Benefits. However, the policyholder can opt between Accidental Death and Disability Benefit Rider or Accident Benefit Rider options. So, 4 out of 5 can be availed under the policy.
|Minimum Basic Sum Assured||Rs. 2,00,000|
|MaximumBasic Sum Assured
(The Basic Sum Assured shall be in multiples of Rs. 25,000/-)
|Premium Paying Term||15, 20, 25 and 30 years|
|Policy Term||(100 - 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)|
|Age/ Policy Term||Premium Paying Term
|20||15,739 /-||10, 692/-||7,830/-||6,105/-|
|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||2.00% of BSA|
The documents needed to avail of the coverage under this insurance plan are subject to the premium paid towards the plan and the chosen sum assured amount. The following are some of the basic documents required during the process of purchase.
This complete comparison between Jeevan Anand and Jeevan Umang will surely help you select the policy that is suitable as per your preference. Be it Jeevan Anand or Jeevan Umang, both the 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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