Jeevan Anand Vs Jeevan Umang

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.

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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 New Jeevan Anand

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.

Jeevan Anand LIC Policy Benefits

  1. Death Benefit:

    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

    • Sum Assured on Death is defined as higher of:
    • 125% of the Basic Sum Assured as per policy terms,
    • 7 X (Annualized premium)
    • Subject to a minimum of 105% of the total premiums payable as on date of death
    • On the insured’s death, the Basic Sum Assured is paid as the death benefit to the nominee and the plan terminates.
  2. Maturity Benefit:

    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.

  3. Participation in profits:

    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.

Benefit Illustration

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

Eligibility Conditions and Other Restriction

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

Options Available

Some options available under LIC New Jeevan Anand are:

Riders Benefit

  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s Accident Benefit Rider
  • LIC’s New Term Assurance Rider
  • LIC’s New Critical Illness Benefit Rider

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 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/

Sample Illustrative Premium

The sample illustrative annual premiums in rupees for Basic Sum Assured of 1 Lakh for Standard lives are as under:

Age Policy Term
15 25 35
20 7,747/- 4,341/- 2,935/-
30 8,080/- 4,581/- 3,165/-
40 8,644/- 5,037/- 3,636/-
50 9,575/- 5,846/-  

Rebates

Mode Rebate:
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

LIC New Jeevan Anand - Product Specification

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

Required Documents

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:

  • Correctly filled Application form/Proposal form
  • Address Proof
  • Age Proof
  • Other KYC documents: PAN Card, Adhaar Card, Tax Details, etc.
  • Medical History
  • Medical Diagnosis Reports as required

LIC Jeevan Umang

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.

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, all premiums shall be paid as under

    On Death Before Commencement of Risk

    The entire premium amount paid till date is payable to the beneficiary of the policy without any applicable interest as (Return of Premium)

    On Death After the Commencement of Risk

    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.

  2. Survival Benefit

    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.

  3. Maturity Benefit

    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.

  4. Loan Benefit

    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.

  5. Riders Benefit

    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.

    • LIC's Accidental Death and Disability Benefit Rider
    • LIC's Accident Benefit Rider
    • LIC’s New Term Assurance Rider
    • LIC’s New Critical Illness Rider
    • LIC’s Premium Waiver Benefit

Eligibility Conditions And Other Restrictions

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 - 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)

Sample Illustrative Premium

Age/ Policy Term Premium Paying Term
Amount
  15 20 25 30
20 15,739 /- 10, 692/- 7,830/- 6,105/-
30 15,739/- 10,692 /- 7,879/- 6,282/-
40 15,739/- 10,741/- 8,291/- 6880/-
50 15,739/- 11,544 /- - -

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 2.00% of BSA

Documents Required For LIC Jeevan Umang Plan

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.

  • Age Proof
  • Properly filled Proposal form/ Application form
  • Address Proof
  • Medical History
  • Other KYC documents: Adhaar Card, PAN Card, Tax Details, etc.
  • Medical Diagnosis Reports as required

Summing It Up

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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Jeevan Anand Vs Jeevan Umang Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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