Jeevan Anand Vs Jeevan Umang

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

Eligibility Conditions and Other Restriction

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

Sample Illustrative Premium

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

Rebates

LIC New Jeevan Anand - Product Specification

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

Sample Illustrative Premium

Rebates

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.