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.Read more
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Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
|Features||LIC Jeevan Anand||LIC Jeevan Umang|
|Survival / Annual Income Benefit||╳||✔|
|Optional Premium Waiver Rider||╳||✔|
|Death Benefit in Instalments||✔||✔|
The above-mentioned features have been described in detail for each of these plans.
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.
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.
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.
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.
|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|
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|
LIC of India offers discounts on the premiums charged based on the mode of premium payment and the sum assured.
|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|
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.
The following are the benefits offered under LIC Jeevan Umang Plan
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.
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.
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.
|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 - 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)|
|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|
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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