Umang plan details(plan no. 945), eligibility criteria, features, benefits and more details – LIC, the country’s largest government insurance company, has different life insurance policies available according to the needs of all types of customers. One such plan is LIC Jeevan Umang Policy which is a Whole Life Insurance Plans. In this, along with insurance, you are also given money on maturity.
LIC Jeevan Umang Plan
LIC’s Jeevan Umang plan provides a combination of income and protection to your family. The plan offers annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term. This insurance is a non-linked, with profit, whole life insurance plan.
LIC Jeevan Umang Plan Eligibility Criteria
- Name of the Insurance:- LIC Jeevan Umang Plan (Plan No. 945)
- Entry Age:- Minimum:- 90 days
- Maximum:- 55 Years
- Coverage (Basic Sum Assured):- Minimum:- Rs.2,00,000
- Maximum:- No Limit (Subject to Board approval)
- Premium Paying Term:- 15 Years, 20 Years, 25 Years, and 30 Years
- Policy term:- 100 years
- Maturity Age:- Minimum: 100 Years
- Features of LIC Jeevan Umang Plan
LIC Jeevan Umang plan features
- This plan provides coverage to the insured for the whole life i.e. up to 100 years.
- It is an endowment and whole life policy.
- This insurance plan offers the benefit of Simple Reversionary Bonus and Final Additional Bonus (if any).
- This insurance plan provides regular income and benefits of insurance coverage.
- You also get loan facility in this insurance plan.
- This insurance plan offers a choice of different premium terms. like 15, 20, 25 and 30 years
LIC Jeevan Umang Plan Benefits
Death Benefit
In case of accidental death of the insured during the term of insurance, the death benefit will be paid to the beneficiary of the insured as follows
In case of death before the date of commencement of risk, the amount of all insurance premiums paid by the insured shall be paid to the beneficiary of the insured.
On death after the date of commencement of risk, the Sum Assured plus Simple Reversionary Bonuses and Additional Bonus (if any) is paid to the beneficiary of the life assured.
Maturity Benefit
- If the life assured survives to the maturity period or maturity of the policy, he is paid the Sum Assured on Maturity along with Simple Reversionary Bonuses and Additional Bonuses (if any). The Sum Assured payable on maturity is equal to the Basic Sum Assured.
Loan
You can avail the loan facility under this life insurance policy. The insured who has paid the premium amount for up to 2 years is eligible for this loan. You have to get the surrender value for this loan.
Survival Benefit
On survival to the end of the premium paying term, a survival benefit equal to 8% of the Basic Sum Assured is paid every year provided all premiums have been paid. The first survival benefit payment will be payable at the end of the premium paying term and thereafter on completion of each subsequent year till the life assured survives or the policy anniversary preceding the date of maturity, whichever is earlier.
Riders of LIC Jeevan Umang Plan
- LIC Accidental Death and Disability Rider Benefit
- LIC Accidental Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Free look period
A free look period of 15 days is provided by the policy from the date of inception of the policy during which the policyholder can cancel/discontinue the policy if he/she is not satisfied with the terms and conditions of the policy.
The Bottom Line:
Hi friends, hope you know all about “LIC Jeevan Umang Plan” like Review, Benefits, Eligibility, Features, Surrender Value and more. if you like this please share with your friends and if any query regarding this post feels free to submit below comment.