LIC’s Jeevan Umang is a non-linked, participating, individual whole life assurance plan that combines income and protection for your family. This plan offers annual survival benefits at the end of the premium paying term until maturity, as well as a lump sum payment at the time of maturity or in the event of the policyholder’s death during the policy term. Additionally, this plan includes a loan facility to address liquidity needs.
Benefits
Death Benefit:
If the policyholder passes away during the policy term with all premiums paid and the policy in force:
- Before the risk period starts: They receive a return of the premiums paid.
- After the risk period begins: Their beneficiaries receive the Death Benefit, which includes the higher of seven times the annualized premium or the Basic Sum Assured, plus any vested bonuses and a potential Final Additional Bonus. This benefit will not be less than 105% of the total premiums paid, excluding taxes, extra premiums, and rider premiums.
Survival Benefit
If the life assured survives until the end of the premium paying term and all premiums have been paid, they will receive a survival benefit equal to 8% of the Basic Sum Assured each year. The first survival benefit is payable at the end of the premium paying term, and thereafter, at the completion of each subsequent year as long as the life assured continues to live or until the policy anniversary preceding the maturity date, whichever comes earlier.
MaturityBenefit
If the life assured survives until the end of the policy term, and the policy remains in force, they will receive the “Sum Assured on Maturity,” which includes the Basic Sum Assured along with any vested Simple Reversionary Bonuses (as mentioned in (d) below) and a potential Final Additional Bonus, if applicable. It’s important to note that the “Sum Assured on Maturity” is equal to the Basic Sum Assured. This ensures that the policyholder receives the specified benefits upon reaching the end of the policy term as long as the policy is in force.
Eligibility Conditions
| MinimumBasic SumAssured | Rs 2,00,000 | |
| Maximum Basic Sum Assured | No limit | |
| (The Basic SumAssured shall be inmul ples 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) | |
| Minimum Age atthe end of premiumpaying term | 30 years(nearer birthday) | |
| Age at maturity | 100 years(nearer birthday) | |
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
This policy includes specific provisions regarding suicide:
I. If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of the commencement of risk, the Corporation will not consider any claims under this policy, except for 80% of the total premiums paid, provided that the policy is in force. This clause does not apply if the age at entry of the Life Assured is below 8 years.
II. If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of policy revival, the Corporation will pay an amount that is higher of either 80% of the total premiums paid until the date of death or the surrender value available as of the date of death. No other claims will be entertained under this policy in such cases. This clause is not applicable if: a) The age of the Life Assured is below 8 years at the time of revival. b) The policy has lapsed without acquiring a paid-up value, and no benefits will be payable for such a policy.
These provisions outline the policy’s stance on suicide, ensuring that certain conditions are met for any benefits to be paid in such unfortunate circumstances.
