LIC Jeevan Umang Plan

LIC Jeevan Umang Plan (845) Details

LIC Jeevan Umang (Table No: 845) is a non-linked whole life assurance plan which provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment up to 100 year of age and on maturity lump sum amount on maturity (completion of 100 years) or death. This plan is similar to Jeevan Tarang (178) Plan which is closed for sale. Features and benefits of this plan have been explained here with example.

Key Features

  • 8% of SA per year as survival benefits
  • Suitable plan for pension
  • Whole Life Plan
  • Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)
¬

Plan Parameters

Age at Entry90 Days (Completed)
Premium Paying Term (PPT)15, 20, 25, & 30 Years
Maximum Age at Entry in Years)¬
(As per Nearest Birthday)
55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT
Age at Maturity100 Years (Nearest Birthday)
Policy Term100 – Age at Entry
Basic Sum Assured2,00,000 and above in multiples of 25,000
Premium Paying ModeYearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Survival and Maturity Benefits

  • On successful completion of premium paying term(PPT),¬ 8% of Basic Sum Assured per year¬†will be paid as survival benefits up to a year prior to Maturity, and
  • on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death benefits

  • If death happens¬ before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
  • If death happens¬ after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk

    • In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.

Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.

  • If policy holder is 8 year old at the time of buying policy then, risk will start immediately.

LIC Jeevan Umang (845) Policy with an Example

To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.

Purchase Year2017
Age (Years)25 (Completed)
Basic Sum Assured25,00,000
Premium Paying Term30
Policy Term75 (100-25)
Yearly Premium72,053

As per above policy details, the policy holder is require to pay premium for 30 years and once this premium paying term of 30 years completed, the policy holder starts receiving 2,00,000 (8% of BSA) per year up to his 99 years of age and on completion of 100 years of age or completion of policy term maturity will be paid.

Following table provides year-wise and age-wise total premium paid, death claim amount, survival benefits and maturity.
Year NoYearAgeDeposit AmountSum AssuredBonus (Approx)Risk Cover (Approx)Return
1201725720532500000025000000
2201826144106250000012250026225000
3201927216159250000024500027450000
4202028288212250000036750028675000
5202129360265250000049000029900000
6202230432318250000061250031125000
7202331504371250000073500032350000
8202432576424250000085750033575000
9202533648477250000098000034800000
102026347205302500000110250036025000
112027357925832500000122500037250000
122028368646362500000134750038475000
132029379366892500000147000039700000
1420303810087422500000159250040925000
1520313910807952500000179000042900000
1620324011528482500000192500044250000
1720334112249012500000207250045725000
1820344212969542500000222000047200000
1920354313690072500000243000049300000
2020364414410602500000257750050775000
2120374515131132500000282500053250000
2220384615851662500000312250056225000
2320394716572192500000344500059450000
2420404817292722500000369250061925000
2520414918013252500000406500065650000
2620425018733782500000443750069375000
2720435119454312500000486000073600000
2820445220174842500000528250077825000
2920455320895372500000570500082050000
3020465421615902500000630250088025000
3120475502500000Bonus8802500 +  Bonus *200000
3220485602500000Bonus8802500 +  Bonus *200000
3320495702500000Bonus8802500 +  Bonus *200000
3420505802500000Bonus8802500 +  Bonus *200000
3520515902500000Bonus8802500 +  Bonus *200000
3620526002500000Bonus8802500 +  Bonus *200000
3720536102500000Bonus8802500 +  Bonus *200000
3820546202500000Bonus8802500 +  Bonus *200000
3920556302500000Bonus8802500 +  Bonus *200000
4020566402500000Bonus8802500 +  Bonus *200000
4120576502500000Bonus8802500 +  Bonus *200000
4220586602500000Bonus8802500 +  Bonus *200000
4320596702500000Bonus8802500 +  Bonus *200000
4420606802500000Bonus8802500 +  Bonus *200000
4520616902500000Bonus8802500 +  Bonus *200000
4620627002500000Bonus8802500 +  Bonus *200000
4720637102500000Bonus8802500 +  Bonus *200000
4820647202500000Bonus8802500 +  Bonus *200000
4920657302500000Bonus8802500 +  Bonus *200000
5020667402500000Bonus8802500 +  Bonus *200000
5120677502500000Bonus8802500 +  Bonus *200000
5220687602500000Bonus8802500 +  Bonus *200000
5320697702500000Bonus8802500 +  Bonus *200000
5420707802500000Bonus8802500 +  Bonus *200000
5520717902500000Bonus8802500 +  Bonus *200000
5620728002500000Bonus8802500 +  Bonus *200000
5720738102500000Bonus8802500 +  Bonus *200000
5820748202500000Bonus8802500 +  Bonus *200000
5920758302500000Bonus8802500 +  Bonus *200000
6020768402500000Bonus8802500 +  Bonus *200000
6120778502500000Bonus8802500 +  Bonus *200000
6220788602500000Bonus8802500 +  Bonus *200000
6320798702500000Bonus8802500 +  Bonus *200000
6420808802500000Bonus8802500 +  Bonus *200000
6520818902500000Bonus8802500 +  Bonus *200000
6620829002500000Bonus8802500 +  Bonus *200000
6720839102500000Bonus8802500 +  Bonus *200000
6820849202500000Bonus8802500 +  Bonus *200000
6920859302500000Bonus8802500 +  Bonus *200000
7020869402500000Bonus8802500 +  Bonus *200000
7120879502500000Bonus8802500 +  Bonus *200000
7220889602500000Bonus8802500 +  Bonus *200000
7320899702500000Bonus8802500 +  Bonus *200000
7420909802500000Bonus8802500 +  Bonus *200000
7520919902500000Bonus8802500 +  Bonus *200000
7620921000   8982500 +¬† Bonus *

*The Bonus after premium payment term accumulated differently, that is why it indicted as 8802500 +  Bonus.

Above benefit illustration is prepared for the purpose of plan explanation only and the values in this illustration are based on assumptions which may change completely. It is assumed that, this plan is similar to closed LIC Jeevan Tarang (178) plan, so bonus (Rs. 49 per thousand of BSA) of Jeevan Tarang is taken for generating illustration.

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