LIC Jeevan Umang Plan is a non-linked, participating, individual, life assurance savings whole life cum endowment plan. It offers a combination of income and financial protection to your family. It provides guaranteed regular benefit from your last premium payment till your survival. Also lump sum payment at the time of maturity.
| Plan Name | LIC Jeevan Umang Plan |
| Table No. | 945 |
| UIN No. | 512N312V02 |
| Plan Type | Whole Life cum Endowment Plan |
| Launch Date | 01 February 2020 |
List of Topic Covered
Key Features of LIC Jeevan Umang Plan
- LIC Saral Jeevan Bima Plan is a whole life cum endowment plan.
- It provides guaranteed annual survival benefits till your survival.
- Lump sum Maturity benefit on survival to age 100.
- Bonus facilities are available under this plan.
- Rider benefit is also available in this plan.
- Loan facility is also available under LIC Jeevan Umang Plan.
- LIC Jeevan Umang Plan provides tax benefits as well.
Risk Commencement Date in LIC Jeevan Umang Plan
In LIC Jeevan Umang plan, risk cover completely depends on the age of the policyholder.
So let’s see when the risk will be covered
- If the policyholder is below 8 years at the time of taking the policy – So in this case the risk cover benefit will start one day before policy completes 2 years or day before the policy anniversary after the child turns 8 years of age.
- If the policyholder is 8 years or more at the time of taking the policy – The risk cover benefit will start immediately.
LIC Jeevan Umang Plan Benefits
- Death Benefit in LIC Jeevan Umang Plan
- If death happens before commencement of risk – then all the premiums paid would be returned to the nominee (Without interest).
- If death happens after the commencement of risk – then the nominee will get the Sum Assured on Death along with Simple Reversionary Bonus and Final Additional Bonus if any.
Here Sum Assured on Death should be highest of the following,
- 10 times the annualised premium
- Basic Sum Assured + Bonuses
- 110% of the Basic Sum Assured
Please note that Death Benefit should not be less than 105% of all the premiums paid as on date of death.
2. Survival Benefit in LIC Jeevan Umang Plan
If the policyholder survives till the end of premium paying term then from the next year he will start getting 8% of Basic Sum Assured. This will be payable every year till his death or he attains 100 years of age, whichever is earlier.
3. Maturity Benefit in LIC Jeevan Umang Plan
If a policyholder survives at the end of the policy i.e. at the age of 100, he will get Sum Assured on Maturity + Simple Reversionary Bonus + Final Addition Bonus (if any) and policy will close.
Options to take Death Benefit in instalments
Under this plan you have an option to receive death benefit in instalements over the chosen period of 5 or 10 or 15 years instead of lump sum.
The minimum instalment amount for different modes of payments will be as follows,
| Mode of Instalment payment | Minimum instalment amount |
| Monthly | Rs. 5,000/- |
| Quarterly | Rs. 15,000/- |
| Half-Yearly | Rs. 25,000/- |
| Yearly | Rs. 50,000/- |
Eligibility conditions and other restrictions in LIC Jeevan Umang Policy
| Minimum | Maximum | |
| Basic Sum Assured | ₹ 2,00,000 | No Limit (Multiples of Rs. 25,000/-) |
| Premium Paying Term | 15,20,25 and 30 years | |
| Policy Term | (100 – Age at Entry) years | 40 years |
| Age at the end of the Premium Paying Term | 30 years (Near birthday) | 70 years (Near birthday) |
| Entry Age | 90 days (Completed) | 55 years (Near birthday) |
| Maturity Age | – | 100 years (Near birthday) |
How LIC Jeevan Umang Policy Works with Example
Let’s look at the working of the plan in detail.
Suppose Ram takes this plan with following details in regular premium:
Age – 30
Policy Term – (100 – 30) = 70 years
Sum Assured – 2 Lakhs
Premium Paying Term – 20 Years
Based on the parameters his premium will be calculated and he will have to pay the premium of Rs. 10,692/- every year.
Scenario 1 – If Ram dies after paying premium for 5 years.
So in this case Ram’s nominee will receive the Death Benefit which will be the higher of the following:
- 10 times the annualised premium = 10 x 10,692 = 1,06,920
- Basic Sum Assured + Bonuses = 2,00,000 + Bonuses
- 110% of the Basic Sum Assured = 2,20,000
Scenario 2 – If Ram dies after 25 years of taking the plan and he has paid all the premiums for 20 years
So in this case Ram’s nominee will receive the Death Benefit along with the Guaranteed return of 8% (BSA) for every surviving year after the premium payment term is over.
8 % of 2,00,000 = 16,000. This he will get for 5 years = 16,000 x 5 = 80,000
Again Death benefit will be higher of the following
- 10 times the annualised premium = 10 x 10,692 = 1,06,920
- Basic Sum Assured + Bonuses = 2,00,000 + Bonuses
- 110% of the Basic Sum Assured = 2,20,000
Scenario 3 – If Ram survives till the age of 100
So in this case he will receive the 16,000 amount every year after the premium payment term of 20 years.
Also at the age of 100, Ram will receive Maturity Benefit = Sum Assured + Bonuses
Payment of premium in LIC Jeevan Umang Policy
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode.
Grace period in LIC Saral Jeevan Bima Plan
Under this plan a grace period of 30 days shall be allowed for payment of yearly or half yearly premiums and 15 days are allowed for monthly premium from the date of fist unpaid premium. If premiums are not paid before expiry of the grace period, the policy lapse and nothing shall be payable.
Sample Illustrative premiums for LIC Jeevan Umang Plan
Sample illustrative premiums for basic sum assured of Rs. 2 Lakhs for standard lives
as under
| Age | 15 years PPT | 20 years PPT | 25 years PPT | 30 years PPT |
| 20 | Rs. 15,739 | Rs. 10,692 | Rs. 7,830 | Rs. 6,105 |
| 30 | Rs. 15,739 | Rs. 10,692 | Rs. 7,879 | Rs. 6,282 |
| 40 | Rs. 15,739 | Rs. 10,741 | Rs. 8,291 | Rs. 6,880 |
| 50 | Rs. 15,739 | Rs. 11,544 | – | – |
Rebate / Loading in LIC Jeevan Umang Plan
The following rebates are applicable under this plan.
Mode Rebate :
| Mode | Rebate |
| Yearly | 2 % of Tabular Premium |
| Half-yearly | 1 % of Tabular Premium |
| Quarterly, Monthly (NACH) | Nil |
High Basic Sum Assured Rebate:
| Basic Sum Assured (BSA) | Rebate on Tabular Premium (Rs.) |
| 2,00,000 to 4,75,000 | Nil |
| 5,00,000 to 9,75,000 | 1.25 % of BSA |
| 10,00,000 to 24,75,000 | 1.75 % of BSA |
| 25,00,000 and above | 2.00 % of BSA |
Riders benefit in LIC Jeevan Umang Plan
There are 5 optional benefit riders available under this plan. You will have to pay an additional amount to opt for these riders.
- LIC Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
- LIC Accident Benefit Rider (UIN:512B203V03)
- LIC New Term Assurance Rider (UIN: 512B210V01)
- LIC New Critical Illness Benefit Rider (UIN: 512A212V01)
- LIC Premium Waiver Benefit Rider (UIN: 512B204V03)
Revival in LIC Jeevan Umang Plan
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the end of policy term. For revival you will have to pay all the arrears of premium with interest at a rate which will be declared by the corporation.
Surrender Value in LIC Jeevan Umang Plan
The policy can be surrendered at any time provided two full years premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of the Guaranteed Surrender Value and Special Surrender Value.
Loan Facility in LIC LIC Jeevan Umang Plan
Loan facility is available under this plan provided at least two full years premiums have been paid. The maximum loan available would be the percentage of surrender value as follows,
- For in-force policies- upto 90%
- For paid-up policies- upto 80%
Tax Benefit in LIC Jeevan Umang Plan
- Premiums paid are exempted under section 80C of the income tax act of 1961.
- The maximum exemption can be availed is 1.5 Lakhs
- Also the Death amount received are exempted under section 10(10D).
Free Look Period in LIC Jeevan Umang Plan
If the policyholder is not satisfied with the policy, he or she can return the policy to the corporation stating the reason for the same. After receiving the request, the Corporation shall cancel the policy and return the premium amount after deduction of risk premium, expenses incurred on medical examination, special report if any and stamp duty charges.
Exclusion in LIC Jeevan Umang Plan
Suicide:
- If policyholder commits suicide within 12 Months from the date of commencement of risk, the corporation will not entertain any other claim except 80% of the total premium paid. This clause shall not be applicable if the age of policyholder is below 8 years.
- If the policyholder commits suicide within 12 months from the date of revival, the amount which will be higher of the 80% of the premiums paid till the date of death or the surrender value available as on date of death shall be payable. This clause shall not be applicable if the age of policyholder is below 8 years.
How to buy LIC Jeevan Umang Plan
This plan is an offline plan and can only be bought through agents or brokers. You can also visit the company’s branch office and buy the plan.
Documents required to buy LIC Jeevan Umang Plan – You need to have the following documents to buy this plan.
- LIC Proposal form, duly filled and signed by the proposer/Policyholder/Life Assured
- Photograph of the Policyholder
- Age proof of the proposer
- Identity proof of the proposer/Policyholder
- Address proof of the proposer
- Medical examination report of the life insured if required by the policy because of the age and/or the sum assured chosen
- Income proof of the proposer if the sum assured or the premium of the policy is high
- PAN card of the proposer
- Cheque on the name of “Life Insurance Corporation of India/LIC of India” towards policy premium.
- Cancelled cheque for NEFT registration for new/existing life insurance policy.
How to make claim in LIC Jeevan Umang Plan
How to make Maturity Claim or Surrender in LIC Jeevan Umang Plan?
When a life insurance policy is maturing, the insurance company will usually send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity.
Maturity claim is hassle free. You just have to follow some simple steps.
The policyholder has to Fill up and submit Form No. 3825 with some other documents listed below.
- Original LIC Policy Document
- Identity Proof
- Age Proof (if not submitted previously)
- Cancelled Cheque or a copy of the Policy holder’s Bank Passbook
- Assignment/ Reassignment (if any)
- NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)
How to make a Death claim in LIC Jeevan Umang Plan?
In case of death claim, nominee can get the death benefit by submitting required documents.
Below are the list of documents which nominee has to submit to get the policy amount.
- Claim Form ‘A’ in Form No.3783.
- If policy has run for 3 years or more from date or risk, claim Form No.3783A may be used.
- Certified extract from death register issued by hospital/Doctors/District level authorities.
- The original policy document with Deed of assignment.
In case you face any issue, contact your agent or visit your respective servicing branch.
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I hope this helps you to understand LIC Jeevan Umang Plan really well. If you have any question about this policy, please comment below and we will get back to you immediately.