LICs Jeevan Umang plan offers a combination of income and protection to your family.This plan provides for 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 death of the policyholder during the policy term.In addition, this plan also takes care of liquidity needs through loan facility.
At the Buyonlinelic Insurance Agency, we believe in helping you make the right decision based on your lifestyle and needs.
By law, all Life`s in operation in the state of India are required to be insured or bonded.
Jeevan Umang plan Details:
LIC Jeevan Umang Plan (845) is a whole life plan ideal for the purpose of pension as it provides yearly benefits up to 100 year of age.
- Death benefit: On death of the Life Assured during the policy term, provided all due premiums have been paid then: 1.On death before the commencement of Risk: Return of premium/s paid without interest shall be payable. 2.On Death after the commencement of Risk :
- Survival Benefits: On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, a survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.
- Maturity Benefit: On the life assured surviving to the end of the policy term, provided all due premiums have been paid, Sum Assured on Maturity along with vested Simple Reversionary Bonuses (as mentioned in 2 below) and Final Additional bonus, if any, shall be payable.Where Sum Assured on Maturity is equal to Basic Sum Assured.
- Participation in Profits: Depending upon the Corporations experience with regard to policies issued under this plan, the policy shall participate in profits during the policy term.During the premium paying term :Policies shall be eligible to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the premium paying term, provided the policy is in force. Final Additional Bonus may also be declared under an inforce policy in the year when such policy results into a claim by death. However, Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.In case the premiums are not duly paid, the policy shall cease to participate in future profits during premium paying term.