LIC ‘s Jeevan Umang  945 , Maturity Benefits

LIC ‘s Jeevan Umang  945

Features and facilities it is offers coverage for 100 years.8% of the sum assured is paid every years. Riders / loan facility ,Routine income and fixed income both are available. Premium paid are exempted form tax under 80c. Death Benefits and maturity benefits are also tax free.

Date of Commencement Of Risk

If the entry age of the assured is less the than 8years , then the risk under this plan will begin either  1 day  before the completion of 2years from the date of initiation or 1day before the policy anniversary and immediately following the completion of 8 year of age. For those aged 18years and the risk will start immediately.

Death Benefits

On death before commencement of risk , an amount equal to the total amount premium paid is given without any interest. On  death after the commencement of risk a definite sum assured on death and vested simple reversionary bonuses along with applicable final additional bonus are given. Sum assured death is the highest of annualized premium or sum assured on maturity or absolute amount assured is payable on death. Basic sum assured the death benefits is not less than 105% of all premium paid till death.

Survival Addition

On the completion of the premium paying term(PPT) , and if all the due premiums have been cleared an amount equal to 8% of basic sum assured is paid to the policy holder every year till maturity. The first payment of the survival benefit is paid once the premium paying term ends after that subsequently on every year –end until , the policy holder survives or policy year before the date of maturity. The earlier date will be choose for the payment of the benefit.

Tax Benefits

Under this policy premiums paid are exempted from tax under section death benefits amount and maturity amount are also tax free. Under section 10D(D) of the income tax act 1961.

Profit participations

As per the under taking measures of the and also depending upon the LIC’s experience the jeevan shagun plan can participate in profit at the time of policy tenure.

Optional Rider Benefits of Jeevan Umang

  • Additional death and disability rider
  • Accidental benefit rider
  • New term assurance rider
  • New critical illness benefits rider
  • Additional details

Loan facility

  • Suicide clause
  • Policy revival
  • Free look period
  • Date of vesting

Sum assured Minimum limit – Rs.2,00,000

Maximum Limit – No restriction

Premium payment term – 15,55,20,50,25,45,30,40 years

Policy term – 100years minus age at entry mini -90days

Maximum entry – 55years

Min/Mar age at the end of the premium paying term – mini 30,maximum 70 years

Age at maturity date -100years

Rebate Information – 2% yearly , 1% on half yearly  ,Quarterly  and monthly nil

Surrender Value

It can be only if all the premiums are paid for 3years.On surrendering LIC will pay the surrender value that is equal to the higher of guaranteed surrender value and special surrender value can be revised and declared by the LIC occasionally.

The guaranteed surrender value paid at the time policy tenure will be equal to the total premiums paid multiplied by the guaranteed surrender value factor applies to the total premiums paid.

Sum assured                      –  Rs.2lacks ,no limit

Policy term                         – 100years  ,entry age

Entry age                             – 90days , 55years

Age at maturity date       -100years

Maximum entry age       – 55 years(PPT 15) ,50years(PPT 20) ,45 years(PPT25)

Age at end of PPT            -(30years -70years)

For Example

Age        – 35years

PPT        – 15years

Premium  – Rs.1lakhs/years = Rs.8333/month

Sum assured Rs.12,50,000

After 5years paid up policy


Jeevan Umang LIC Plan in Tamil


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