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LIC's Jeevan Umang (Plan no. - 845)

LIC's 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.

1. Benefits payable under an inforce policy:

1. 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 :

Death Benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses (as mentioned in 2 below) and Final Additional bonus, if any, shall be payable.

Where "Sum Assured on Death" is defined as the highest of

• 10 times of annualised premium; or
• Sum Assured on Maturity; or
• Absolute amount assured to be paid on death, i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

2. Survival Benefit :

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.

3. 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.

2. Participation in profits :

Depending upon the Corporation's 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.

After the premium paying term (applicable only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more):

Under a fully paid-up policy (where all premiums payable during the term of the policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more, the terms for participation of profits after the premium paying term may be in a different form and on a differential scale depending on the Corporation's experience under this plan at that time.

Final Additional Bonus may also be declared under the policy in the year when a policy results into a claim either by death or maturity. In addition, applicable Final Additional Bonus for surrendering policies, if any, shall also be included in Special Surrender Value calculation.

Under a paid-up policy with Maturity Paid-up Sum Assured of less than Rs. 2 lakhs, the policy shall not participate in future profits.

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