LIC Jeevan Umang Plan is the only and most exclusive Whole Life Plan

The LIC Jeevan Umang Plan, a traditional plan that is not market-linked and allows for participation in the profits, is non-market-linked. Here is a detailed review of the LIC Jeevan Umang plan:

Life Insurance Corporation of India (LIC) is a well-known name in India’s insurance industry. LIC offers a variety of insurance products that can be tailored to meet the insurance and financial needs of customers. 

Many innovative insurance products have been introduced by LIC that have protected the lives of Indians.

LIC Jeevan Umang Plan – Features

These are the features of LIC’s Jeevan Umang Plan:

Jeevan Umang Plan features an endowment and whole-life plan

The plan is the only complete life plan offered by LIC

This plan is traditional, i.e. The Jeevan Umang plan, unlike units-linked plans, is not tied to market movements or trends.

The plan guarantees a survival benefit each year, starting at the end of the premium-paying tenure and ending at the maturity date.

Jeevan Umang plans to guarantee a lump sum payment to policyholders upon maturity or death during the tenure of the policy.

In the event of maturity of the plan, the policyholder

In the event of death during the policy term, to the nominee.

The plan offers a simple revision bonus and a final additional bonus

Benefits

Jeevan Umang Plan by LIC guarantees the policyholder the following benefits:

Death Benefit: The LIC’s Jeevan Umang Plan pays the death benefit as follows:

LIC will pay all premiums paid to date to the nominee in the event of the death of a policyholder before the date of risk beginning. In this case, the death benefit does not include any interest or bonus payments to the nominee.

LIC will pay the nominee the amount assured under the policy in the event of the death of a policyholder within one year of the date of risk beginning. In this case, the death benefit will include a simple reversionary bonus and a final bonus, if any.

Maturity Benefit
The Jeevan Umang Plan is LIC’s maturity benefit. This is when all premiums are paid regularly. This plan pays the maturity benefit, which is the entire amount assured, plus a simple reversionary bonus and a final bonus, if applicable.

Survival benefit
The Jeevan Umang Plan of LIC offers a policyholder an attractive survival benefit. The policyholder receives the survival benefit up to the time the policy payments term ends.

The annual survival benefit is paid at 8% of the amount assured.

The policyholder receives the guaranteed survival benefit up to the date of maturity, or the death of the insured life.

Please note that if the maturity amount of the policy paid up is less than Rs 2. Lakhs, then there is no survival benefit.

Coupons
The best thing about buying LIC Jeevan Umang is the rebates offered to policyholders.
There are two types of rebates that the plan offers:

Rebate associated with Premium Payment Mod

Rebate associated to high Basic Sum Assured

Below are the discount rebates available for both categories:

Policy Loan
Policyholders of LIC Jeevan Umang may at any time apply for a policy loan to cover financial emergencies.

The loan facility is available on Jeevan Umang policies in force.

The maximum loan limit under the LIC Jeevan Umang policy can be up to 90%.

If the Jeevan Umang policy has been completed, the surrender value can be calculated provided that all due premiums have been paid regularly.

For Jeevan Umang policy loans, the main criteria are that the policy must have a surrender value.

Participation In Profits


Participatory plan LIC Jeevan Umang is. Based on the performance of the policy, policyholders can receive bonuses.
Jeevan Umang is eligible for :

Reversionary bonus with simple terms

Additional bonus for policies in force

Both Death and Maturity Benefits

Please note that the last bonus will not be paid to policies that are paid up or surrendered during the premium payment tenure. Jeevan Umang policies with maturity paid-up sums assured of at least 2 lakh rupees are eligible for participation in profiles.

Rider Facility


Rider facility is an option for policyholders who want to get additional insurance coverage at a reduced cost. It is a great way to enhance your insurance coverage. 

LIC’s Jeevan Umang policy supports FOUR Riders.
Jeevan Umang policy policyholders have the option of choosing riders from:

Accidental Death and Disability Rider

Accidental benefit Rider

New Term Assurance Rider

New Critical Illness Benefit Rider

Cooling Off Period


The policyholder can choose to cancel or return the policy during the 15-day ‘Free Look Period. If policyholders of Jeevan Umang are unhappy with the policy’s terms and conditions, LIC offers this benefit to them. 

Jeevan Umang policyholders must return to LIC the original policy bond, detailing the reason they wish to cancel the policy. LIC processes your claim and refunds the premium amount, deducting any expenses.

What are the eligibility criteria for LIC Jeevan Umang?

Jeevan Umang plans can only be purchased if the customer meets certain criteria. These are the eligibility conditions:

What are the premium rates for LIC Jeevan Umang?

LIC Jeevan Umang policyholders have the option to choose their preferred premium payment method. Premium payment options under the LIC Jeevan Umang plan include monthly, quarterly, half-yearly, and quarterly.

Below are the sample premium rates for Rs 1,000 of Sum Assured Under Jeevan Umang Policy

Conclusion – What is the Surrender Value?

After paying the premium for at least three consecutive years, LIC’s Jeevan Umang Policy policyholders can surrender their policy at any time. The surrender value of Life Insurance Corporation’s Jeevan Umang policy shall equal a guaranteed surrender or special surrender value. 

The Special Surrender Value or SSV is reviewed by LIC and determined at regular intervals after approval from IRDAI. The Guaranteed Surrender Value or GSV is calculated as the product of the guaranteed surrender value factor and the premiums paid. The term of the policy as well as the year it was surrendered will affect the guaranteed surrender value factor.