LIC Jeevan Umang Plan (745)

LIC Jeevan Umang Plan (745) – Introduction

LIC Jeevan Umang (Plan No. 745) is a participating whole life insurance plan designed to provide lifelong financial protection along with regular income. Under this plan, the policyholder pays premiums for a limited period of 15, 20, 25, or 30 years.

After completion of the premium paying term, the policyholder starts receiving a guaranteed yearly survival benefit equal to 8% of the Basic Sum Assured. This annual income continues throughout the policy term, offering steady and predictable returns along with life cover.

In case of the unfortunate death of the life assured at any time during the policy term, a death benefit is payable to the nominee. On survival till maturity (age 99), a lump sum maturity benefit consisting of the Basic Sum Assured along with accrued bonuses is payable.

Eligibility & Other Conditions – LIC Jeevan Umang Plan (745)

• Minimum Basic Sum Assured: ₹2,00,000
• Maximum Basic Sum Assured: No limit
• Sum Assured Multiples:
  • ₹2,00,000 to ₹4,50,000 – in multiples of ₹25,000
  • Above ₹4,50,000 to ₹9,00,000 – in multiples of ₹50,000
  • Above ₹9,00,000 – in multiples of ₹1,00,000
• Premium Paying Term (PPT): 15, 20, 25 or 30 years
• Policy Term: (100 − Age at Entry) years
• Minimum Age at Entry: 30 days (completed)
• Maximum Age at Entry:
  • 55 years (nearer birthday) for PPT 15
  • 50 years (nearer birthday) for PPT 20
  • 45 years (nearer birthday) for PPT 25
  • 40 years (nearer birthday) for PPT 30
• Minimum Age at End of PPT: 18 years (completed)
• Maximum Age at End of PPT: 70 years (nearer birthday)
• Age at Maturity: 100 years (nearer birthday)

Maturity & Money Back Benefits (Guaranteed 8%)

LIC Jeevan Umang (Plan 745) offers a unique combination of regular money back and maturity benefit at age 100. After completion of the premium paying term, the policyholder starts receiving a guaranteed yearly survival benefit equal to 8% of the Basic Sum Assured. This annual income continues throughout the policy term, providing a steady and predictable cash flow.

On survival till the policy maturity, i.e. at age 100 years (nearer birthday), a Maturity Benefit is payable as a lump sum, consisting of: Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any).

Death Benefit

In the event of the death of the Life Assured during the policy term, provided the policy is in force, the Death Benefit is payable to the nominee as a lump sum, consisting of: Sum Assured on Death + Accrued Simple Reversionary Bonuses + Final Additional Bonus (if any).

Optional Benefit Riders

A Rider is an optional add-on benefit that provides additional protection over and above the base policy benefits, in return for an extra premium. Riders enhance the scope of coverage but cannot be purchased separately; they are available only along with the main policy.

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial support in case of accidental death or permanent disability during the rider term.
• Accidental Benefit Rider: Pays an extra amount equal to the rider Sum Assured if death occurs due to an accident.
• New Term Assurance Rider: Provides an additional term insurance cover, increasing the overall life cover during the rider term.
• Premium Waiver Benefit (PWB) Rider: In case of the death of the proposer during the policy term, all future premiums of the base policy are waived while the policy continues with full benefits.

Surrender

The policy may be surrendered after completion of the minimum required premium payments. On surrender, the policyholder receives the Surrender Value as per LIC rules in force.

Loan

A loan can be availed under the policy once it acquires a surrender value. The loan amount is sanctioned as a percentage of the policy’s surrender value, subject to LIC norms.

Grace Period

A grace period of 30 days from the premium due date is allowed, during which the policy continues to remain in force.

Free Look Period

The policyholder is allowed a 15-day free look period from the date of receipt of the policy document to review the terms and conditions and return the policy if not satisfied.