LIC Jeevan Umang Plan

LIC Jeevan Umang- An Overview

LIC Jeevan Umang 745 is a life insurance plan covering the policyholder until they turn 100. The key benefit of LIC Jeevan Umang plan is that it comes with dual income and insurance protection to help the insured's family in their absence. The assured benefits act as a strong financial backup in any emergency. Let us now talk about its features in detail:

Features of LIC Jeevan Umang Plan-745

This policy is designed to provide a combination of long-term protection and financial growth. The following features highlight what makes the LIC Jeevan Umang Plan-745 a valuable and flexible option for policyholders:

Eligibility Criteria of LIC Jeevan Umang Plan

Let’s take a look at the eligibility criteria of the policy:

Why Choose LIC Jeevan Umang?

LIC Jeevan Umang policy is designed to offer a perfect blend of security and growth, making it an ideal choice for long-term financial planning. With the following unique features and structured benefits, the plan is tailored to suit diverse financial needs:

1. Tax-free Maturity & Death Benefit

   All proceeds from LIC Jeevan Umang, be it on the death of the policyholder, at maturity of the policy, or the annual survival benefits, are entirely tax free under Section 10(10D) of the Income Tax Act, 1969.

2. Life-long Risk Cover till the Age of 100

   The life cover against the risk of death of the policyholder starts from the date of issuance and lasts till he/she reaches 100 years of age.

3. Guaranteed Income from the Age of 30

   Policyholders can buy this policy for themselves or their children and secure a lifetime annual income until they are 100. These are paid survival benefits for surviving every year till coverage ends.

Benefits Offered by LIC Jeevan Umang

Additional Benefits Available Under LIC Jeevan Umang Policy

Some addition LIC Jeevan Umang benefits include:

1. Rider Benefit

   The following riders can be added to the LIC Jeevan Umang plan to increase the coverage.

   • LIC Accidental Death and Disability Rider Benefit
     Suppose the insured dies or suffers from a disability due to an accident. In that case, LIC pays out the accidental rider benefit sum assured along with the death benefit under the base plan.

   • LIC Accidental Benefit Rider
     The benefit that is covered under this rider is only active during the premium paying tenure (PPT). One can add this rider on the condition that at least 5 years are remaining in the PPT.

   • LIC New Term Assurance Rider
     This option can be availed at the inception of the LIC Jeevan Umang policy. If the insured dies during the policy tenure, the additional sum assured under the rider is paid to the policy nominee, and the basic sum is assured.

   • LIC New Critical Illness Rider
     This rider can be purchased only at the policy's inception. It offers financial respite to policyholders diagnosed with any of the 15 critical illnesses covered under this rider.

   • LIC Premium Waiver Benefit
     If the policyholder opts for this rider option, then in the event of the policyholder's demise, all future premiums of the policy are waived. This rider can help if the life assured is a child and the policyholder is the parent.

2. Death Benefits in installments

   Under the policy, there is an option to receive death benefits in installments over a 5/10/15-year period rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as:

   Mode of Installment payment	Minimum installment amount
   Monthly	Rs. 5,000/-
   Quarterly	Rs. 15,000/
   Half-Yearly	Rs. 25,000/
   Yearly	Rs. 50,000/

How does LIC Jeevan Umang work?

Sample Illustration of Premiums Charged Under LIC Jeevan Umang

You can use the LIC Calculator to get your premium quotes before purchasing the plan. The following is a sample illustration of annual premium rates (in Rs.) for a basic sum assured of Rs.2 lakhs across various entry ages and premium paying terms.

Policy Details of the LIC Jeevan Umang Plan

To make the most of your investment, understanding the LIC Jeevan Umang policy details is important. Here are the key LIC Jeevan Umang policy details:

1. Grace Period

   LIC offers a grace period of 15-30 days to policyholders who still need to pay a due premium. The policy lapses unless payment is made by the end of this period.

2. Free-look Period

   LIC offers a 15-day free-look period from the date of policy initiation. During this period, the policyholder can cancel the policy if he/she is dissatisfied with its terms and conditions.

3. Policy Surrender

   The policyholder can surrender the policy, provided the premiums are duly paid for two consecutive years. On surrender, the insurance company will pay a surrender value equal to the special or guaranteed surrender value (whichever is higher).

4. Loan Facility

   The plan offers a loan facility wherein, one can avail loan to meet financial emergencies as per the below criteria:

   Loan availed during the premium paying term	Loan availed after the premium paying term
   For in-force policies- up to 90% For paid-up policies- up to 80%	The maximum amount of a loan is determined so that the annual interest rate does not exceed 50% of the annual survival benefit that may be payable under the policy.

5. Paid-up Value

   If the life assured has paid premiums for 2 years but stops after, the policy will continue as a paid-up policy. In such cases, the sum assured shall decrease per the remaining premiums.

   The paid-up sum assured on death is equal to:

   • Number of premiums paid/ total number of premiums to be paid X sum assured on death

   Similarly, the paid-up sum assured on maturity is equal to:

   • Number of paid premium/ total number of premiums to be paid X sum assured on maturity

6. Rebates

   The plan offers rebates as per the below-mentioned table:

   Mode Rebate
   Yearly mode	2% of Tabular Premium
   Half-yearly mode	1% of Tabular premium
   Quarterly, Monthly (NACH) & Salary deduction	NIL

   High Sum Assured Rebate
   Basic Sum Assured (BSA)	Rebate (Rs.)
   2,00,000 to 4,75,000	Nil
   5,00,000 to 9,75,000	1.25% BSA
   10,00,000 to 24,75,000	1.75% BSA
   25,00,000 and above	2.00% BSA

How To Buy LIC Plans from Policybazaar?

LIC plans can be bought in both online and offline methods. With its vast reach, there are various options to buy them from LIC official website or their insurance agents of brokers. However, if you wish to buy LIC plans from Policybazaar, you can do it in a few easy steps as following:

Step 1: To buy LIC Jeevan Umang, visit the link: LIC of India

Step 2: fill the form with your name and contact number *available on the top right corner.

Step 3: Next, fill in your age and current city.

Step 4: Once done, you can also check the other plans available and customize the amount and time period as per your convenience.

Step 5:After this, you need to pay your premiums online.

Note: Policybazaar also provides door-to-door advisors to resolve your queries.

Required Documents

The documents needed to avail of coverage under LIC Jeevan Umang are -

• Age Proof

• Properly filled Proposal form/ Application form

• Address Proof

• Medical History

• Other KYC documents, such as: Adhaar Card, PAN Card, Tax Details, etc.

• Medical Diagnosis Reports as required

Tax Implications of LIC Jeevan Umang

Statutory taxes, if any, are imposed by the constitutional Tax Authority of India as per the prevailing tax laws. The tax rates are subject to revision from time to time. The taxes applicable shall be paid by the policyholder on the premium for the base policy and riders.

Regarding Income Tax, policyholders can enjoy tax benefits on the premium amount and the death and maturity proceeds under sections 80C and 10(10D) of the Income Tax Act of 1969.

LIC Resources

FAQs