Jeevan Anand Vs Jeevan Umang

Comparison Between LIC Jeevan Anand & LIC Jeevan Umang

The above-mentioned features have been described in detail for each of these plans.

About LIC New Jeevan Anand

LIC’s New Jeevan Anand Plan is a Participating Life Assurance plan, which offers a combination of protection and savings. It offers the promised fund to the family on the death of the policyholder. If the policyholder lives till the end of the policy term, he/she gets a lump sum benefit. Through its loan facility, this plan also takes care of liquidity needs.

Jeevan Anand LIC Policy Benefits

1. Death Benefit

   In case of the demise of the insured person, the beneficiary receives the sum assured on death along with bonuses. The death benefit will be equal to 125% of the basic sum assured or 7 times the annual premium, whichever is higher.

2. Maturity Benefit

   In case the life insured survives the entire tenure of the policy, LIC pays him/her the Basic Sum Assured amount along with the Accrued Bonuses.

3. Participation in Profits

   This LIC policy shall participate in the profits of the Corporation. Based on the profits in a year, LIC declares a bonus rate, which accrues every year and is paid along with the death or maturity benefit.

Eligibility Conditions

Option to Take Death Benefit in Installments

This option is to receive the death benefit in installments of 5, 10, or 15 years rather than a lump-sum amount under an in-force as well as a paid-up policy.

Have a look at the illustration for a better understanding

Premium Rebates

LIC of India offers discounts on the premiums charged based on the mode of premium payment and the sum assured.

About LIC Jeevan Umang

LIC Jeevan Umang is also a participating policy but unlike Jeevan Anand, it is a whole-life assurance plan with coverage till the age of 100. The plan provides annual survival benefits after the completion of premium payment tenure. Also, a lump-sum payment is made at the time of maturity or on the death of the policyholder during the policy term.

Further, the policyholder can take a loan up to 90% of the surrender value after the completion of 3 years of the policy.

Jeevan Umang Benefits

The following are the benefits offered under LIC Jeevan Umang Plan

1. Death Benefit

   On the demise of the policyholder during the policy term, the higher the basic sum assured amount or 7 times the annualized premium is paid to the family of the insured.

2. Survival Benefit

   If the life assured survives till the end of the premium paying term, the Survival benefit equal to 8% of the Basic Sum Assured shall be payable each year till death or maturity.

3. Maturity Benefit

   On survival of the life assured throughout the policy tenure, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, will be paid on the date of maturity.

Eligibility Conditions

Premium Rebates

Summing It Up

This complete comparison between Jeevan Anand and Jeevan Umang will surely help you select the policy that is suitable for your preference. Be it Jeevan Anand or Jeevan Umang, both LIC plans have their pros and cons and are meant to fulfill different requirements of different individuals. So, the ultimate choice is up to you.