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.
Benefits payable under this policy:
- Death Benefit:
- On death of the Life Assured during the policy term provided all due premiums have been paid then:
- On death during first five years: “Sum Assured on Death” shall be payable.
- On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.
- 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.
- 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.
The policyholder has an option of availing following Rider benefit(s):
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s New Term Assurance Rider
- LIC’s New Critical Illness Benefit Rider
Rider sum assured cannot exceed the Basic Sum Assured.
Eligibility Conditions and Other Restriction :
|Minimum Basic Sum Assured
|Maximum Basic Sum Assured
(The Basic Sum Assured shall be in multiples of Rs. 25,000/-)
|Premium Paying Term
|15, 20, 25 and 30 years)
|(100 – age at entry) years
|Minimum Age at entry
|90 days (completed)
|Maximum Age at entry
|55 years (completed)
|Minimum Age at the end of premium paying term
|30 years (nearest birthday)
|Maximum Age at the end of premium paying term
|70 years (nearest birthday)
|Age at maturity
|100 years (nearest birthday)