LIC's Jeevan Umang Plan-945 is a non-linked, with-profits, whole-life assurance plan, which offers a regular income along with lifelong coverage. This plan is designed to provide the policyholder with financial stability in retirement, as well as protection for their family in the event of their untimely demise.
Key Features of Jeevan Umang Plan:
- Lifelong Coverage: This plan provides lifelong coverage, which means that the policyholder is insured for their entire life. This plan ensures that the policyholder's family is financially secure even after their death.
- Regular Income: Jeevan Umang Plan provides a regular income in the form of survival benefits. The policyholder can choose the frequency of the payouts - monthly, quarterly, half-yearly or yearly.
- Maturity Benefit: The plan offers a maturity benefit, which is paid to the policyholder at the end of the policy term. The maturity benefit is the sum assured plus any bonuses that have been accumulated over the years.
- Death Benefit: In the event of the policyholder's demise, the death benefit is paid to the nominee. The death benefit is the sum assured plus any bonuses that have been accumulated over the years.
- Bonus: Jeevan Umang Plan is a with-profit plan, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time. These bonuses are added to the sum assured and are payable at the time of maturity or death.
- Loan Facility: The policyholder can avail of a loan against the policy. The loan amount is limited to a percentage of the surrender value of the policy.
Eligibility Criteria:
- Minimum Age: 90 days.
- Maximum Age: No limit.
- Premium Payment Term: 15, 20, 25 and 30 years.
- Policy Term: Lifetime.
- Minimum Sum Assured: Rs. 2,00,000.
- Maximum Sum Assured: No limit.
Benefits of Jeevan Umang Plan:
- Lifelong Coverage: The plan provides lifelong coverage, which ensures that the policyholder's family is financially secure even after their death.
- Regular Income: The plan provides a regular income in the form of survival benefits. The policyholder can choose the frequency of the payouts - monthly, quarterly, half-yearly or yearly.
- Maturity Benefit: The plan offers a maturity benefit, which is paid to the policyholder at the end of the policy term. The maturity benefit is the sum assured plus any bonuses that have been accumulated over the years.
- Death Benefit: In the event of the policyholder's demise, the death benefit is paid to the nominee. The death benefit is the sum assured plus any bonuses that have been accumulated over the years.
- Bonus: Jeevan Umang Plan is a with-profit plan, which means that the policyholder is entitled to receive bonuses declared by LIC from time to time. These bonuses are added to the sum assured and are payable at the time of maturity or death.
- Loan Facility: The policyholder can avail of a loan against the policy. The loan amount is limited to a percentage of the surrender value of the policy.
How does Jeevan Umang Plan Work?
- Jeevan Umang Plan is a non-linked, with-profits, whole-life assurance plan, which provides regular income along with lifelong coverage. The plan works as follows:
- Choose the Sum Assured: The policyholder needs to choose the sum assured while purchasing the policy. The sum assured is the amount that will be paid to the nominee in case of the policyholder's death.
- Choose the Premium Payment Term: The policyholder can choose the premium payment term of 15, 20, 25 or 30 years. The premium payment term is the duration for which the policyholder needs to pay the premiums.
- Pay Premiums: The policyholder needs to pay the premiums regularly as per the chosen premium payment term. The premium payment frequency can be monthly, quarterly, half-yearly or yearly.
- Receive Survival Benefits: Jeevan Umang Plan provides survival benefits in the form of regular payouts. The policyholder can choose the frequency of the payouts - monthly, quarterly, half-yearly or yearly. The amount of the survival benefit is a percentage of the sum assured and increases with the policy term.
- Receive Maturity Benefit: At the end of the policy term, the policyholder is entitled to receive the maturity benefit, which is the sum assured plus any bonuses that have been accumulated over the years.
- Receive Death Benefit: In the unfortunate event of the policyholder's demise, the death benefit is paid to the nominee. The death benefit is the sum assured plus any bonuses that have been accumulated over the years.
- Avail of Loan Facility: The policyholder can avail of a loan against the policy. The loan amount is limited to a percentage of the surrender value of the policy.
Explain With A Simple Example
Let's say Mr. Kumar, who is 35 years old, purchases Jeevan Umang Plan with a sum assured of Rs. 10 lakhs and a premium payment term of 25 years. He chooses to receive the survival benefit payouts on a yearly basis.
Assuming that the policy runs its full term, here's how the benefits would work out:
Mr. Kumar pays a yearly premium of Rs. 65,677 for 25 years, which amounts to a total premium payment of Rs. 16,41,925.
Starting from the end of the 16th policy year, Mr. Kumar starts receiving a yearly survival benefit payout of Rs. 50,000, which increases by 8% every year.
At the end of the policy term, Mr. Kumar receives a maturity benefit of Rs. 25 lakhs (sum assured of Rs. 10 lakhs + accumulated bonuses of Rs. 15 lakhs).
In case of Mr. Kumar's unfortunate demise during the policy term, his nominee would receive the death benefit of Rs. 10 lakhs (sum assured) plus any accumulated bonuses.
This is just an example and the actual benefits may differ based on the policyholder's age, premium payment term, sum assured, etc.
Conclusion:
Jeevan Umang Plan is a unique insurance plan that provides lifelong coverage along with regular income. It is an ideal plan for those who want to secure their family's financial future and have a regular source of income after retirement. With the option of choosing the premium payment term and the frequency of the payouts, the plan is flexible and can be customized to suit individual needs. With its attractive bonuses, the plan provides the policyholder with a chance to earn more on their investment. Overall, Jeevan Umang Plan is a comprehensive insurance plan that provides financial security and peace of mind to the policyholder and their family.
FAQ
Q: What is the minimum and maximum entry age for Jeevan Umang Plan?
A: The minimum entry age for Jeevan Umang Plan is 90 days and the maximum entry age is 55 years.
Q: What is the minimum and maximum policy term for Jeevan Umang Plan?
A: The minimum policy term for Jeevan Umang Plan is 15 years and the maximum policy term is 35 years.
Q: What is the premium payment term for Jeevan Umang Plan?
A: The premium payment term for Jeevan Umang Plan is the same as the policy term. For example, if the policy term is 25 years, the premium payment term will also be 25 years.
Q: Can I choose the frequency of survival benefit payouts?
A: Yes, the policyholder can choose the frequency of the survival benefit payouts - monthly, quarterly, half-yearly or yearly.
Q: Is there a loan facility available under Jeevan Umang Plan?
A: Yes, the policyholder can avail of a loan against the policy. The loan amount is limited to a percentage of the surrender value of the policy.
Q: Is there a surrender value under Jeevan Umang Plan?
A: Yes, the policyholder can surrender the policy after it acquires a surrender value. The surrender value depends on the number of premiums paid and the policy term.
Q: What happens if the policyholder stops paying the premiums?
A: If the policyholder stops paying the premiums after paying at least three full years' premiums, the policy acquires a paid-up value. The paid-up value is a reduced sum assured and the policy continues with reduced benefits.
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