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LIC Jeevan Umang (Plan No: 945) is a conventional, with-profit, non-linked endowment plan with complete life insurance coverage. The policy provides the needful coverage at regular payout from the end of the premium payment term until the date of your survival. After completing the policy tenure or if the policyholder dies within the policy period, a fixed sum of money is payable. It is a participating plan that is eligible for a Simple Reversionary Bonus and Final Addition Bonus.
LIC Jeevan Umang Plan offers you a range of benefits including:
Minimum Age - 90 days Maximum Age - 55 years
Maximum Maturity Age - 100 years
100 Minus Age at Entry
15 to 30 years
Annual, half-yearly, quarterly & monthly
Rs 2 lakh to No limit
Let's understand how the LIC Jeevan Umang Plan works with a simple premium illustration.
Mr. Verma is looking for an endowment plan that offers him maturity benefits and profit participation.
His financial advisor advised him to buy the LIC Jeevan Umang Plan. He visited PolicyX.com
Let's understand how the LIC Jeevan Umang Plan works for him with a premium illustration table.
Age of policyholder | Policy Term | Basic sum assured | Annual Premiums |
30 years | 20 years | Rs 2 lakh | Rs 10,692 |
Here are some features of LIC Jeevan Umang:
A grace period of 30 days shall be allowed for payment of yearly or halfyearly or quarterly
premiums and 15 days for monthly premiums from the date of First unpaid premium.
You can avail of a loan against your LIC Jeevan Umang Plan for a certain period at the prevailing interest rate.
This plan offers you a 30 day free look period to cancel the policy if you are not satisfied.
LIC Jeevan Umang Plan offers term insurance tax benefits under section 80C of the income tax act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
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LIC Jeevan Umang Plan No. 945 Details
There are various benefits to buying the LIC Jeevan Umang Plan. Let’s understand each of them in detail:
Here is the list of documents required to buy the LIC Jeevan Umang Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records of the policyholder if requested.
Income Proof ( either of one) - bank statement, last three months' salary slips (if you are salaried).
You can buy the LIC Jeevan Umang official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
A new page will appear on the screen.
Fill out the form at the top of the page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Visit the official website of Life Insurance Corporation of India.
Hover over the 'Wealth Creation'.
Click on the 'LIC Jeevan Umang Plan'.
Click on ‘Buy Online’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
You can buy the LIC Jeevan Umang Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
What’s Good Here | What’s Missing |
Death Benefits | Premium Offset |
Maturity Benefits | High sum assured rebate |
Survival Addition | Auto cover continuance |
Profit Participation | Top-up premium |
If you are looking for an endowment plan that provides death benefits to your family in case of your uncertain demise along with maturity benefits you should buy the LIC Jeevan Umang Plan. If you are still confused about whether buying this plan is right for you or not then you can contact us at PolicyX.com.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
LIC Jeevan Umang is a non-linked, with-profits, whole life assurance plan. Under this plan, the policyholder has to pay premiums regularly for the chosen policy term, and in return, the plan provides life insurance coverage for the entire lifetime of the policyholder. The policy also pays out annual survival benefits after the premium payment term and a lump sum payment on maturity or death.
The minimum entry age for the policyholder is 90 days, and the maximum entry age is 55 years. The maximum maturity age for the policyholder is 100 years. And the minimum sum assured under this plan is Rs. 2,00,000, and there is no maximum limit on the sum assured.
The policyholder can choose to pay premiums yearly, half-yearly, quarterly, or monthly. The premium payment term for this plan is the same as the policy term, which can be 15, 20, 25, or 30 years.
The plan provides a guaranteed annual survival benefit (ASB) of 8% of the basic sum assured after the premium payment term until the policyholder’s death or maturity. On maturity, the policyholder receives a lump sum payment of the basic sum assured. In case of the policyholder’s death, the nominee receives the sum assured along with any accrued bonuses(if any). There are no such disadvantages to the Jeevan Umang LIC plan.
Yes, the policyholder can take a loan against this plan after the policy acquires a surrender value, which usually happens after the premium payment term. The loan amount can be up to 90% of the surrender value, and the interest rate on the loan is decided by LIC from time to time.
Yes, your plan will cover any natural deaths or health-related problems. The LIC Critical Illness Rider, which provides coverage for 15 critical illnesses, is another option if you want more comprehensive coverage.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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February 5, 2023
Asia/Kolkata
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