LIC’s Jeevan Umang (UIN: 512N312V02)

(A non-linked, with-profit, whole life assurance plan)

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.
In addition, this plan also takes care of liquidity needs through loan facility.

Benefits payable under an enforce 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.

Where “Sum Assured on Death” is defined as the highest of 10 times of annualized premium; or Sum Assured on Maturity as defined in 1. b); or Absolute amount assured to be paid on death, i.e. 110% of Basic Sum Assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death.Premiums referred above shall not include any taxes, extra amount chargeable under the policydue to underwriting decision and rider premiums, if any.

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.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.