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Jan 2, 2020 · LIC's Jeevan Umang (Plan No. 945, UIN No. 512N312V02) Sales Brochure (Content is in English) Policy Document (Content is in English) Date of Launch : 01.02.2020
- Key Features of Lic Jeevan Umang Whole Life Plan
- Benefits Under Lic Jeevan Umang Policy
- Graphical Illustration of Lic Jeevan Umang Plan – How Does This Plan Work?
- Lic Jeevan Umang & Returns Calculation
Below are the main eligibility conditions to buy LIC’s new policy – Jeevan Umang; 1. Minimum Age Entry: 90 days 2. Maximum Age at Entry : 2.1. 55 years for 15 year premium period 2.2. 50 years for 20 year premium period 2.3. 45 years for 25 year premium period 2.4. 40 years for 30 year premium period 3. Minimum age at the end of PPT: 30 years 4. Ma...
Death Benefits under Jeevan Umang Plan ;Survival Benefits :Maturity Benefits under Jeevan Umang Plan: Maturity benefit = Basic Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus (if any) shall be payable to policyholder on surviving to the...I have tried to explain the features of Jeevan Umang Policy and how it works through the below info-graphic.(You may click on the image to open it in a new browser window.) Let’s consider an example – Policy holder’s current age is 30 years (male), buys this policy for Sum Assured of Rs 10 Lakh and with Premium Paying Term as 25 years. So, the poli...
Below is the IRR (return on investment) calculation on Jeevan Umang policy. The above calculation is for sum assured of Rs 2 Lakh, PPT is 25 years, for a 30 year old male and no optional riders have been chosen. The premium of around Rs 7,879 is payable for 25 years. From 26th policy year onwards, survival benefit is payable. On surviving till 70th...
- What is the LIC Jeevan Umang’s rate of return or IRR of the policy? IRR of LIC Jeevan Umang with an example: For example, let’s take a policyholder who is 40 years old.
- GST: LIC Jeevan Umang: If you have noticed when you pay the premium, you are also paying extra for the tax. So, in LIC Jeevan Umang, you are paying more than you should and getting nothing in return for the extra you are paying.
- Affordability: LIC Jeevan Umang: Rs. 5000/month. Mutual Fund & PPF: Rs. 500/month. So, compare to LIC Jeevan Umang, everyone can afford to invest in Mutual Funds and PPF.
- Lock-in Period: LIC Jeevan Umang: 2 years. PPF: 15 years. Mutual Fund: Based on the plan chosen by the investor.
Policy Revival: If the premiums of the policy are not paid on time, even after the completion of the grace period, the policy will get lapsed. However, it can be revived within 2 consecutive years from the date of first unpaid premium but before the date of Maturity.
Key Features. Plan for a term of 100 years. 8% of Sum Assured is paid at the end of the policy term as money back. Simple Reversionary Bonus is payable on maturity or earlier death. Large Sum Assured is available in this plan. LIC Accidental Death Disability Benefit Rider, PWB Rider, Critical illness and Term Rider is available.
LIC Jeevan Umang is a life assurance plan in which the policy holder will be covered till he/she turns 100 years of age. The key benefit of this plan is that it comes with dual benefits of income and insurance protection to help the family of the insured in his/her absence.
Free Look Period: If the policyholder is dissatisfied with the terms and conditions of the LIC Jeevan Umang plan, he/she can cancel the policy and return it to the corporation within 15 days from the date of receipt of the policy. Rebate: The plan offers rebates on various basic sum assured amounts. They are as follows:
