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.
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses (as mentioned in 2 below) and Final Additional bonus, if any, shall be payable.Where “Sum Assured on Death” is defined as the highest of 10 times of annualised premium; or Sum Assured on Maturity; or Absolute amount assured to be paid on death, i.e. Basic Sum Assured.This 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 policy due to underwriting decision and rider premium(s), if any.
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.
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.
The policyholder has an option of availing following Rider benefit(s):LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01).LIC’s Accident Benefit Rider (UIN:512B203V02)LIC’s New Term Assurance Rider (UIN: 512B210V01)LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)