FAQs
Jeevan Umang Plan (945) is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on death of the policyholder during the policy term.
What are the benefits of Jeevan Umang policy 945? ›
Benefits of LIC Jeevan Umang Plan
The company shall return all the paid premiums, excluding interest and other expenses. If the policyholder dies after the risk commencement and before maturity, in that case, the company shall pay the death benefits as the higher of 7 times of annualised premium or basic sum assured.
What are the benefits of LIC Jeevan Mitra policy? ›
Death Benefit: Thrice the Sum Assured plus all bonuses on the basic sum assured to date is payable in a lump sum upon the death of the life assured. Maturity Benefit: The Sum Assured plus all bonuses declared up to maturity date is payable in a lump sum on survival to the end of the policy term.
What is the return of Jeevan Umang 945? ›
LIC Jeevan Umang Plan 945 Parameter
| Basic Sum Assured (BSA) | Rebate per Rs. 1000 per S.A. |
|---|
| Rs. 2,00,000 to Rs. 4,75,000 | NIL |
| Rs. 5,00,000 to Rs. 9,75,000 | 1.25 % of (B.S.A) |
| Rs. 10,00,000 to Rs. 24,75,000 | 1.75 % of (B.S.A) |
| Rs. 25,00,000 and above | 2 % of (B.S.A) |
Maturity Benefit Illustration of LIC Jeevan Umang Plan
1 Crore, your child receives Rs. 8 lakhs every year from the age of 32. Maturity Benefit - The basic sum assured at the end of the policy term, which in this case is Rs. 1 Crore.
Is Jeevan Umang good or bad? ›
Q: Is LIC Jeevan Umang a good Policy? Ans: Yes, LIC Jeevan Umang is a good policy as it offers coverage till the age of 100. In addition to this, the plan provides annual survival benefits once the premium payment tenure is completed.
What are disadvantages of Jeevan Umang policy? ›
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. So, in the end, your assumed gross return will be less than 6%.
What is Jeevan Mitra policy? ›
LIC Jeevan Mitra (Triple Cover Endowment Plan) is a unique plan which offers superior financial protection against death for the complete term of the plan. At the end of the policy term on survival, one can expect to be paid the maturity amount. For a comparatively lower cost, this policy provides a high risk cover.
What is the survival benefit of LIC maturity? ›
In simpler terms, Maturity Benefit is paid out if the life assured survives the whole policy term. Whereas, survival benefits are paid out if the life assured survives specific years within the policy term.
Is it good to withdraw LIC policy? ›
Surrender of policy is not recommended since the surrender value would always be proportionately low. Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
| LIC Bonus Rates As Per the Evaluation on 31st March 2021 - Active Plans |
|---|
| Sl No. | Plan | Bonus Rates (Per 1000/- SA)** |
|---|
| 10 | LIC Jeevan Umang - 945 | Age up to 55 – 46 Age 56 to 70 – 47 Age 71 to 85 – 53 Age 86 to 100 – 62 |
| Age up to 55 – NA Age 56 to 70 – 46 Age 71 to 85 – 47 Age 86 to 100 – 57 |
28 more rowsBest LIC Policy with High Returns
| Plan Name | Entry Age | |
|---|
| LIC SIIP | 90 Days-65 years | CLICK HERE |
| LIC Jeevan Umang | 90 Days-55 years | CLICK HERE |
| LIC New Jeevan Shanti | 30 years-79 years | CLICK HERE |
| LIC New Jeevan Amar | 18 years- 65 years | CLICK HERE |
1 more rowLIC launches a long-term endowment policy Jeevan Umang, that covers up to 100 years and offer a combination of income, protection including an assured 8% annual return.
Is Jeevan Umang a good investment? ›
Highlights of LIC Jeevan Umang Plan
The insurance plan is a blessing as it offers coverage for the entire life i.e. for 100 years. 8% of the Sum Assured is paid every year as money back on survival at the end of the policy term. Large Sum Assured available under this plan.
Is Jeevan Umang a pension plan? ›
LIC Jeevan Umang is a life assurance plan in which the policy holder will be covered till he/she turns 100 years of age.
Is Jeevan Umang a whole life plan? ›
LIC's Jeevan Umang policy is a non-linked, whole life insurance plan that provides the policyholder with both, protection and profit. This plan offers annual survival benefits from the end of the premium-paying duration to maturity.
What is the survival benefit of Jeevan Umang? ›
Benefits Offered By LIC Jeevan Umang Plan
Survival Benefit: After one year of premium payments have been made, the policyholder will begin receiving 8% of the Basic Sum Assured annually. Until he becomes 100 or passes away, whichever comes first, this sum is due each year.
What is the surrender value of Jeevan Umang after 3 years? ›
Guaranteed Surrender Value (GSV)
If you surrender after 3 years, the surrender value will be around 30% of the premiums paid till date. However, this is excluding the premium paid in the first year and the premiums paid towards accidental benefit riders.
