LIC's Jeevan Umang - (Plan No: 845, UIN: 512N312V01) - Liferay DXP (2024)

FAQs

What is Jeevan Umang 845 policy? ›

LIC Jeevan Umang (Table No: 845) is a non-linked whole life assurance plan which provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment up to 100 year of age and on maturity lump sum amount on maturity (completion of 100 years) or death.

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.

Putting the above data in the formula for calculating the LIC guaranteed Surrender Value after 10 Years, we get (5,48,690 multiplied by 60%) plus (5,00,000 multiplied by 18.6%), which is equal to Rs. 4,22,214. This is the LIC surrender value you will receive if you surrender your policy after 10 years.

The Jeevan Umang (Plan No. 945, UIN No. 512N312V02) from LIC is a participating, non-linked, individual, and whole life assurance plan that gives your family both the benefits of income and protection. From the end of the premium-paying period until maturity, this plan offers yearly survival benefits.

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.

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%.

LIC policies come with guaranteed returns, making them an attractive option for low-risk investors who appreciate the assurance of a minimum return on their investment. Additionally, the tax benefits associated with LIC policies enhance their appeal.

Maturity Benefit Illustration of LIC Jeevan Umang Plan

Guaranteed Survival Benefit - 8% of the basic sum assured every year from the end of the premium paying term till the policyholder survives or till maturity. For a sum assured of Rs. 1 Crore, your child receives Rs.

Special Surrender Value

If in case, the insurance holder has paid premiums for more than 4 years and less than 5 years, then 90% of the complete maturity sum is provided. If the policyholder is paying premiums for more than 5 years, then he/she receives 100% of the sum assured (maturity amount).

Will I get full amount if I surrender my LIC policy? ›

How much will I receive after I surrender my LIC policy? If you surrender the policy after three years, you receive only 30% of the premiums paid, first year premiums excluded. But if you keep the LIC policy for a while before surrendering it, you could get back 40% of the total premiums paid.

A 10-year term life insurance policy expires after the 10-year term length ends. If you don't pass away during this period, your coverage ends. This means that if you pass away afterward, your beneficiaries won't receive a death benefit.

Survival benefits : In case the insured survives the policy payment term, then 8% of the sum assured is paid every year as a guaranteed survival benefit. This benefit is paid till the maturity of the plan or the death of the insured, whichever is earlier.

Benefits of LIC Jeevan Umang Plan

Death benefit: If the life insured dies before the risk commences, LIC will refund all premiums paid to the nominee without interest. However, LIC will pay the sum promised to the nominee if the policyholder dies after the risk beginning date.

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.

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. A lump sum amount is paid to the policyholder at the time of maturity.

LIC Jeevan Umang is a life assurance plan in which the policy holder will be covered till he/she turns 100 years of age.