Jeevan Umang Plan

LIC’s Jeevan Umang can be positioned as a Pension Plan in the market. This is a traditional plan with no exposure to the stock market. 

This plan has two cash outflow:

First outflow: Lumpsum money after the completion of the policy term is over

On the completion of the policy term the survivor will get his insured amount along with the attached bonuses (Reversionary & Final Addition Bonus)

Second outflow: 8% of basic Insured amount

This plan offers you a guaranteed Tax-free pension @8% of the insured amount every year. The first survival benefit payment is payable at the end of the 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.

Coverage of the plan

• Minimum insurance one can choose is 2 Lac and maximum there is no limit
• This plan has a limited payment option i.e. one can pay for 15,20,25 or 30 years
• The policy coverage will be  100years of his age (i.e. 100-age of the buyer)
• A person of 90 days (Age) can take this policy

The policy comes with additional riders

1. Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. New Term Assurance Rider
4. New Critical Illness Benefit Rider
5. Premium Waiver Benefit Rider

Accidental Death and Disability Benefit Rider

This rider is available to a person who is attaining 18 years of age or can be taken at any point in time if the policy is continued for 5 consecutive years. In the case of eventuality (Disability), Premium proportionate to the disability rider will be waived off and the insured amount will be given in equal monthly installments for the next 120 months.

Accident Benefit Rider

This tier can be added any time in between the policy duration subject to completion of 5 years of policy continuation. An additional insured amount will be given if the cause of death is an accident. This rider will be available till you pay the premiums.

New Term Assurance Rider

This rider is available at the inception of the policy only. The benefit cover under this rider shall be available for a term of 35 years or till the policy anniversary. Here an additional amount equal to Term Assurance Rider Sum Assured shall be payable on the death of the insured.

New Critical Illness Benefit Rider

This rider is available at the start of the policy only. The cover shall be available for a policy term of 35 years or till the policy anniversary on which the age 75 years of the insured. Here the insured will get a coverage of 15 Critical Illnesses.

Premium Waiver Benefit Rider

This rider can be opted any time during the payment period. The only limitation to this rider is that it can be voted by minors and will be in force till the minor attains the age of 25 years. As in minor case if the proposer dies the premium will be waived and policy will continue as a paidup policy.

Option to take Death Benefit in instalments

This is an option to receive the death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount

Sample Illustrative Premium (Subject to Underwriting)

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Conclusion:

This plan can be opted to fulfill the need as follows:

• In the lower age this plan can be beneficial to generate additional cashflows
• In the higher age (Above 18) this can be taken as a pension plan