LIC Jeevan Umang Plan (Plan No. 745)
LIC Jeevan Umang 745 (earlier called LIC Jeevan Umang 945) is a whole life insurance plan that protects you until you turn 100 years old.
The main benefit of this plan is that it gives you both a regular income and life insurance to support your family if something happens to you. The guaranteed benefits provide good financial help in emergencies.
Note: The LIC Jeevan Umang 945 plan stopped on 01.10.2024. You can find details about the LIC 945 plan on LIC’s official website.
Eligibility Criteria of LIC Jeevan Umang Policy
| Parameter | Criteria |
|---|---|
| Entry Age | Min: 30 daysMax: 55 years for PPT = 20 years45 years for PPT = 25 years40 years for PPT = 30 years |
| Sum Assured | Min: Rs. 2,00,000Max: No limit |
| Policy Term | (100 years minus age at entry) years |
| Maturity Age | 100 years |
| Premium paying term | 15, 20, 25, and 30 years |
| Age at the completion of premium payments | Min: 18 yearsMax: 70 years |
- Date of commencement of risk:
If the insured is younger than 8 at policy start, the insurance begins either:One day before 2 years from the policy start date, orOne day before the policy anniversary closest to or after the person turns 8 years old, whichever comes first.
If the person is 8 years or older, the insurance starts right away from the policy issue date.
- Date of vesting under this plan:
If the policy is taken for a minor, it will automatically belong to them on the policy anniversary closest to or after they turn 18 years old. From that day, the policy is a contract between the insurance company and the insured person.
Features of LIC Jeevan Umang Plan-745
LIC Jeevan Umang (745) plan from LIC India gives long-term protection and helps your money grow. Key features include:
- Extra protection is available with optional riders for an additional cost.
- You can take a loan from this policy if you need money.
- You can choose how long you want to pay premiums and can also get the death benefit in smaller payments (instalments).
- The plan shares in LIC's profits and gives you bonuses called Simple Reversionary Bonuses and a Final Additional Bonus.
- You get yearly survival benefits equal to 8% of the Basic Sum Assured, starting after you finish paying premiums and continuing until the policy ends.
- If you survive the full policy term, you get a lump sum maturity amount.
- The plan covers you for your whole life, but you pay premiums only for a limited time.
Benefits of LIC Jeevan Umang Policy
Death Benefit
If the policyholder passes away, the death benefit is given depending on when it happens:
Before the insurance starts: All premiums paid (except extra premiums and rider premiums) are returned, without any interest.After the insurance starts: The nominee gets the Sum Assured on Death, which is the higher of:7 times the yearly premium, orThe Basic Sum Assured The total payment will always be at least 105% of all premiums paid until the date of death.
Maturity Benefit
If the insured person survives until the policy's maturity date, LIC pays:
The Basic Sum Assured,Plus Simple Reversionary Bonuses,And, if applicable, the Final Additional Bonus.
Survival Benefit
If the policyholder survives after paying all premiums, they get 8% of the Basic Sum Assured every year.
The first yearly payout starts after the premium payment term ends.The payouts continue every year until the policy ends or the policyholder passes away, whichever comes first.
Participation in Profits
The LIC Jeevan Umang policy can give extra money based on LIC's profits.
During the Premium Paying Term:
Active policies get Simple Reversionary Bonuses.A Final Additional Bonus may be paid on death, but not for policies that are paid-up or surrendered.Policies with unpaid premiums do not get future bonuses.After the Premium paying term (for fully paid-up policies or paid-up policies with Maturity Paid-up Sum Assured Rs. 2 lakhs):
A Final Additional Bonus may be paid on death, maturity, or surrender (it is included in the Special Surrender Value, if applicable).Policies with Maturity Paid-up Sum Assured Rs. 2 lakhs do not get any profit participation.
Rider Benefits Under LIC Jeevan Umang Plan
You can add extra riders to the LIC Jeevan Umang plan to get more coverage.
- 01
LIC Accidental Death and Disability Rider
This rider provides extra financial protection in case of an accident. If the insured person dies in an accident, the nominee receives a lump sum amount called the Accident Benefit Sum Assured, in addition to the normal death benefit of the policy.
If the insured becomes permanently disabled due to an accident within 180 days, the same Accident Benefit Sum Assured is paid in equal monthly installments over 10 years. On top of this, all future premiums for the base policy are waived, so the policy continues without any more payments.
- 02
LIC Accident Benefit Rider
This rider is simpler and focuses only on accidental death. If the insured dies because of an accident, the nominee gets a lump sum payment of the Accident Benefit Sum Assured, along with the regular death benefit of the Jeevan Umang policy. This rider does not cover disability but gives extra support to the family in case of accidental death.
- 03
LIC New Term Assurance Rider
If the policyholder dies during the policy term, the nominee gets an extra amount called the Term Assurance Rider Sum Assured. This rider must be bought when the policy is first started and cannot be added later.
- 04
LIC Premium Waiver Benefit Rider
If the policyholder dies, this rider waives all future premiums that are due under the base policy for the rest of the rider term. This means the policy continues without the family having to pay any more premiums.
LIC Jeevan Umang Policy Details
To get the best from your investment, it's important to understand the LIC Jeevan Umang policy. Here are the main details:
Grace Period
LIC gives extra time to pay your premium if you miss the due date.
Monthly payments: 15 days extraQuarterly, half-yearly, or yearly payments: 30 days extra If you don't pay within this time, the policy will stop (lapse).
Free Look Period
You have 30 days from the policy start date to check the policy. If you are not happy with its terms, you can cancel it. LIC will return your premium after deducting small charges for the time you were covered, medical exams, and other fees.
Policy Surrender
You can give up (surrender) your policy and get a guaranteed surrender value if you have paid premiums for at least two full years. When you surrender, LIC will pay you the higher of the Special Surrender Value or Guaranteed Surrender Value.
Loan Facility
You can take a loan from the policy after paying at least one full year's premium. This can help you in case of a financial emergency. The loan amount depends on the policy status:
Policy Status Before 2 full years of premiums After 2 full years of premiums Active Policies 50% of the surrender value 75% of the surrender value Paid-Up Policies 40% of the surrender value 65% of the surrender value Any unpaid loan and interest will be deducted from the payout when the policy ends.
Death Benefit in Instalments
In the Jeevan Umang policy, you can choose to get the death benefit in small payments instead of one full amount. These payments can be spread over 5, 10, or 15 years.
You can choose how often you want to receive the money: monthly, quarterly, half-yearly, or yearly. The payments are made in advance and must meet the minimum amount given below:
Payment Mode Minimum Amount Monthly Rs. 5,000 Quarterly Rs. 15,000 Half-Yearly Rs. 25,000 Yearly Rs. 50,000 Paid-up Value
If the insured person pays at least one year's premium but stops paying after that, the policy does not end. Instead, it becomes a paid-up policy.
The death benefit is reduced based on how many premiums were paid:Paid-up Death Sum Assured Total premiums to be paid/Number of premiums paid Death Sum Assured
The maturity benefit is also reduced in the same way:Paid-up Maturity Sum Assured Total premiums to be paid/Number of premiums paid Maturity Sum Assured
In simple words, the more premiums you pay, the higher the benefits.
Revival
If your Jeevan Umang policy stops because you missed payments, you can restart it within 5 years from the date of the first missed premium.To restart the policy, you need to pay all pending premiums with interest.LIC may also check your health before allowing revival.If you had added any riders, they can be restarted only along with the main policy.
If you restart the policy after the premium payment period is over and survival benefits are due:For paid-up policies with Maturity Paid-up Sum Assured less than Rs. 2 lakhs: any unpaid survival benefits will be paid.For policies with Sum Assured Rs. 2 lakhs or more: the extra amount (difference between full and reduced survival benefits) will be paid.
Rebates
The plan gives discounts as shown in the table below.
Mode Rebate
Payment Mode Rebate Yearly 2% of tabular premium Half-Yearly 1% of tabular premium Quarterly / Monthly (NACH) / Salary Deduction No rebate High Sum Assured Rebate
Basic Sum Assured (BSA) Rebate Rs. 2,00,000 - Rs. 4,50,000 No rebate Rs. 5,00,000 - Rs. 9,00,000 2.50% of BSA Rs. 10,00,000 - Rs. 24,00,000 3.50% of BSA Rs. 25,00,000 and above 4.00% of BSA
Policy Exclusions of LIC Jeevan Umang
Even though this is a safe and complete plan, there are some situations where full benefits are not paid:
- 01If the insured person dies by suicide within 12 months of starting the policy, the nominee will get only 80% of the premiums paid until the date of death.
- 02If the insured person dies by suicide within 12 months after restarting (reviving) the policy, the nominee will get the higher of 80% of premiums paid or the surrender value.
Disclaimer: Squareinsurance.in does not endorse or recommend any specific insurance company or insurance plan. For more details about this plan, please check the plan brochure or the policy document.
FAQs
Yes, you can choose to receive your money (death or maturity benefit) in monthly payments over 5, 10, or 15 years. This way, the plan can give a regular monthly income to you or your family.
The insurance starts like this:
- If the insured is below 8 years, the risk starts after 2 years or when they turn 8 years old, whichever is earlier.
- If the insured is 8 years or older, the risk starts immediately.
If the policy is taken for a child, it will automatically transfer to them when they turn 18 years old, on the nearest policy anniversary. After that, the policy is fully in their name.
Yes, you can take a loan from this policy.
- You can get up to 90% of the surrender value while you are still paying premiums.
- You can get up to 80% of the surrender value if the policy is paid-up.
The loan amount depends on the policy status:
- For active policies, you can get up to 90% of the surrender value.
- For paid-up policies, you can get up to 80% of the surrender value.