LIC Jeevan Umang Plan No. 945 was launched by LIC on 1st Feb, 2020.
It is a non-linked, participating, individual life assurance plan that offers a combination of income and protection to your family.
This plan provides survival benefit on every fifth year 8% of
basic sum assured after the premium paying term stopped till the life assured
survives or till the date of maturity whichever is earlier.
In the next paragraphs, we explained the brief details review
of policy LIC Jeevan Umang Policy – 945:
What are the features of LIC Jeevan Umang Policy 945?
Survival Benefits
The policyholder shall receive the survival benefits of 8% every
fifth year after the completion of all the premium paying terms till the life
assured survives or till the policy anniversary prior to the date of maturity
whichever is earlier.
Example:
If the age of the life assured is 25 years, policy term 75 years,
premium paying term 30 years and the basic sum assured is Rs. 500000.
Then policyholder needs to pay the premium upto 30 years from the starting of policy, and thereafter premium will be stopped and policyholder will be received 8% of Rs. 500000 = Rs.40000 every fifth year (i.e. on 30, 35, 40, 45, 60, 65, 70 year) till the policyholder survives or till date of maturity.
Maturity Benefits
The policyholder shall receive the sum equal to “Basic Sum Assured
+ Simple Reversionary Bonuses + Final Additional Bonus” at the time of
maturity.
Death Benefit
If the policy is in-force i.e. policyholder paid the premium of
policy then:
On death before the commencement of risk, only premium shall be
paid without interest and other charges (tax, extra premium and rider premium).
On death after the commencement of risk, death benefit as per sum
assured + simple reversionary bonus + final bonus if any shall be paid with the
following conditions:
Sum assured on death shall be paid higher of the
- 7 times of annualised premium or
- Basic sum assured
Death benefit shall not be less than 105% of the total premium
paid up to date of death.
Bonus
You shall be paid 2 types of Bonus:
- Simple Reversionary Bonus will be credited in your policy account every year. Bonus rate shall be decided on the profitability of LIC.
- Final Additional Bonus also shall be paid on maturity.
Loan against Policy
You can apply for a loan by submitting the original policy
document. LIC gives loan as per instruction given by the IRDA. It looks like a
bank loan and you only need to pay interest on loan granted.
Tax Benefit
Tax deduction on premium paid on this policy shall be allowed every year under section 80c.
Also Read:
What are the eligibility conditions of LIC Jeevan Umang Policy 945?
|
Minimum
Basic Sum Assured |
Rs.2,00,000 |
|
Maximum
Basic Sum Assured |
No
Limit |
|
The
basic sum assured shall be in multiple of Rs.25000 |
|
|
Minimum
Age at entry |
90 days
(completed) |
|
Maximum
Age at entry |
55
years (nearer
birthday) |
|
Premium
Paying Term |
15, 20,
25 & 30 years |
|
Policy
Term |
(100 - age
at entry) years |
|
Minimum
Age at end of premium paying term |
30
years (nearer
birthday) |
|
Maximum
Age at end of premium paying term |
70
years (nearer
birthday) |
|
Age at
Maturity |
100
years (nearest
birthday) |
What is the premium for LIC Jeevan Umang Policy 945?
Premium can be paid by yearly, half yearly, quarterly or monthly
through NACH (National Automated Clearing House) mode or through SSS mode
(salary deduction).
Following are the Sample illustrations chart of annual premium as
mentioned by LIC for the sum assured Rs. 2 Lac.
|
Age (in
years) |
Premium
Paying Term |
|||
|
|
15 |
20 |
25 |
30 |
|
20 |
15739 |
10692 |
7830 |
6105 |
|
30 |
15739 |
10692 |
7879 |
6282 |
|
40 |
15739 |
10741 |
8291 |
6880 |
|
50 |
15739 |
11544 |
- |
- |
Grace period of 30 days allowed for yearly, half yearly, quarterly payment and 15 days of monthly payment of premium.
Also Read: LIC Jeevan Labh Plan 936 (Policy Details Review)
What are the rebates under LIC Jeevan Umang Plan 945?
Mode Rebate
- Yearly mode - 2% of Tabular Premium
- Half yearly mode - 1% of Tabular Premium
- Quarterly, Monthly & SSS Mode – NIL
High Basic Sum assured rebate:
|
Basic Sum assured(BSA) |
Rebates on Premium (Rs.) |
|
Rs.200000 – Rs. 475000 |
NIL |
|
Rs. 5 Lacs – Rs. 975000 |
1.25 per thousand of BSA |
|
Rs. 10 Lacs – Rs. 2475000 |
1.75 per thousand of BSA |
|
Rs. 25 Lacs and above |
2.00 per thousand of BSA |
Additional Information
Free Look Period
Free look period will be allowed for 15 days if you are not
satisfied with the terms and conditions of the LIC jeevan Umang policy i.e.
amount deposited as premium shall be refunded after deducting expenditure of
medical examination, special reports and stamp duty charges etc.
Surrender Value
Surrender of policy can be allowed after two full years of premium
paid. On surrender of policy you will be refunded the premium paid after
deducting surrender value.
Revival of Policy
Your policy will be lapsed if you don’t pay a premium within the
grace period. The lapsed policy can be revived within a period of five
consecutive years from unpaid premium. On revival you need to pay the arrears
of premium and interest.
Conclusion
LIC Jeevan Umang Plan 945 provides a combination of income and protection benefits to the policyholder family. You will receive survival benefit and maturity benefits also. Hope the above LIC Jeevan umang review is helpful to you.
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