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LIC Jeewan Umang : A whole life Insurance Plan Features,Benefits and Maturity

Posted on by avinash
LIC Jeevan Umang Plan Number 845 is limited Premium ,non linked(not market linked) with profit plan .
Plan provides annual survival tax free returns from the end of Premium Payable term to till 100 years of policy holder along with risk cover. Jeevan Umang is a solution regular income with complete  protection of family.

Umang consists all three benefits that is

  • Survival benefits,
  • Death cover and
  • Maturity benefits
 
 
Survival benefits

Survival Benefit

From the end of your premium payable term you will get 8% of Sum assured amount till your 100yrs.
As for example ,if you take a Jeevan umang policy of 10 lac for 20 yrs  then after 20 yrs you will get 8% of 10 lac (Rs 80,000) till your 100 years.

Death cover

If death occurs between the date of policy taken to till 100 yrs of policy holder ,then

 Sum assure + Vested Bonus + Final addition bonus will be paid
 

Maturity Benefit

At the age of 100 yrs

Sum assure + Vested Bonus + Final addition bonus will be paid

 

 

Suppose a person age 35 years take this LIC plan for 20 years for Sum assure Rs 5 lac than after 20 years he will ge 8% of 5lac (Rs 40000) till his 99 yrs and at his age of 100 ,he will get 5 lac +Bonus + Final Addison Bonus.
In between 100 years of this policy if death occures he will ge 5 lac +bonus+ FAB

LIC Jeevan Umang Plan Features

Minimum Policy =2 lac
Minimum Age 90 days 
Maximum age 55 years
Riders available
LOAN available

LIC NEW MONEY BACK POLICY PLAN 820 AND PLAN 821

Posted on by avinash

LIC a has New Money Back Plan for 20 years and for 25 years term .It is a non-linked plan means returns will not affected by Share/Equity market .It offers an attractive combination of Risk cover of death throughout the policy term along with the periodic payment, called as Survival benefits at every 5 years of duration of during the term. A unique combination provides financial help for the family if death occur any time before maturity and lump sum amount at the time of maturity for the surviving policyholder.Plan also gives liquidity needs through its loan facility and surrender of policy.

Example for New Money Back  820 for Maturity and Survival benefits

Policy term= 20 years

PPT= 15 years (One Has to pay premium only 15 years)

Survival Benefit(Money back) = 20% Of Sum assure every 5 years

On Maturity = 40 % of SUM ASSURE + Bonus+ Final Addison Bonus

Example:

Age 35yrs

SA – Rs 10,00,000

Example for New Money Back  820 for Maturity and Survival benefits

Policy term= 20 years

PPT= 15 years (One Has to pay premium only 15 years)

Survival Benefit(Money back) = 15% Of Sum assure every 5 years

On Maturity = 40 % of SUM ASSURE + Bonus+ Final Addison Bonus
SA – Rs 10,00,000

 Death Benefit

What is Sum Assured on Death?

Sum  Assured on Death shall be Higher of ~

125% of Basic Sum Assured (1.25 x BSA)

OR

10 times Annualised Premium.(10 x AP).

         [Premiums – excluding taxes, extra premiums and premiums for riders, if any]