New LIC Jeevan Umang Plan 745 – Features, Benefits, Eligibility and Review 

LIC Jeevan Umang is a Whole Life Plan

What is a Whole-Life Insurance Plan?

A whole-life insurance policy is a type of life insurance that remains in force for the insured’s entire lifetime, provided premiums are paid. The sum assured is paid to the policyholder’s nominee in the event of the insured’s death.

LIC’s New Plan – Jeevan Umang
The LIC Jeevan Umang plan 745 offers annual Survival Benefits from the end of the Premium Paying Term (PPT) till policy maturity. It also provides a lump sum amount at the time of maturity or upon the policyholder’s death during the policy tenure.

Key Features of LIC Jeevan Umang Whole Life Plan

Eligibility Conditions:

• Minimum Age Entry: 90 days

• Maximum Age at Entry:

  • 55 years for 15-year premium period

  • 50 years for 20-year premium period

  • 45 years for 25-year premium period

  • 40 years for 30-year premium period

• Minimum Age at the End of PPT: 30 years

• Maximum Age at the End of PPT: 70 years

• Age at Policy Maturity: 100 years

• Policy Term (Tenure): 100 years – age at entry (e.g., if a 30-year-old buys the policy, the term is 70 years)

• PPT (Premium Paying Term) Options: 15, 20, 25, & 30 years

• Minimum Basic Sum Assured: ₹2 Lakh

• Maximum Basic Sum Assured: No limit

• Optional Riders: Accident Death Benefit & Disability Rider, New Term Assurance Rider, and New Critical Illness Benefit Rider.

Benefits under LIC Jeevan Umang Policy

Death Benefits:

1. Before the Commencement of Risk:

   • An amount equal to the total premiums paid without interest is payable.

   • (For life assured aged 8 or more, risk commences immediately.)

   • Death Benefit includes the sum of the “Sum Assured on Death,” vested simple reversionary bonuses, and Final Additional Bonus (if any).

   • “Sum Assured on Death” is the highest of:

   • 10 times the annualized premium

   • Sum assured on maturity

   • Basic Sum Assured

   • The death benefit will not be less than 105% of all premiums paid as on the date of death.

   After the Commencement of Risk:

Survival Benefits of New Jeevan Umang plan:

• Upon surviving to the end of the premium paying term and paying all premiums, guaranteed survival benefits at the rate of 8% of the Sum Assured are available annually after the PPT until maturity or death, whichever is earlier.

• The first survival benefit is paid at the end of the PPT, and subsequent benefits on each policy anniversary until maturity or the policyholder’s death.

• Maturity Benefit = Basic Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus (if any).

• Payable to the policyholder upon surviving to the end of the policy term.

Maturity Benefits:

Summary:

LIC Jeevan Umang is a whole-life insurance plan providing lifetime coverage, annual survival benefits, and a lump sum at maturity or death. Key features include flexible premium paying terms, a minimum sum assured of ₹2 lakhs, and attractive rebates. Optional riders enhance the policy’s benefits. Understand the death, survival, and maturity benefits to make an informed decision.

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