Jeevan Umang - Life Insurance Policy

LIC Jeevan Umang (Table No: 845) is a non-linked whole life assurance plan which provides fixed yearly amount (8% of Sum Assured/Year) after completion of premium payment up to 100 year of age and on maturity lump sum amount on maturity (completion of 100 years) or death. This plan is similar to Jeevan Tarang (178) Plan which is closed for sale. Features and benefits of this plan have been explained here with example.

Key Features
8% of SA per year as survival benefits
Suitable plan for pension
Whole Life Plan
Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
Paid premiums are exempted from income tax under 80C
Maturity amount is tax free under 10 (10D)

Survival and Maturity Benefits

On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death benefits
If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk
In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.
Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.
If policy holder is 8 year old at the time of buying policy then, risk will start immediately.