LIC Jeevan Umang 945

By | February 7, 2020

LIC Jeevan Umang 945, Benefits, Features, parameter and Review.

LIC Jeevan Umang 945, Benefits, Features, parameter and Review.

LIC Jeevan Umang 945

LIC Jeevan Umang 945

LIC of India new plan launched on 1st. February, 2020 which name is LIC Jeevan Umang 945 (LIC Table no. 945) is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. It has been decided to introduce LIC Jeevan Umang 945 (Table No 945) with effect from 1st. February, 2020. The Unique Identification Number UIN for LIC Jeevan Umang 945 is 512N312v02. The benefits and other details of the plan are given below.

Key Features

  • Plan for a term of 100 years
  • 8% of Sum Assured is paid at the end of the policy term as money back
  • Simple Reversionary Bonus is payable on maturity or earlier death
  • Large Sum Assured is available in this plan
  • LIC Accidental Death Disability Benefit Rider, PWB Rider, Critical illness and Term Rider is available
  • Paid premiums are exempted from income tax under 80C and Maturity amount is tax free under 10 (10D)

LIC Jeevan Umang Plan 945 Parameter

Age at Entry 90 Days (Completed)
Premium Paying Term (PPT) 15, 20, 25, & 30 Years
Maximum Age at Entry in Years 
(Nearest Birthday)
55 for 15 PPT
50 for 20 PPT
45 for 25 PPT
40 for 30 PPT
Age at Maturity 100 Years (Nearest Birthday)
Policy Term 100 – Age at Entry
Basic Sum Assured 2,00,000 and above in multiples of 25,000
Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Rebates in LIC Jeevan Umang Plan 945

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Premium Payment Mode Percentage(%)
Yearly Mode 2%
Half yearly Mode 1%
Quarterly and Monthly Nil

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA) Rebate per Rs. 1000 /- S.A.
Rs. 2,00,000 to Rs. 4,75,000 NIL
Rs. 5,00,000 to Rs. 9,75,000 1.25 % of (B.S.A)
Rs. 10,00,000 to Rs. 24,75,000 1.75 % of (B.S.A)
Rs. 25,00,000 and above 2 % of (B.S.A)

Benefits

Maturity Benefits

LIC Jeevan Umang 945 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

Survival Benefits

On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, a survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.

  • Sum Assured on Maturity: On Survival to the end of the policy term, Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.

Accidental and Disability Benefit Rider

LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional. This rider can be opted for at any time within the premium paying term of the Base Plan provided the outstanding premium paying term is at least 5 years. The benefit cover under this rider shall be available upto the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. Thereafter the cover shall cease.

If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

The premium for the portion of Basic Sum Assured which exceeds the Accident Benefit Sum Assured and premium(s) in respect of other Rider(s), if opted for, shall continue to be paid. If the policy becomes a claim by way of death before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount.

  • The premium for this rider will not be required to be paid after the premium paying term of the base plan.
  • LIC’s Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.

Death Benefits

LIC Jeevan Umang 945 Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

  • Sum Assured on Death : On the death of the policyholder during the policy term, Sum Assured on death, Vested Simple Reversionary Bonuses, and Final Additional Bonus will be paid.
  • Sum Assured on Death is 7 times higher than the annualized premium.
  • Death Benefit : The Death Benefit shall not be less than 105% of the total premium paid as on death.

Read also : LIC new Jeevan Anand plan 915 lifetime plan

LIC Jeevan Umang Plan 945 Surrender, Loan and Paid-up value.

LIC Jeevan Umang Plan 945 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Umang plan 945, after at least 2 full years of premium paid.

Paid-up value : Once a LIC Jeevan Umang Plan 945 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid

LIC Jeevan Umang Plan 945 with an Example

An example of Ravi who is purchasing this Plan with following details.

Sum Assured (Rs.)10,00,000
Age (Years)30
Policy Term(Years)25 (Option -3)
Premium Paying Term25
Purchase Year2020
Yearly Premium1st. yrs (40594), 2nd yrs. (39720) onward

As per above example, policy holder needs to pay the premium of Rs. 40,594 1st. year and Rs. 39,720 2nd year onward every year for 25 years (Premium Paying Term) and after completion of 25 years ( Premium Paying Term ). The benefits (Survival & Year-wise death claims and maturity) related to this plan is given below.

Maturity Details

If Policy holder survives 100 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Maturity YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)
20901009,93,87481,50,000

Death Claim Details

In case of death during policy term ( Before 100 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand given below Table?

According to below table, the policyholder is require to pay premium for 25 years and once this premium paying term of 30 years completed, the policy holder starts receiving 80,000 (8% of BSA) per year up to his 99 years of age and on completion of 100 years of age or completion of policy term maturity will be paid.

Following table provides age-wise normal risk cover and accidental risk cover , survival benefits (money back) and maturity.

Age

Premium

Risk Cover (Approx)

 Acc. Risk Cover (Approx))

Money Back

30

40594

1050000

2050000

 

31

39720

1100000

2100000

 

32

39720

1150000

2150000

 

33

39720

1200000

2200000

 

34

39720

1250000

2250000

 

35

39720

1300000

2300000

 

36

39720

1350000

2350000

 

37

39720

1400000

2400000

 

38

39720

1450000

2450000

 

39

39720

1500000

2500000

 

40

39720

1550000

2550000

 

41

39720

1600000

2600000

 

42

39720

1650000

2650000

 

43

39720

1700000

2700000

 

44

39720

1770000

2770000

 

45

39720

1825000

2825000

 

46

39720

1880000

2880000

 

47

39720

1935000

2935000

 

48

39720

2000000

3000000

 

49

39720

2070000

3070000

 

50

39720

2150000

3150000

 

51

39720

2250000

3250000

 

52

39720

2400000

3400000

 

53

39720

2550000

3550000

 

54

39720

2700000

3700000

 

55

39720

2850000

3850000

 

56

 

3020000

4020000

80000

57

 

3190000

4190000

80000

58

 

3360000

4360000

80000

59

 

3600000

4600000

80000

60

 

3850000

4850000

80000

61

 

4150000

5150000

80000

62

 

4750000

5750000

80000

63

 

5050000

6050000

80000

64

 

5350000

6350000

80000

65

 

5650000

6650000

80000

66

 

5950000

6950000

80000

67

 

6250000

7250000

80000

68

 

6550000

7550000

80000

69

 

6600000

7600000

80000

70

 

6650000

7650000

80000

71

 

6700000

6700000

80000

72

 

6750000

6750000

80000

73

 

6800000

6800000

80000

74

 

6850000

6850000

80000

75

 

6900000

6900000

80000

76

 

6950000

6950000

80000

77

 

7000000

7000000

80000

78

 

7050000

7050000

80000

79

 

7100000

7100000

80000

80

 

7150000

7150000

80000

81

 

7200000

7200000

80000

82

 

7250000

7250000

80000

83

 

7300000

7300000

80000

84

 

7350000

7350000

80000

85

 

7400000

7400000

80000

86

 

7450000

7450000

80000

87

 

7500000

7500000

80000

88

 

7550000

7550000

80000

89

 

7600000

7600000

80000

90

 

7650000

7650000

80000

91

 

7700000

7700000

80000

92

 

7750000

7750000

80000

93

 

7800000

7800000

80000

94

 

7850000

7850000

80000

95

 

7900000

7900000

80000

96

 

7950000

7950000

80000

97

 

8000000

8000000

80000

98

 

8050000

8050000

80000

99

 

8100000

8100000

80000

100

 

8150000

(Maturity)

0

0

LIC Jeevan Umang Plan 945 additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.

Riders Facility : Accidental Death and Disability Benefit Rider, critical illness, PWB, and Term Assurance Rider is available.

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available after 2 years premium paid.

Proposal Form : Form No. 300, 340 and 360.

LIC others Endowment plans

LIC new endowment plan 914
LIC new jeevan anand plan 915

अधिक जानकारी के लिए कृपया संपर्क करें:

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I hope “LIC Jeevan Umang New Plan 945” के बारे में ये जानकारी अच्छी लगी होगी, अगर हाँ तो इसे अपने सभी Friends के साथ Social media पर Share जरुर करें ताकी आपकी मदद से दुसरे लोग भी इस योजना की जानकारी को पढ़ सकें, और वो इसका लाभ ले सके, कोई ऐसी जानकारी रह गयी हो और आप जानना चाहते हो तो आपके सुझाव व प्रस्ताव स्वीकार्य हैं और नीचे दिए गए comment box में टिप्पणी भी अवश्य दें! धन्यवाद…….

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