LIC Jeevan Umang 945

By | February 7, 2020

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

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

Also Read ThisLIC’s Best Money Back Plan

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 (Maturity) = 81,50,000 

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:

बास्पा नंद पंचोली
संपर्क सूत्र-: 9891009400
Email-basupancholi@gmail.com
कार्यालय का पता:-
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भारत का एलआईसी, शाखा इकाई 117 तीसरा तल,
सी.पी. नई दिल्ली -110001

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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