LIC Jeevan Umang 945, Benefits, Features, parameter and Review full details.
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LIC Jeevan Umang 945, Benefits, Features, parameter and Review.
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.
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- 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 |
|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|
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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(%)|
|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)|
LIC Jeevan Umang 945 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).
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.
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.
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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|
|Policy Term(Years)||25 (Option -3)|
|Premium Paying Term||25|
|Yearly Premium||1st. 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.
If Policy holder survives 100 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
|Maturity Year||Age at Maturity||Total Premium Paid||Maturity Amount (Approx.)|
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))|| |
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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.
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