By | May 12, 2017


LIC Jeevan Umang Plan-845 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 Plan (Plan No-845) with effect from 16 May, 2017.The Unique Identification Number UIN for LIC Jeevan Umang Plan is 512N312v01. The benefits and other details of the plan are given below.

LIC Jeevan Umang Plan-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 and Term Rider is available
  • Paid premiums are exempted from income tax under 80C and Maturity amount is tax free under 10 (10D)


For Base Plan:

Age at Entry90 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 Maturity100 Years (Nearest Birthday)
Policy Term100 – Age at Entry
Basic Sum Assured2,00,000 and above in multiples of 25,000
Premium Paying ModeYearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Payment Mode rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

LIC Jeevan Umang Plan Benefits

The benefits payable under an inforce policy are as under:

Death Benefit

On death before the commencement of risk

An amount equal the total amount of premium/s paid without interest shall be payable

On Death after the commencement of Risk

Death Benefit, defined as sum of Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death’ is defined as the highest of

  • 10 times of annualised premium; or
  • Sum Assured on Maturity, or
  • Absolute amount assured to be paid on death, i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Survival Benefit

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.

Maturity Benefit

on the life assured surviving to the end of the policy term, provided all due premiums have paid, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses (as mentioned in 3 below) and Final Additional bonus, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

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.

Date of commencement of risk:

In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

LIC Jeevan Umang Plan Additional Information

Risk Coverage: –End of Term of the Policy.

Date of Commencement of Risk:–Risk commencement starts when taking the policy(day one).

Locking period: – 3 years.

Loan Facility: – Available.

Income Tax Reduction:  Available under Section 80-C for premiums paid and Section 10 (10D) for Maturity returns.

Loan:  Available.

Riders available:  Yes.

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause: if the policy holder commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300,340 or 360 will be used under this plan .

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under plan.

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • Life Time Services




Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.


New Money Back Plan – 20 years

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2 thoughts on “LIC JEEVAN UMANG PLAN

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