LIC Jeevan Umang Plan 745 is a Par, Non-Linked, Individual, Whole Life Insurance Plan. It provides a combination of savings and protection to policyholders. This plan offers annual survival benefits after the premium payment term ends and a lump sum at maturity or death of the policyholder during the term. The plan ensures lifelong coverage and is designed to provide steady income in the form of survival benefits, as well as financial security for the family in the event of the policyholder’s demise.
LIC Jeevan Umang Plan Calculator
Key Features of LIC Jeevan Umang Plan 745
- Whole Life Coverage: Provides lifelong insurance coverage until 100 years of age.
- Annual Survival Benefit: 8% of the Basic Sum Assured is paid annually after the premium payment term.
- Flexible Premium Payment: Options to pay premiums for 15, 20, 25, or 30 years.
- Lump Sum on Maturity: Sum Assured is paid along with bonuses at maturity.
- Loan Facility: Policyholders can avail of loans to meet liquidity needs.
Why Choose LIC Jeevan Umang Plan 745 ?
The LIC Jeevan Umang Plan offers dual benefits of protection and income. By providing annual survival benefits after the premium paying term, it serves as a source of regular income. Moreover, the plan ensures that your family is financially secure in case of any unforeseen events, as it offers a death benefit that includes the Sum Assured and bonuses.
Plan Details
- Minimum Basic Sum Assured: ₹2,00,000.
- Maximum Basic Sum Assured: No limit.
- Premium Paying Term (PPT): 15, 20, 25, or 30 years.
- Policy Term: (100 – age at entry) years.
- Minimum Age at Entry: 30 days.
- Maximum Age at Entry: Varies based on PPT (e.g., 55 years for PPT of 15 years).
- Survival Benefit: 8% of Basic Sum Assured, annually, after PPT.
Benefits
1. Death Benefit
In case of the policyholder’s demise during the term, the higher of 7 times the annual premium or the Basic Sum Assured, plus bonuses, will be paid to the nominee. The death benefit will not be less than 105% of the total premiums paid.
2. Survival Benefit
After the premium paying term, the policyholder receives 8% of the Basic Sum Assured as a survival benefit annually until the end of the policy term or the policy anniversary prior to reaching 100 years of age.
3. Maturity Benefit
At maturity (age 100), the Sum Assured on Maturity along with vested bonuses is paid to the policyholder.
4. Bonuses
The plan participates in the corporation’s profits and is eligible for Simple Reversionary Bonuses during the premium paying term and Final Additional Bonuses at maturity or on death.
How to Enroll
You can purchase the LIC Jeevan Umang Plan both offline and online via:
- LIC Agents.
- Online through the official LIC website.
- Corporate agents or insurance brokers.
You’ll need basic documentation like proof of identity, address, and the insured person’s age to enroll in this plan.
FAQs
1. Who can buy the LIC Jeevan Umang Plan?
Anyone between the age of 30 days and 55 years can buy this plan, depending on the chosen premium paying term.
2. What is the minimum Basic Sum Assured?
The minimum Basic Sum Assured for LIC Jeevan Umang Plan is ₹2,00,000.
3. Can I take a loan against the policy?
Yes, loans can be taken against the policy after it has acquired a surrender value.
Conclusion
The LIC Jeevan Umang Plan is an excellent option for individuals seeking a lifetime of coverage along with regular income. It offers guaranteed returns, annual survival benefits, and security to your family, making it a valuable addition to your financial portfolio.
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