The LIC Jeevan Umang plan 945 can also be referred to as a non-linked, profit plan that additionally covers life insurance. It is a combination of both income and protection to your family. in summary it consists of annual survival benefits that render from the end of the premium paying term till maturity. Hence you get a lump sum payment at the time of maturity or when and if the policyholder dies during the policy term.
The key features and the benefits are elaborated further. Moreover, we will also talk about any additional benefits and loan procedures (if any) under this policy.
Key features of Jeevan Umang 945
The Jeevan Umang policy provides a wide range of key features that you should keep a lookout for. They are elaborated below:
- This is a non-linked premium plan.
- It is a mixture of both income and protection with savings to your family.
- It also provides insurance coverage
- You can choose your tenure which ranges from 15, 20, 25, and 30 years.
- You get the benefits for your whole life.
- With Jeevan Umang, you get benefits that render simple reversionary bonuses. Additionally, you get some final additional bonuses depending upon the policy.
Benefits of LIC Jeevan Umang Policy 945
A Jeevan Umang policy provides a wide range of benefits. These are suited for your income insurance as well as provide lifetime security. They are mentioned as follows:
- Death Benefit
In the vent of death of the policyholder, the death benefit shall be provided t the nominee. But the time of death is what is taken into consideration. Below mentioned are two circumstances wherein you get the death benefit:
Before commencement of risk benefits
The nominee will receive the entire return of the premium should the policyholder die before the risk of commencement. He or she will not be payable to any special interest and will get the entire premium refunded.
After commencement of risks benefits
Should the policyholder die after the risk of commencement, the nominee will be payable with simple reversionary bonuses. Additionally, he or she will avail of some final bonuses. The sum assured with be 7 times the annual payment. However, the death benefit should not be less than % of the premium paid till the death date.
- Survival Benefits
This benefit applies when and if the life assured survives the policy tenure. When the policy is in force, the basic sum assured amounts to 8%. This will be paid to the insured at the end of the tenure and the years following that on the anniversary of the plan.
- Maturity Benefits
When and if the policyholder survives the term of the policy, the sum assured will be on maturity. This will include a simple revisionary bonus and any additional bonuses depending upon the policy. It will be paid at the time of maturity. Moreover, the sum assured will be equal to the basic sum assured.
to exploit the features of the policy and enjoy the benefits to their maximum, the policyholder must meet the following eligibility criteria.
|Minimum Sum Assured||INR. 2,00,000|
|Maximum Sum Assured||No limit|
|Minimum Age at entry||90 days|
|Maximum Age at entry||55 Years ( last birthday)|
|Minimum Maximum Maturity Age||100 years|
|Policy Term or Maturity||25 Age at entry years|
|Premium paying terms||15,20,25 and 30 years|
|Minimum age at the end of premium paying term||30 years|
|Maximum age at the end of premium paying term||70 years|
Along with the above benefits and the added riders, this plan provides some more interesting features with additional benefits. The benefits are listed below:
- Grace Period
This is when the policyholder fails to pay his or her premium within time. They are offered a grace period in such cases which is of 30 days. He or she can take their time and pay within the given period to save the policy from being lapsed.
- Free Look period
The free look period is of15 days from the date of receipt of the policy. If the policyholder chooses to terminate the policy then they can do it within said 15 days. Going forward it will be closed and any premium paid will be refunded to the holder. They can do this if they are not happy with the terms and conditions of the policy.
- Policy Surrender
To activate the Surrender Value the holder has to continue the account for at least 2 consecutive years for a policy term less than 10 years. And if the policy term is greater than 10 years then it will be a minimum of 3 consecutive years. The percentage of total premiums paid excluding extra premiums and premiums for riders will be considered as the guaranteed surrender value.
- Do we get a paid-up value with Jeevan Umang?
If the premiums are religiously paid for two consecutive years then discontinued, the plan will come under a paid-up policy. The death benefit will now be known as death paid sum assured which will not amount to the same as death sum assured.
- When does the plan lapse?
Yes, in cases where the premium is not fulfilled for at least two years, and the plan lapses, the benefits will be ceased and the plan will be considered void.
- How can I surrender Jeevan Umang Policy?
The policy can be surrendered at any time during the policy tenure. However, the policy should have at least two full years’ premiums paid. Accordingly, you will get the surrender value.
- What do you mean by the sum assured?
The Sum assured is the aggregate amount of the policy assured by the insurance when the policy was bought. Under any situation, such as a death or survival within the policy term, the Sum will be the total value that is to be paid by the company.
- How can I revive my policy?
To revive your policy all you have to do is pay the due amounts along with interest. Moreover, it is crucial to keep in mind that if you have any riders attached to your base plan, the same shall also be revived and there shall be no interchange in reception for the holders.
- Can I get a Loan against this Policy?
Yes, you can receive a loan against the Jeevan Umang plan.
- What are the additional benefits that I might get?
Additional benefits include accidental waiver benefit, new term assurance ride, new critical illness rider. Additionally, you get the premium waiver benefit as well.
- How is the maturity amount calculated?
Sum Assured + Bonus Amounts which is needed to be paid throughout the policy term + any Final Addition Bonus.
- 9. How can I check my LIC Policy Maturity amount Online?
Follow the steps to check your maturity amount online:
- Go to the e-Services portal then login with your user-id and password.
- Register the policies you bought
- Upload the scanned image of either PAN Card or Aadhaar Card or Passport.
- After you are done registering, you will require to log in.
- Next, visit the page that holds your policy
- Here you will be able to check your maturity benefit
- 10. What documents are required to avail of the policy?
- Identity card for age verification
- Address proof
- Application form
- Medical records