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LIC Jeevan Umang 945

The LIC Jeevan Umang (Plan No. 945, UIN No. 512N312V02)  is a non-linked, with-profit, whole life insurance policy offered by renowned insurance companies. It provides both insurance coverage and a regular income stream throughout the policyholder’s lifetime. The plan offers financial security and ensures a steady income even after retirement, making it a popular choice for individuals seeking long-term protection.

Jeevan Umang 945

The Jeevan Umang 945, (UIN No. 512N312V02)  is a non-linked, with-profit, whole life insurance policy offered by renowned insurance companies. It provides both insurance coverage and a regular income stream throughout the policyholder’s lifetime. The plan offers financial security and ensures a steady income even after retirement, making it a popular choice for individuals seeking long-term protection.

jeevan umang 945
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Jeevan Umang 945 plan details

Plan No.945
Date of Launch01.02.2020
Minimum Entry Age90 Days (Completed)
Maximum Entry Age55 Years (Nearest Birthday)
Policy Term(100 - Age At Entry) Years
Premium Paying Term15, 20, 25, & 30 Years
Age At Maturity100 Years
Minimum Basic Sum AssuredRs. 2,00,000
Maximum Basic Sum AssuredNo Limit

key features of lic jeevan umang

WHOLE LIFE COVERAGE:

The policy provides coverage for the entire lifetime of the policyholder, ensuring long-term financial security.

SURVIVAL BENEFIT:

The plan offers survival benefits in the form of regular annual payouts from the end of the premium payment term until maturity or the policyholder’s demise, whichever is earlier.

DEATH BENEFIT:

In the unfortunate event of the policyholder’s demise, the nominee receives the sum assured along with accrued bonuses, providing financial support to the family.

Maturity Benefit

On surviving till the end of the policy term or reaching the age of 100, the policyholder is entitled to receive a maturity benefit, which is the sum assured on maturity along with bonuses. This provides a lump sum amount to fulfill financial goals or meet any expenses in the later stages of life.

key features of jeevan umang 945

The Jeevan Umang 945 plan comes with several noteworthy features that set it apart from other insurance policies. Here are some key features:

WHOLE LIFE COVERAGE:

The policy provides coverage for the entire lifetime of the policyholder, ensuring long-term financial security.

SURVIVAL BENEFIT:

The plan offers survival benefits in the form of regular annual payouts from the end of the premium payment term until maturity or the policyholder’s demise, whichever is earlier.

DEATH BENEFIT:

In the unfortunate event of the policyholder’s demise, the nominee receives the sum assured along with accrued bonuses, providing financial support to the family.

Loan Facility:

Policyholders can avail loans against the policy once it acquires a surrender value.

Free Look Period:  

The free look period for LIC Jeevan Umang is 15 days from the date of receipt of the policy document.

Rebate:

The plan offers rebates on various basic sum assured amounts. They are as follows:

Basic Sum Assured (Rs.)Rebate On Premium
2,00,000 To 4,75,000Nil
5,00,000 To 9,75,0001.25% On BSA
10,00,000 To 24,75,0001.75% On BSA
25,00,000 & Above2.00% On BSA

Benefits of LIC Jeevan Umang Policy

LIFELONG COVERAGE

The plan provides insurance coverage for the entire lifetime of the policyholder, ensuring financial protection at all stages of life.

REGULAR INCOME STREAM

The policy offers annual payouts as survival benefits, which serve as a regular source of income to meet various financial obligations.

DEATH BENEFIT

In the event of the policyholder’s demise, the nominee receives the sum assured along with accrued bonuses, providing financial security to the family.

Maturity Benefit

On surviving till the end of the policy term or reaching the age of 100, the policyholder is entitled to receive a maturity benefit, which is the sum assured on maturity along with bonuses. This provides a lump sum amount to fulfill financial goals or meet any expenses in the later stages of life.

Benefits of LIC Jeevan Umang 945 Policy

Jeevan Umang 945 offers several benefits to policyholders, ensuring their financial well-being and peace of mind. Some key benefits include:

LIFELONG COVERAGE

The plan provides insurance coverage for the entire lifetime of the policyholder, ensuring financial protection at all stages of life.

REGULAR INCOME STREAM

The policy offers annual payouts as survival benefits, which serve as a regular source of income to meet various financial obligations.

DEATH BENEFIT

In the event of the policyholder’s demise, the nominee receives the sum assured along with accrued bonuses, providing financial security to the family.

Maturity Benefit

On surviving till the end of the policy term or reaching the age of 100, the policyholder is entitled to receive a maturity benefit, which is the sum assured on maturity along with bonuses. This provides a lump sum amount to fulfill financial goals or meet any expenses in the later stages of life.

premium payment options:

Jeevan Umang945 offers various premium payment options to suit the policyholder’s financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as age, sum assured, premium payment term, and policy term.

maturity and death benefits:

The Jeevan Umang945 plan provides both maturity and death benefits to ensure financial security for policyholders and their families. The maturity benefit is payable if the policyholder survives the entire policy term. It includes the sum assured along with any accrued bonuses. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured and any bonuses declared.

riders and add-ons:

Jeevan Umang 945 provides policyholders with the flexibility to enhance their coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Some common riders include accidental death benefit riders, critical illness riders, and waiver of premium riders. Policyholders can choose the riders based on their individual needs and requirements.

eligibility and application:

To be eligible for the Jeevan Umang945 plan, individuals need to fulfill certain criteria set by the insurance company. The minimum entry age is 90 days, and the maximum entry age typically ranges from 55 to 65 years, depending on the insurance provider. The policy continues until the policyholder’s demise, making it suitable for individuals looking for lifelong coverage. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company.

tax benefits:

One of the significant advantages of the Jeevan Umang 945 plan is the tax benefits it offers. Under Section 80C of the Income Tax Act of 1961, premium payments made for the policy are tax deductible. Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

Functioning of LIC's Jeevan Umang Plan

Functioning of LIC's Jeevan Umang 945 Plan

To gain a better understanding of how the Jeevan Umang945 plan works, let’s consider a couple of examples:

EXAMPLE 1:

Mr. Patel, aged 40, chooses the Jeevan Umang945 plan with a sum assured of Rs. 20,00,000. He opts for a premium payment term of 20 years and a policy term of 70 years. If he survives the policy term, he will receive the maturity benefit of Rs. 40,00,000 (sum assured + accrued bonuses) along with regular annual survival benefits.

EXAMPLE 2:

Mrs. Khan, aged 35, selects the Jeevan Umang945 plan with a sum assured of Rs. 15,00,000. She chooses a premium payment term of 15 years and a policy term of 60 years. In the event of her unfortunate demise during the policy term, her nominee will receive the sum assured along with any bonuses declared.

How does Jeevan Umang Plan work?

How does LIC Jeevan Umang 945 Plan work?

The Jeevan Umang945 plan works on the principle of providing lifelong coverage and a regular income stream. Policyholders need to choose the premium payment term at the time of policy inception. After the completion of the premium payment term, annual survival benefits are paid to the policyholder until the maturity date or their demise, whichever occurs earlier. In case of the policyholder’s unfortunate demise during the policy term, the nominee receives the sum assured along with accrued bonuses. If the policyholder survives the entire policy term, they receive the maturity benefit comprising the sum assured and any bonuses declared.

The Jeevan Umang945 plan works on the principle of providing lifelong coverage and a regular income stream. Policyholders need to choose the premium payment term at the time of policy inception. After the completion of the premium payment term, annual survival benefits are paid to the policyholder until the maturity date or their demise, whichever occurs earlier. In case of the policyholder’s unfortunate demise during the policy term, the nominee receives the sum assured along with accrued bonuses. If the policyholder survives the entire policy term, they receive the maturity benefit comprising the sum assured and any bonuses declared.

FAQ

Most frequent questions and answers

Jeevan Umang 945 is a unique participating whole life insurance plan offered by a renowned insurance company. It provides a combination of life cover, savings, and regular income throughout the policyholder’s lifetime.

Jeevan Umang 945 offers several features, including a guaranteed death benefit, survival benefit payouts, maturity benefit, optional riders for enhanced coverage, and tax benefits.

Jeevan Umang 945 is available to individuals who meet the entry age criteria set by the insurance company. The policy can be purchased by anyone looking for comprehensive life insurance coverage and a regular income stream.

Jeevan Umang 945 offers regular income in the form of survival benefits. These benefits are payable annually after the premium payment term ends and continue throughout the lifetime of the policyholder.

On reaching the maturity of the policy, the policyholder will receive the basic sum assured along with any applicable bonuses. This maturity benefit provides a lump sum amount to the policyholder, ensuring financial security.

Yes, Jeevan Umang 945 offers additional riders for enhanced coverage. Policyholders can opt for riders such as accidental death benefit, critical illness benefit, or premium waiver benefit, depending on their individual needs.

Yes, the premiums paid towards Jeevan Umang 945 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefit and any applicable riders’ benefits may also qualify for tax exemptions under Section 10(10D).

Yes, policyholders have the option to surrender the policy before maturity. However, the surrender value will depend on the policy’s duration and the premium payment terms.

If the premium is not paid within the grace period provided by the insurance company, the policy may lapse, and the benefits may cease. It is essential to ensure timely premium payments to keep the policy active.

To apply for Jeevan Umang 945, you can visit the official website of the insurance company or contact their authorized representatives. They will guide you through the application process, explain the policy’s terms and conditions, and assist you in choosing the appropriate coverage and premium payment options.

FAQ

Most frequent questions and answers

Jeevan Umang 945 is a unique participating whole life insurance plan offered by a renowned insurance company. It provides a combination of life cover, savings, and regular income throughout the policyholder’s lifetime.

Jeevan Umang 945 offers several features, including a guaranteed death benefit, survival benefit payouts, maturity benefit, optional riders for enhanced coverage, and tax benefits.

Jeevan Umang 945 is available to individuals who meet the entry age criteria set by the insurance company. The policy can be purchased by anyone looking for comprehensive life insurance coverage and a regular income stream.

Jeevan Umang 945 offers regular income in the form of survival benefits. These benefits are payable annually after the premium payment term ends and continue throughout the lifetime of the policyholder.

On reaching the maturity of the policy, the policyholder will receive the basic sum assured along with any applicable bonuses. This maturity benefit provides a lump sum amount to the policyholder, ensuring financial security.

Yes, Jeevan Umang 945 offers additional riders for enhanced coverage. Policyholders can opt for riders such as accidental death benefit, critical illness benefit, or premium waiver benefit, depending on their individual needs.

Yes, the premiums paid towards Jeevan Umang 945 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefit and any applicable riders’ benefits may also qualify for tax exemptions under Section 10(10D).

Yes, policyholders have the option to surrender the policy before maturity. However, the surrender value will depend on the policy’s duration and the premium payment terms.

If the premium is not paid within the grace period provided by the insurance company, the policy may lapse, and the benefits may cease. It is essential to ensure timely premium payments to keep the policy active.

To apply for Jeevan Umang 945, you can visit the official website of the insurance company or contact their authorized representatives. They will guide you through the application process, explain the policy’s terms and conditions, and assist you in choosing the appropriate coverage and premium payment options.