Jeevan Umang (945) is a non linked , with-profits whole life assurance plan with guaranteed survival benefits at the rate of 8% of the sum assured after premium paying term, through out life. Bonus at a differential rate is available even after the premium paying plan in this plan. Sum Assured along with bonus and final additional bonus is paid at death or maturity(which ever is earlier).
Premium Payment Mode
Yearly, Half Yearly, Quartely, Monthly(SSS and NACH)
Term
15 Year, 20 Year, 25 Year, 30 Year.
Minimum Age at Entry
90 days (completed)
Maximum Age at Entry
55 Years (nbd) for PPT 15, 50 Years (nbd) for PPT 20, 45 Years (nbd) for PPT 25, 40 Years (nbd) for PPT 30.
8% of sum assured shall be paid every year till 100 years of age and on surviving the period, Sum assured + vested bonus+ FAB shall be paid.
Surrender Value
Policy can be surrendered at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Loan
Loan can be availed at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Income Tax Benefit
Premium paid under the policy is eligible for Tax rebate under section 80C. Maturity benefit under this policy is tax free under section 10 (10 D) of income tax act.
Proposal Form Form No 300 for major lives and Form No 360 for minor lives.
Let’s see an Example
Lic Jeevan Umang Policy (Plan 945)
Mr. ShyamAge -30 years think to buy lic jeevan umang policy
Premium paying term(PPT)- 15 Years
Sum Assured– 5,00,000
first-year premium with gst 4.5%
Mode
yearly
half yearly
quarterly
monthly
total premium
41300
20860
10535
3511
2nd year to last year(15th) premium with gst 2.25%
