LIC Jeevan Umang Plan (845) Details
LIC Jeevan Umang (Table No: 845) is a non-linked whole
life assurance plan which provides fixed yearly amount (8% of Sum
Assured/Year) after completion of premium payment up to 100 year of age
and on maturity lump sum amount on maturity (completion of 100 years) or
death. This plan is similar to Jeevan Tarang (178) Plan which is closed
for sale. Features and benefits of this plan have been explained here
with example.
Key Features
- 8% of SA per year as survival benefits
- Suitable plan for pension
- Whole Life Plan
- Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
| Calculators For Jeevan Umang Plan (845) | |
| Premium Calculator | Maturity Calculator |
Plan Parameters
| Age at Entry | 90 Days (Completed) Calculate your Age |
|---|---|
| Premium Paying Term (PPT) | 15, 20, 25, & 30 Years |
| Maximum Age at Entry in Years) (As per Nearest Birthday) |
|
| 55 for 15 PPT | |
| 50 for 20 PPT | |
| 45 for 25 PPT | |
| 40 for 30 PPT | |
| Age at Maturity | 100 Years (Nearest Birthday) |
| Policy Term | 100 - Age at Entry |
| Basic Sum Assured | 2,00,000 and above in multiples of 25,000 |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
Survival and Maturity Benefits
- On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
- on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.
Death benefits
- If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
- If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.
Commencement of Risk
- In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier. Example, if policy holder is 2 year old, then life cover (risk) will start after 2 year i.e. when policy holder will become 4 year old and if policy holder is 5 year old, then, risk will start when policy holder becomes 8 year old.
- If policy holder is 8 year old at the time of buying policy then, risk will start immediately.
To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.
| Purchase Year | 2017 |
| Age (Years) | 25 (Completed) |
| Basic Sum Assured | 25,00,000 |
| Premium Paying Term | 30 |
| Policy Term | 75 (100-25) |
| Yearly Premium | 72,053 |
As per above policy details, the policy holder is require
to pay premium for 30 years and once this premium paying term of 30
years completed, the policy holder starts receiving 2,00,000 (8% of BSA)
per year up to his 99 years of age and on completion of 100 years of
age or completion of policy term maturity will be paid.
| Year No | Year | Age | Deposit Amount | Sum Assured | Bonus (Approx) | Risk Cover (Approx) | Return |
|---|---|---|---|---|---|---|---|
| 1 | 2017 | 25 | 72053 | 2500000 | 0 | 2500000 | 0 |
| 2 | 2018 | 26 | 144106 | 2500000 | 122500 | 2622500 | 0 |
| 3 | 2019 | 27 | 216159 | 2500000 | 245000 | 2745000 | 0 |
| 4 | 2020 | 28 | 288212 | 2500000 | 367500 | 2867500 | 0 |
| 5 | 2021 | 29 | 360265 | 2500000 | 490000 | 2990000 | 0 |
| 6 | 2022 | 30 | 432318 | 2500000 | 612500 | 3112500 | 0 |
| 7 | 2023 | 31 | 504371 | 2500000 | 735000 | 3235000 | 0 |
| 8 | 2024 | 32 | 576424 | 2500000 | 857500 | 3357500 | 0 |
| 9 | 2025 | 33 | 648477 | 2500000 | 980000 | 3480000 | 0 |
| 10 | 2026 | 34 | 720530 | 2500000 | 1102500 | 3602500 | 0 |
| 11 | 2027 | 35 | 792583 | 2500000 | 1225000 | 3725000 | 0 |
| 12 | 2028 | 36 | 864636 | 2500000 | 1347500 | 3847500 | 0 |
| 13 | 2029 | 37 | 936689 | 2500000 | 1470000 | 3970000 | 0 |
| 14 | 2030 | 38 | 1008742 | 2500000 | 1592500 | 4092500 | 0 |
| 15 | 2031 | 39 | 1080795 | 2500000 | 1790000 | 4290000 | 0 |
| 16 | 2032 | 40 | 1152848 | 2500000 | 1925000 | 4425000 | 0 |
| 17 | 2033 | 41 | 1224901 | 2500000 | 2072500 | 4572500 | 0 |
| 18 | 2034 | 42 | 1296954 | 2500000 | 2220000 | 4720000 | 0 |
| 19 | 2035 | 43 | 1369007 | 2500000 | 2430000 | 4930000 | 0 |
| 20 | 2036 | 44 | 1441060 | 2500000 | 2577500 | 5077500 | 0 |
| 21 | 2037 | 45 | 1513113 | 2500000 | 2825000 | 5325000 | 0 |
| 22 | 2038 | 46 | 1585166 | 2500000 | 3122500 | 5622500 | 0 |
| 23 | 2039 | 47 | 1657219 | 2500000 | 3445000 | 5945000 | 0 |
| 24 | 2040 | 48 | 1729272 | 2500000 | 3692500 | 6192500 | 0 |
| 25 | 2041 | 49 | 1801325 | 2500000 | 4065000 | 6565000 | 0 |
| 26 | 2042 | 50 | 1873378 | 2500000 | 4437500 | 6937500 | 0 |
| 27 | 2043 | 51 | 1945431 | 2500000 | 4860000 | 7360000 | 0 |
| 28 | 2044 | 52 | 2017484 | 2500000 | 5282500 | 7782500 | 0 |
| 29 | 2045 | 53 | 2089537 | 2500000 | 5705000 | 8205000 | 0 |
| 30 | 2046 | 54 | 2161590 | 2500000 | 6302500 | 8802500 | 0 |
| 31 | 2047 | 55 | 0 | 2500000 | Bonus | 8802500 + |