LIC Jeevan Umang Plan – Features, Eligibility Criteria & Surrender value

LIC Jeevan Umang Plan 945.

Hello, guys today we will focus on a new topic LIC Jeevan Umang Plan table number 945,
LIC has launched this plan Jeevan Umang Plan as of 1 Feb 2020. It is one of the most highly used plans in LIC.
This plan was previously known as plan 845, the government had to close that plan and then had to start a new
the plan named LIC Jeevan Umang Plan 945.

LIC Jeevan Umang Plan is a whole life policy plan under which you will get whole life coverage,
doesn’t matter how long life you live for 60years,80years, or 100 years subsequently the plans cover your entire life but the most important thing is while signing this policy you have to choose the most important aspect,
that is a tenure and sum assured plan that determines the premium of your policy.

This policy acts as a 3 in 1 scheme providing the various benefits under one umbrella regular pension policy income,
whole life coverage, and double taxation benefit. besides, it is one of the most flexible schemes released by LIC.

Eligibility for LIC Jeevan Umang Plan:

This policy is available in 4 four different options,
Meanwhile, Under this policy, you have to pay for a specific tenure, and then once the premium is over,
you will start receiving a pension for the return on your policy, likewise, you will receive the pension till the age of 100 years and after hundred years you will receive a lumpsum amount of assured rupees which you leave to your next generation.

Besides, You can buy even buy this policy in the name of the child who is just 90 days old or even to an old man who is 50 years old. The policy provides a guaranteed return of 8% on the premium paid by the customer during his policy period.

Opti 1

Opti  2

Option 3

Option 4

Premium paying term 15 Years 20 Years 25 Years 30 Years
Maximum age to enter 55 Years 50 Years 45 Years 40 Years
Minimum Age to the end of PPT (years) 30 3 0 3 0 30
Maximum age to the end of PPT( years) 70, 7 0, 7 0, 70.
Minimum Age to enter 15 Years. 10 years. 5 years 90 Days
Age of Maturity (Years) 100 1 00 100 100
Minimum Sum Assured 2,00,000 2,00000 2,00,000 200,000

The Risk factor of LIC Jeevan Umang Plan:

As we know this policy can even be purchased not only for a child of just 90 days but also even for a 55-year-old as well, and it difficult to analyze the risk factor in the case of a child so there are a few conditions in the case of child premium, The death coverage only starts at the age of 8 Years or 2 Years of purchase of policy whichever comes first.

Premium Payment option on LIC Jeevan Umang Plan:

Although there are 4 options for premium payment, it is left at the discretion of the policy purchaser,
which is a premium payment he wants? meanwhile,  Monthly, Quarterly, Semi-annually, and Yearly.

Loan Facility LIC Jeevan Umang Plan:

As this facility is commonly provided with almost all the Policy and even only on the Investments well,
So, the facility is also available to this policy as well.
But the policy has to be at least 2 years old and the amount of loan is determined on the value of the policy and
similarly, on the duration of the policyholder has paid the premium.

Here are the Criteria for the loan amount :

If the Policy is an In-Force policy then the surrender amount is up to 90% of the premium paid.
(In-force policy means a policy that is still active and the premium period is still active)

In case the of Paid-Up policy the loan amount will be only up to 80% of the value of the policy.
(Paid-Up policy is a policy in which the policyholder is free from all the premium, so he has already paid all
the premium amount but he is still covered till the maturity)

Grace Period for LIC Jeevan Umang Plan 

During the Grace period is provided on two different Method,
If the premium period is Yearly, Semi-Yearly, or Quarterly then the grace period provided to you is 30 days.
But If the premium is paid on a monthly basis then the grace period is provided for 15 days.

Tax Benefits under LIC Jeevan Umang Plan:

This policy has a double taxation benefit scheme that is as follows:
Firstly benefit is on the premium paid under sec 80C.
and secondly in addition benefit is on the maturity or death benefit the income received will be exempted
under section 10(10D).

Settlement of policy in LIC Jeevan Umang Plan:

On the other hand, the policy provides you the facility for choosing your options for receiving the settlement amount,
there are basically 2 options for making a settlement for the policy:

  • Lumpsum:
    Where in all the money will be provided to the Nominee or the policyholder in one settlement.
  • Installment:
    additionally, Under these options, your money will be provided to you in the form of an installment wherein a certain fixed rate of amount will be provided to the policyholder for an agreed period of time.
    However, After the completion of 100 years, the remaining amount will be provided to you or your family
    in a lumpsum form.

LIC Jeevan Umang Plan Surrender value:

The surrender value means surrendering the policy back to the company in case you are not able to pay or don’t want to continue the policy.
However, the policy can only be surrendered after 2 years of purchase,
however, you will be provided with a certain return but there will be certain charges debited for cancelation of policy.

The revival of Policy:

If you cancel a policy and then you restart that policy you can do it,
only with the 5 years of cancellation of policy but you have to pay the installment due with interest
then your policy will be reinstated back to you.



In summary, the final analysis of the topic “LIC Jeevan Umang Plan”,
Hence, I would like to mention that it is one of the best policies LIC has launched.
However, The LIC Jeevan Umang Plan policy has a wide range of benefits and provides not only the best solution for investment but also for the security of the family in case of uncertainty.
In other words apart from that all the other benefits the policy also provides a tax benefit scheme to
its policyholders which is an additional benefit to the policyholder as a result it was one of the most highly purchasing policies.


[ Read More: LIC New Money Back Plan 25 years: Feature, Benefit, and Eligibility Criteria ]


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