LIC Introduces “LIC’s Jeevan Umang” Plan

By Tricitynews Reporter

Chandigarh 25^th May:- LIC has introduced “LIC’s Jeevan Umang”, the plan with cover up to age 100 which offers a combination of income and protection. This plan provides for annual survival benefits from the end of the premium paying term till age 99 and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

The USP of the plan is that Guaranteed Survival Benefit is payable on the life assured surviving to the end of the premium paying term, provided all due premiums have been paid or the paid up value in 2 lakh or more. The survival benefit will be equal to 8% p.a.  of Basic Sum Assured and paid up Sum Assured respectively. The first survival benefit payment is payable at the end of  premium paying term and thereafter on completion of each subsequent year till the Life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.

The product placement is such that this plan is available from age 90 days to 55 years. There is no upper limit to the Basic Sum Assured but shall be in multiples of Rs.25000/- with Premium paying terms having option of 15, 20, 25 and 30 years.

The Maturity Benefit is payable on the life assured surviving to the end of the policy term being age 100 years, provided all due premiums have been paid, being“Sum Assured on Maturity” which is equal to Basic Sum Assured. Paid up policies will be paid maturity paid up Sum Assured at the end of the Policy Term.

Benefit payable on death of the Life Assured during the policy term, provided all due premiums have been paid is as follows:

·         On death before the Commencement of Risk, Return of premium/s paid without interest shall be payable.

·         On Death after the Commencement of Risk , Death Benefit defined as sum of “Sum Assured on Death” shall be payable in case of In-force policies and Death Paid up Sum Assured in case of Paid up Policies which is proportionate value of Sum Assured on Death.

Where “Sum Assured on Death” is defined as the highest of

·         10 times of annualised premium; or

·         Sum Assured on Maturity; or

·         Absolute amount assured to be paid on death, i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Other salient features include payment of Simple Reversionary Bonus throughout the term and Final Additional Bonus (if any) at the time of Maturity and with Death Benefit as per rules. Final Additional Bonus, if any is also available on surrender of fully paid policies.

The policyholder has an option of availing Riders viz., LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider. However, Rider sum assured cannot exceed the Basic Sum Assured. In addition, this plan also takes care of liquidity needs through loan facility.

This is an attractive comprehensive income and protection plan for all in the family.

This policy has been accepted very warmly by the people of this region.  Chandigarh Division of LIC of India has achieved 2^nd position in the entire country on the day of launch of this policy.