LIC of India new plan launched on 1st. February, 2020 which name is LIC Jeevan Umang 945 (LIC Table no. 945) is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

It has been decided to introduce LIC Jeevan Umang 945 (Table No 945) with effect from 1st. February, 2020. The Unique Identification Number UIN for LIC Jeevan Umang 945 is 512N312v02. The benefits and other details of the plan are given below.

Please Note: You can now buy online LIC Jeevan Umang plan 945 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Key Features

• Plan for a term of 100 years
• 8% of Sum Assured is paid at the end of the policy term as money back
• Simple Reversionary Bonus is payable on maturity or earlier death
• Large Sum Assured is available in this plan
• LIC Accidental Death Disability Benefit Rider, PWB Rider, Critical illness and Term Rider is available
• Paid premiums are exempted from income tax under 80C and Maturity amount is tax free under 10 (10D)

LIC Jeevan Umang Plan 945 Parameter

AGE AT ENTRY	90 Days (Completed)
PREMIUM PAYING TERM (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years  (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

Rebates in LIC Jeevan Umang Plan 945

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Premium Payment Mode	Percentage(%)
Yearly Mode	2%
Half yearly Mode	1%
Quarterly and Monthly	Nil

 

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA)	Rebate per Rs. 1000  per S.A.
Rs. 2,00,000 to Rs. 4,75,000	NIL
Rs. 5,00,000 to Rs. 9,75,000	1.25 % of (B.S.A)
Rs. 10,00,000 to Rs. 24,75,000	1.75 % of (B.S.A)
Rs. 25,00,000 and above	2 % of (B.S.A)

Benefits

Maturity Benefits

LIC Jeevan Umang 945 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

 

Survival Benefits

On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, a survival benefit equal to 8% of Basic Sum Assured shall be payable each year. 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.

Sum Assured on Maturity: On Survival to the end of the policy term, Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.

Accidental and Disability Benefit Rider

LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional. This rider can be opted for at any time within the premium paying term of the Base Plan provided the outstanding premium paying term is at least 5 years. The benefit cover under this rider shall be available upto the policy anniversary on which the age nearer birthday of the Life Assured is 70 years. Thereafter the cover shall cease.

If this benefit is opted for, an additional amount equal to the Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident. In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

The premium for the portion of Basic Sum Assured which exceeds the Accident Benefit Sum Assured and premium(s) in respect of other Rider(s), if opted for, shall continue to be paid. If the policy becomes a claim by way of death before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim amount.

• The premium for this rider will not be required to be paid after the premium paying term of the base plan.
• LIC’s Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the rider benefit will cease to apply, if policy is in lapsed condition.

Death Benefits

LIC Jeevan Umang 945 Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

• Sum Assured on Death : On the death of the policyholder during the policy term, Sum Assured on death, Vested Simple Reversionary Bonuses, and Final Additional Bonus will be paid.
• Sum Assured on Death is 7 times higher than the annualized premium.
• Death Benefit : The Death Benefit shall not be less than 105% of the total premium paid as on death.

Eligibility

LIC Jeevan Umang Plan 945 Surrender, Loan and Paid-up value.

LIC Jeevan Umang Plan 945 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Umang plan 945, after at least 2 full years of premium paid.

Paid-up value : Once a LIC Jeevan Umang Plan 945 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid

LIC Jeevan Umang Plan 945 with an Example

An example of Ravi who is purchasing this Plan with following details.

Sum Assured (Rs.)	10,00,000
Age (Years)	30
Policy Term(Years)	25 (Option -3)
Premium Paying Term	25
Purchase Year	2020
Yearly Premium	1st. yrs (40594), 2nd yrs. (39720) onward

As per above example, policy holder needs to pay the premium of Rs. 40,594 1st. yearand Rs. 39,720 2nd year onwardevery year for 25 years (Premium Paying Term) and after completion of 25 years ( Premium Paying Term ). The benefits (Survival & Year-wise death claims and maturity) related to this plan is given below.

Maturity Details

If Policy holder survives 100 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

MATURITY YEAR	AGE AT MATURITY	TOTAL PREMIUM PAID	MATURITY AMOUNT (APPROX.)
2090	100	9,93,874	81,50,000

 

Death Claim Details

In case of death during policy term ( Before 100 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand given below Table?

According to below table, the policyholder is require to pay premium for 25 years and once this premium paying term of 30 years completed, the policy holder starts receiving 80,000 (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.

Following table provides age-wise normal risk cover and accidental risk cover , survival benefits (money back) and maturity.

LIC Jeevan Umang Plan 945 additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.

Riders Facility : Accidental Death and Disability Benefit Rider, critical illness, PWB, and Term Assurance Rider is available.

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available after 2 years premium paid.

Proposal Form : Form No. 300, 340 and 360.