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.
|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|
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.
To Explain the benefits associated with Jeevan Umang Policy, following example has been taken.
|Age (Years)||25 (Completed)|
|Basic Sum Assured||25,00,000|
|Premium Paying Term||30|
|Policy Term||75 (100-25)|
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.
Following table provides year-wise and age-wise total premium paid, death claim amount, survival benefits and maturity.
|Year No||Year||Age||Deposit Amount||Sum Assured||Bonus (Approx)||Risk Cover (Approx)||Return|
|31||2047||55||0||2500000||Bonus||8802500 + Bonus *||200000|
|32||2048||56||0||2500000||Bonus||8802500 + Bonus *||200000|
|33||2049||57||0||2500000||Bonus||8802500 + Bonus *||200000|
|34||2050||58||0||2500000||Bonus||8802500 + Bonus *||200000|
|35||2051||59||0||2500000||Bonus||8802500 + Bonus *||200000|
|36||2052||60||0||2500000||Bonus||8802500 + Bonus *||200000|
|37||2053||61||0||2500000||Bonus||8802500 + Bonus *||200000|
|38||2054||62||0||2500000||Bonus||8802500 + Bonus *||200000|
|39||2055||63||0||2500000||Bonus||8802500 + Bonus *||200000|
|40||2056||64||0||2500000||Bonus||8802500 + Bonus *||200000|
|41||2057||65||0||2500000||Bonus||8802500 + Bonus *||200000|
|42||2058||66||0||2500000||Bonus||8802500 + Bonus *||200000|
|43||2059||67||0||2500000||Bonus||8802500 + Bonus *||200000|
|44||2060||68||0||2500000||Bonus||8802500 + Bonus *||200000|
|45||2061||69||0||2500000||Bonus||8802500 + Bonus *||200000|
|46||2062||70||0||2500000||Bonus||8802500 + Bonus *||200000|
|47||2063||71||0||2500000||Bonus||8802500 + Bonus *||200000|
|48||2064||72||0||2500000||Bonus||8802500 + Bonus *||200000|
|49||2065||73||0||2500000||Bonus||8802500 + Bonus *||200000|
|50||2066||74||0||2500000||Bonus||8802500 + Bonus *||200000|
|51||2067||75||0||2500000||Bonus||8802500 + Bonus *||200000|
|52||2068||76||0||2500000||Bonus||8802500 + Bonus *||200000|
|53||2069||77||0||2500000||Bonus||8802500 + Bonus *||200000|
|54||2070||78||0||2500000||Bonus||8802500 + Bonus *||200000|
|55||2071||79||0||2500000||Bonus||8802500 + Bonus *||200000|
|56||2072||80||0||2500000||Bonus||8802500 + Bonus *||200000|
|57||2073||81||0||2500000||Bonus||8802500 + Bonus *||200000|
|58||2074||82||0||2500000||Bonus||8802500 + Bonus *||200000|
|59||2075||83||0||2500000||Bonus||8802500 + Bonus *||200000|
|60||2076||84||0||2500000||Bonus||8802500 + Bonus *||200000|
|61||2077||85||0||2500000||Bonus||8802500 + Bonus *||200000|
|62||2078||86||0||2500000||Bonus||8802500 + Bonus *||200000|
|63||2079||87||0||2500000||Bonus||8802500 + Bonus *||200000|
|64||2080||88||0||2500000||Bonus||8802500 + Bonus *||200000|
|65||2081||89||0||2500000||Bonus||8802500 + Bonus *||200000|
|66||2082||90||0||2500000||Bonus||8802500 + Bonus *||200000|
|67||2083||91||0||2500000||Bonus||8802500 + Bonus *||200000|
|68||2084||92||0||2500000||Bonus||8802500 + Bonus *||200000|
|69||2085||93||0||2500000||Bonus||8802500 + Bonus *||200000|
|70||2086||94||0||2500000||Bonus||8802500 + Bonus *||200000|
|71||2087||95||0||2500000||Bonus||8802500 + Bonus *||200000|
|72||2088||96||0||2500000||Bonus||8802500 + Bonus *||200000|
|73||2089||97||0||2500000||Bonus||8802500 + Bonus *||200000|
|74||2090||98||0||2500000||Bonus||8802500 + Bonus *||200000|
|75||2091||99||0||2500000||Bonus||8802500 + Bonus *||200000|
|76||2092||100||0||8982500 + Bonus *|
*The Bonus after premium payment term accumulated differently, that is why it indicted as 8802500 + Bonus.
Above benefit illustration is prepared for the purpose of plan explanation only and the values in this illustration are based on assumptions which may change completely. It is assumed that, this plan is similar to closed LIC Jeevan Tarang (178) plan, so bonus (Rs. 49 per thousand of BSA) of Jeevan Tarang is taken for generating illustration.
Wrote : 18-06-2017 21:33:56
Hello, The plan jeevan umang no doubt is a very good plan. I just want to inquire one or two things, that r that it doe not have pwb rider, so in this case if I buy this plan and after some yrs I m disabled then what is there please help asap. Regards.
Replied : 19-06-2017 19:07:56
You may purchase this plan with disability and Critical Illness riders.
Wrote : 30-05-2017 15:42:24
I want to apply for the plan. For SA =Rs.100000.00 for 15 year term & my current age is 31 year (19.05.1986) What will be the amount in my hand just after completion of 15 year. Kindly reply.
Replied : 30-05-2017 22:41:50
You will get 8000 per year up to 99 year of age and on 100 year of your age you will get maturity. please use maturity calculator of this plan to calculate all benefits related to your plan.
Wrote : 09-07-2017 11:40:49
I think you have mistakenly mentioned 8000 instead of 80000 per year as per 8% sum assured on 10 lakhs. Correct me if I am wrong
Replied : 09-07-2017 23:06:41
Above query was regarding 1 Lakh Sum assured not 10 Lakh, please check.
Wrote : 26-05-2017 17:19:46
Age -0 Minimum - Term ?
Replied : 26-05-2017 17:49:20
Term is fixed for a particular age and it is 100- age, for example term for a 29 year person, the term will be 71(100-29). Premium paying term(PPT) can be either of 15, 20, 25 or 30 years, provided age at completion of premium paying term is not less than 30 years, for example, a 10 year old policy holder cannot have PPT as 15.
Age + PPT must be greater than 30.
For age 0, term will be 100 years and minimum premium paying term must be 30 years.
Wrote : 23-05-2017 15:59:47
Sir If some one buy this plan and Ppt-15 year in between something happen with him .then at the end he / she have to pay the premium or not then what procedure would be considered at that time?
Replied : 23-05-2017 17:02:42
In case of death before PPT, policy holder's nominee will receive sum assured +bonus as death claim amount.
Wrote : 23-05-2017 15:17:41
I have apply for the plan. For SA =Rs.500000.00 for 15 year term.my current age is 27 year. What will be the amount in my hand just after completion of 15 year.
Replied : 23-05-2017 17:00:43
After Completion of 15 years, you will receive 40,000 (8% of 500000) per year up your 99 year of age and on 100 year of your age you will get 500000+ Bonus.
Wrote : 17-06-2017 18:54:25
Dear Sir ! If you buy this policy of 500000 sum assured with 15 years ppt after 15 years u will get 8% of basic sum assured 500000 = 40000 per year for 99 years and @the maturity u will get 5512500 For best services and advise Contact me- Siddharth Ghodke
Wrote : 20-05-2017 18:35:29
According to your own assumption if one gets around 88 lakhs on maturity and gets paltry 200000/- p a it works out to apprx 2.27 % pa life long. The policy holder can instead buy a new jeevan Anand for 30 years and take maturity value and can invest in aplan like Jeevan Akshay. where he gets lifelong pension during his lifetime . On death nominee gets policy sum assured and also purchase price of Jeevan Akshay. As usual there is uncertainity of bonus Fab and bonus after premium paying term. LIC should explain in a brochure with example
Wrote : 18-05-2017 11:38:25
Hi I am Indian origin but British citizen. Please can you let me know I am eligible to take this policy? Thx
Replied : 18-05-2017 16:39:23
Yes, person of india origin( PIO) are eligible to take this plan.
Wrote : 21-05-2017 16:56:17
you can contact me on my cell for getting this insurance policy
Wrote : 12-06-2017 16:40:51
For any LIC related matters please do feel free to reach out to me @ 9830597138. Assuring you the best of my services at any time. Feel free to share your details for further discussions.
Wrote : 18-05-2017 11:31:22
Assuming present age as 35 and after completion of premium paying term (say 15 yrs) and say at the age of around 75 yrs if some one wants to close the policy and get the maturity benefits, is it possible? For me it appears the policy holder will not get the maturity amount unless he survives for 100 yrs.
Replied : 18-05-2017 13:10:45
As per example, policy can be surrendered at the age of 75 but surrender value will be some % of maturity.
Wrote : 16-05-2017 17:04:09
LIC Jeevan Umang plan is very good plan. Every one shall take this policy. This policy is very attractive for below 30 years persons. Every grand father and grand mother shall think about the welfare of their grand daughters and grand sons and shall take this policy and to pay premium as gift.
This policy gives. ---
So the above policy is amazing Policy like our Bahubali Cenema. We can compare LIC of India with great Director Sri Rajamoulli garu.
Replied : 16-05-2017 18:00:05
Thank you so much for your reviews with a filmy touch. We appreciate !!.
Wrote : 16-05-2017 16:58:13
|Year No||Year||Age||Deposit Amount||Sum Assured||Bonus (Approx)||Risk Cover (Approx)||Return|
I give the details for the first four years for reference from the above table. Please see the projected Bonus amount above. In the second, the policy holder pays a total amount of Rs.144106, while the Bonus is assumed as Rs. 122500. Is it possible to get this much bonus for an investment of 144106? This is continuing for 3rd and 4th Year also. In the 4th Year, the total amount paid by the policy holder totals to Rs.288212 , BUT the "Projected"Bonus totals to a whopping Rs.367500/- . Is it possible? I find a flaw in the above calculation sheet. Please clarify
Replied : 16-05-2017 17:44:53
It is not a flaw as the bonus declared is scheduled to be paid at maturity or death not in the same year it is declared.
Wrote : 16-05-2017 16:01:01
Children purpose this plan is no benefit due to higher age policy premium complete.
Wrote : 27-05-2017 16:36:53
HI, This policy is also good for kid, for e.g. if one Year Kid and parents taken this policy for 30 Years the premium is Rs.2496/- also at the age of 31 the investment is only 898560/- and he will earn 40 to 60 Lacks. If you compare PPF the rate of internet is good as well Loan and surrender facility also available. If you compare with other Government schemes this policy is very good. Other schemes only give return but this schemes give you lots of benefits.
Wrote : 16-05-2017 10:50:50
Thank you for your illustration about the plan. Bonus showing in the above example will real paid by LIC apart from the RISK coverage. Please confirm the same.
Replied : 16-05-2017 13:38:39
As this plan is new and no bonus rate has been declared for this plan so the above illustration is generated using Jeevan Tarang Plan which is similar to this plan. These types of plan accumulates bonus at Rs. 50 per thousand of sum assured per year (approx), so if we calculate bonus for 10,00,000 sum assured for 30 year term, then it will be 10,00,000x30x50/1000= 15,00,000. Apart from this FAB rate for 30 year in similar plans is Rs. 1100 per thousand of sum assured, so if we calculate this, it will be 10,00,000x1100/1000= 11,00,000. So, 10Lakh SA for 30 years will yield approximately 36 Lakh as maturity.
Wrote : 15-05-2017 11:59:48
Is there any surrender option after ppt just like jeevan tarang. |. If so how much it is
Replied : 15-05-2017 18:22:38
Yes, it can be surrendered and surrender value will depend on policy year in which surrender is done.
Wrote : 15-05-2017 20:55:08
Thanks for clearing my point