LIC Jeevan Umang (T-845) – All details with calculators and examples
LIC Jeevan Umang (T-845) is a versatile, ‘with profit whole life plan’ which has several benefits of erst while popular plan Jeevan Tharang (T 178). The greatest advantage of LIC Jeevan Umang is that it offers a ‘Guaranteed Pension’ and ‘Insurance’ to the policy holder and that too with out any tax liability on pension amount. LIC offers guaranteed annual survival benefits at the rate of 8% of Sum Assured after premium paying term which is followed by maturity benefit at 100 years of age.
| Eligibility conditions and main features | ||
|---|---|---|
| 1 | Minimum Age At Entry | 90 days (completed) |
| 2 | Maximum Age At Entry | 55 years for 15 year premium period |
| 50 years for 20 year premium period | ||
| 45 years for 25 year premium period | ||
| 40 years for 30 year premium period | ||
| 3 | Age at maturity | 100 years |
| 4 | Minimum Sum Assured | 2,00,000 |
| 5 | Sum Assured Multiples | 25,000 |
| 6 | High sum assured rebate | |
| 2,00,000 – 4,75,000 | Nil | |
| 5,00,000 – 9,75,000 | 1.25 / 1000 SA | |
| 10,00,000 – 24,75,000 | 1.75 / 1000 SA | |
| 25,00,000 and above | 2.00 / 1000 SA | |
| 7 | Premium modes available | Yearly, Half Yearly, Quarterly and Monthly(NACH and SSS) |
| 8 | Survival Benefit / pension | Paid every year after premium paying term at the rate of 8% of sum assured (paid annually) |
| 9 | Maturity | Sum Assured along with Bonus and Final Additional Bonus paid at maturity. |
| 10 | Whole life coverage | Insurance Coverage equal to sum Assured plus Bonus and FAB will be available up to 100 years of age. |
| 11 | Accident Cover | Can opt from Accident benefit or Accidental death and disability rider. |
Premium And Benefit Calculators- LIC Jeevan Umang
| Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845) | |
|---|---|
| Premium Calculator – Jeevan Umang | Maturity and Benefit Calculator – Jeevan Umang |
Click the links given above to open calculators.
LIC Jeevan Umang T-845 -Important points to remember
- LIC’s Jeevan Umang is a non- linked, with profit whole life assurance plan. Which means that, it is not directly linked to share market and insurance coverage is available through out the life. As it is a with profit plan, it will be eligible for bonus declared by LIC at the time of maturity.
- Premium paying term can be selected from 15, 20, 25 and 30 years.
- Guaranteed survival benefits at the rate of 8% of Sum Assured will be available annually after completion of the premium paying term till maturity or death which ever is earlier.
- Death benefit equal to Sum Assured + Bonus + final additional bonus available through out life.
- Maturity benefit at the age of 100 includes Sum Assured + Bonus + Final Additional Bonus.
- Simple Reversionary Bonus for Jeevan Umang is available only up to premium paying term. After that, bonus rate for the plan will be at a special Differential Rate (DB-Differential Bonus).
- Income tax rebate u/s 80C is available for the premium paid.You can use this Online Income Tax Calculator to calculate your income liability.
- Maturity benefit and guaranteed survival benefit (@ 8% of SA ) is exempted from income tax liability u/s 10(10d) of Income tax act.
Read more :
LIC Jeevan Umang T-845 – online Premium, Insurance and Benefit Calculator
Jeevan Umang – Calculator is a powerful online tool which can help you to get a complete idea on the premium and benefits of LIC’s newly introduced whole life pension plan – Jeevan Umang.
LIC Jeevan Umang policy T-845- Example of benefits.
In order to get a clear idea on the benefits of LIC’s Jeevan Umang plan, let us take an example of a person with following details and assume that he is taking a new policy.
| Plan Details Considered For Illustration | |
|---|---|
| Age | 25 Years |
| Sum Assured | 10,00,000 |
| Term | 25 Years |
| Yearly Premium | 39,322 |
| Total Premium Paid | 9,83,050 |
Please note: Illustration shown here is just an example to understand the benefits of Jeevan Umang Policy, If you want to know the actual benefits as per your details, please use the Jeevan Umang Calculator provided above.
Likely possibilities after taking Jeevan Umang plan as per our example are..
- Policy holder survives the term of 25 years and receives the guaranteed survival benefit
- Receives the maturity at the age of 100 years
- Death occurs in the period of receiving guaranteed survival Benefit
- Death occurs during the premium paying term
- Death occurs due to an accident
Let us have a look at these scenarios one by one.
1. Policy holder survives the term of 25 years and receives the guaranteed survival benefit
Guaranteed survival benefits of Rs.80,000 per annum shall be payable yearly for next 50 years as the policy holder will be at the age of 50 years at the end of premium paying term.
2. Receives the maturity at the age of 100 years
If the policy holder survives up to the age of 100 he will be eligible for a benefit of Sum Assured + Bonus +Final Addition bonus. In our case he is eligible for a return of Rs.48,00,000 at expected rates of bonus of Rs 50 per thousand SA.
3. Death occurs in the period of receiving guaranteed survival Benefit
Death coverage includes Sum assured + Bonus + Final Additional Bonus
4. Death occurs during the premium paying term
Death coverage includes Sum assured + Bonus + Final Additional Bonus even if in the premium paying period
5. Death occurs due to an accident
In case of an unfortunate event of death occurring due to an accident, additional benefits are payable, if and only if the optional accident benefit rider is taken at the time of policy. Two types of accident benefit riders are available under Jeevan Umang policy.
- LIC’s Accident benefit rider
If death occurs due to an accident an additional sum assured will be paid. Premium required for this rider is Rs .50 per thousand accident coverage opted for.
- LIC’s Accidental death and disability benefit rider.
Here accidental death coverage of additional Sum Assured will be available in case accidental death. Survival benefit at the rate of 10% of Sum Assured shall be payable in case of an accidental disability.
| Premium and Maturity Calculators – LIC’s Jeevan Umang (Plan-845) | |
|---|---|
| Premium Calculator – Jeevan Umang | Maturity and Benefit Calculator – Jeevan Umang |
Read more: Five Unique Features of LIC’s Jeevan Umang which you may not know..
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Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.
