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JEEVAN UMANG- 945
DR. MANUAL DSOUZA
MASTER TRAINER
DATACOMP
7666802122
manual.dsouza@gmail.com
FEATURES
 A non-linked, with-profit, whole life
assurance plan)
 LIC’s Jeevan Umang plan offers a
combination of income and protection to
your family. 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.
 In addition, this plan also takes care of
liquidity needs through loan facility.
Eligibility Conditions
 Minimum Basic Sum Assured : Rs. 2,00,000
 Maximum Basic Sum Assured : No limit
 (The Basic Sum Assured shall be in multiples of
Rs. 25,000/-)
 Premium Paying Term : 15, 20, 25 and 30 years
 Policy Term : (100 – age at entry) years
 Minimum Age at entry : 90 days (completed)
 Maximum Age at entry : 55 years (nearest
birthday)
 Minimum Age at the end of premium paying term
: 30 years (nearest birthday)
 Maximum Age at the end of premium paying term
: 70 years (nearest birthday)
 Age at maturity : 100 years (nearest birthday)
Date of commencement of risk
 In case the age at entry of the Life
Assured is less than 8 years, the risk
under this plan will commence either
one day before the completion of 2
years from the date of commencement
of policy or one day before the policy
anniversary coinciding with or
immediately following the completion
of 8 years of age, whichever is earlier.
For those aged 8 years or more, risk
will commence immediately
Date of vesting
 The policy shall automatically vest on
the Life Assured on the policy
anniversary coinciding with or
immediately following the completion
of 18 years of age and shall on such
vesting be deemed to be a contract
between the Corporation and Life
Assured
Payment of Premiums
 Premiums can be paid regularly at
yearly, half-yearly, quarterly or monthly
intervals (monthly premiums through
NACH only) or through salary
deductions during the Premium
Paying Term of the policy.
 Grace period of one month but not
less than 30 days will be allowed for
payment of yearly or half-yearly or
quarterly mode and 15 days for
monthly mode of premium payment.
Ad

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Jeevan umang.945

  • 1. JEEVAN UMANG- 945 DR. MANUAL DSOUZA MASTER TRAINER DATACOMP 7666802122 manual.dsouza@gmail.com
  • 2. FEATURES  A non-linked, with-profit, whole life assurance plan)  LIC’s Jeevan Umang plan offers a combination of income and protection to your family. 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.  In addition, this plan also takes care of liquidity needs through loan facility.
  • 3. Eligibility Conditions  Minimum Basic Sum Assured : Rs. 2,00,000  Maximum Basic Sum Assured : No limit  (The Basic Sum Assured shall be in multiples of Rs. 25,000/-)  Premium Paying Term : 15, 20, 25 and 30 years  Policy Term : (100 – age at entry) years  Minimum Age at entry : 90 days (completed)  Maximum Age at entry : 55 years (nearest birthday)  Minimum Age at the end of premium paying term : 30 years (nearest birthday)  Maximum Age at the end of premium paying term : 70 years (nearest birthday)  Age at maturity : 100 years (nearest birthday)
  • 4. Date of commencement of risk  In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately
  • 5. Date of vesting  The policy shall automatically vest on the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and Life Assured
  • 6. Payment of Premiums  Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy.  Grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment.
  • 7. Mode Rebate:  Yearly mode - 2% of Tabular Premium  Half-yearly mode - 1% of Tabular premium  Quarterly, Monthly (NACH) & - NIL  Salary deduction
  • 8. Sum Assured Rebate  High Basic Sum Assured Rebate:  Basic Sum Assured (BSA) Rebate on tabular premium(Rs.)  2,00,000 to 4,75,000 Nil  5,00,000 to 9,75,000 1.25 ‰ BSA  10,00,000 to 24,75,000 1.75 ‰ BSA  25,00,000 and above 2.00 ‰ BSA
  • 9. BENEFITS  PAID UP VALUE:  If less than two years’ premiums have been paid and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period and nothing shall be payable.  If at least Two years’ premiums have been paid and any subsequent premiums be not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of policy term.  The Sum Assured on Death under a paid-up policy shall be reduced to a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid /Total number of premiums payable) * Sum Assured on Death].  The Sum Assured on Maturity under a paid-up policy shall be reduced to a sum called “Maturity Paid-up Sum Assured” and shall be equal to [(Number of premiums paid /Total number of premiums payable)*(Sum Assured on Maturity)].
  • 10. Survival Benefits  Survival benefits under a paid-up policy :  If Maturity Paid-up Sum Assured is less than the minimum Basic Sum Assured i.e. Rs. 2 lakhs, Survival Benefits shall not be paid under such policies.  If Maturity Paid-up Sum Assured is equal to or more than minimum Basic Sum Assured of Rs. 2 lakhs, Survival Benefits equal to 8% of Maturity Paid-up 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.  A paid-up policy shall not be entitled to participate in the future profits during the premium paying term, however, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid-up policy. Further, if a paid-up policy wherein the Maturity Paid-up Sum Assured is Rs. 2 lakhs or more, continues after premium paying term, it may participate in future profits after the premium paying term, depending on the Corporation’s experience under such paid- up policies.
  • 11. Death Benefit  On death of the Life Assured during the policy term, provided all due premiums have been paid then  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” and vested Simple Reversionary Bonuses (as mentioned in 2 below) and Final Additional bonus, if any, shall be payable.  Where “Sum Assured on Death” is defined as the highest of  7 times of annualized 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.
  • 12. Maturity Benefit:  On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.  Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
  • 13. Surrender Value:  The policy can be surrendered at any time provided premiums have been paid for atleast two consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.  The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.
  • 14. Policy Loan:  Loan can be availed during the policy term provided the policy has acquired a surrender value after two years and subject to the terms and conditions as the Corporation may specify from time to time.  The maximum loan as a percentage of surrender value shall be as under:  For inforce policies- upto 90%  For paid-up policies- upto 80%  If loan is availed after the premium paying term:  The maximum permissible amount of new loan (where no previous loan taken earlier is outstanding) for policies which are entitled for survival benefits shall be arrived at in such a way that the effective annual interest amount payable on loan does not exceed 50% of the annual survival benefit payable under the policy.
  • 15. Participation in profits  During the premium paying term :  Policies shall be eligible to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the premium paying term, provided the policy is in force.  Final Additional Bonus may also be declared under an inforce policy in the year when such policy results into a claim by death. However, Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.  In case the premiums are not duly paid, the policy shall cease to participate in future profits during premium paying term.
  • 16. After the premium paying term:  Under a fully paid-up policy (where all premiums payable during the term of the policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more, the terms for participation of profits after the premium paying term may be in a different form and on a differential scale depending on the Corporation’s experience under this plan at that time.  Final Additional Bonus may also be declared under the policy in the year when a policy results into a claim either by death or maturity. In addition, applicable Final Additional Bonus for surrendering policies, if any, shall also be included in Special Surrender Value calculation.
  • 17. Optional Benefit( Riders) 1) LIC Accidental and Death Benefit Rider 2) LIC Accidental Benefit Rider 3) LIC New Term Insurance Rider 4) LIC New critical illness benefit Rider 5) LIC New Premium Wavier Benefit Rider.
  • 18. DR.MANUAL DSOUZA MASTER TRAINER DATACOMP , MUMBAI 7666802122 manuald@datacompbtech.com