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LlC’s New Jeevan Umang 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.

LlC’s Jeevan Umang Benefits:

The benefits payable under an in force policy are as under:

a) Death Benefit:

On death before the commencement of Risk: An amount equal to the total amount 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 and Final Additional bonus, if any, shall be payable.

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.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

b) Survival Benefit: 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.

c) 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 (as mentioned in 3 below) and Final Additional bonus, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.


For Base Plan:

    Minimum Age at entry : 90 days (completed)
    Maximum Age at entry : 55 years (nbd) for PPT=15
    50 years (nbd) for PPT=20
    45 years (nbd) for PPT=25
    40 years (nbd) for PPT=30
    Premium Paying Term (PPT) : [15, 20, 25 and 30] years
    Minimum age at the end of the PPT : [30] years (nbd)
    Maximum Age at the end of PPT : [70] years (nbd)
    Age at Maturity : [100] years (nbd)
    Policy Term : [100-age at entry] years
    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/— only.
    Age at entry for the Policyholder is to be taken as age nearer birthday (nbd) except for the minimum age at entry 90 days i.e. where it is completed days.
    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..
MODE OF PREMIUM PAYMENT: The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (NACH only) or through salary deductions.

LOAN: Loan facility shall be available under this plan after at least 3 full years premiums have been paid.

If loan is availed during the premium paying term:

The maximum loan as a percentage of surrender value shall be as under:

For inforce policies- upto 90%
For paid-up policies- upto 80%

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