LIC Jeevan Umang (Plan No. 945, latest UIN 512N312V03) is a non‑linked, with‑profits, whole‑life savings plan. It offers annual survival benefits after the premium‑paying term, lifetime life cover up to age 100, and a lump‑sum payment on maturity at 100 or earlier death.
Key features
- Whole‑life cover: Life cover continues till age 100, subject to policy being in force.
- Regular income: After the premium‑paying term ends, a fixed percentage of Basic Sum Assured is paid every year as survival benefit till death or age 100, whichever is earlier.
- With‑profits: Eligible for simple reversionary bonuses and final additional bonus, declared by LIC based on experience.
- Limited premium paying: Premiums are payable only for a fixed PPT (e.g., 15, 20, 25 or 30 years) while cover and income can continue for decades.
- Flexibility of use: Can be positioned as a lifetime pension‑like income, legacy planning tool, or long‑term family protection plan.
- Optional riders: Riders such as Accidental Death & Disability Benefit, Critical Illness, Term Rider and Premium Waiver (where available) can be attached for comprehensive protection.
Eligibility and basic parameters
Indicative conditions from current Jeevan Umang documents (you can lift exact table from the latest LIC brochure for your site).
- Minimum age at entry: 90 days (completed) or 2 years, depending on version/option; current brochure typically allows minors as lives assured.
- Maximum age at entry: Varies with PPT, commonly around 55–60 years (nearer birthday) so that coverage can run to age 100.
- Maximum age at the end of PPT: Limited by design so income phase lasts reasonably long; refer to latest brochure for PPT‑wise caps.
- Premium Paying Terms (PPT): Typically 15, 20, 25 and 30 years.
- Policy term: Whole life up to age 100 (maturity at age 100).
- Minimum Basic Sum Assured: Often ₹2,00,000; check latest brochure as some versions specify higher minimums.
- Maximum Basic Sum Assured: No fixed upper cap; subject to underwriting, in defined multiples (e.g., ₹25,000 or ₹1,00,000).
- Premium payment modes: Yearly, half‑yearly, quarterly, monthly (NACH/ECS), as per LIC rules.
Benefits at a glance
Survival (income) benefit
Once the policyholder completes the PPT and the policy is in force, he/she receives:
- A fixed percentage of Basic Sum Assured every year (commonly 8% of Basic Sum Assured per policy year) as survival benefit, from the end of the PPT till earlier of death or policy anniversary immediately before age 100.
This creates a lifetime income stream that can act like a private pension or supplementary cash flow.
Maturity benefit
If the life assured survives till age 100 (policy maturity), LIC pays:
- Basic Sum Assured, plus
- Vested simple reversionary bonuses, plus
- Final additional bonus, if any.
This is over and above the survival benefits already enjoyed during the income period.
Death benefit
If the life assured dies any time during the policy term while the policy is in force (including during the income phase):
- Sum Assured on Death, plus
- Vested simple reversionary bonuses, plus
- Final additional bonus, if any,
are payable to the nominee. “Sum Assured on Death” is typically the higher of a multiple of annualised premium or Basic Sum Assured, subject to a minimum of 105% of total premiums paid (excluding taxes, extra and rider premiums) up to date of death.
Survival benefits already paid generally do not reduce the Sum Assured on Death; confirm this exact wording from the latest policy document when you publish.
Who should consider LIC Jeevan Umang?
- Individuals seeking a lifelong income stream after a finite premium‑paying period, effectively turning the policy into a pension‑like plan with life cover.
- Parents buying early for children so that one plan can provide long‑term survival income, life cover and a legacy corpus into the child’s old age.
- Conservative investors who prefer traditional, bonus‑based products, want cover up to age 100, and value predictable cash flow alongside long‑term family protection.
Example: A 35‑year‑old opts for a 25‑year PPT Jeevan Umang; premiums stop at 60, after which he receives 8% of Sum Assured every year as income, remains covered for life, and his family gets Sum Assured on Death plus bonuses whenever he dies (or he receives full maturity value at 100).
Important points and disclaimers
- LIC Jeevan Umang is non‑linked and with‑profits; actual returns depend on future bonus declarations, so clients should always examine an illustration and IRR calculation.
- Surrender value, paid‑up value, loans, and rider terms apply as per LIC rules once the policy acquires a surrender value.
- Plan code and UIN (e.g., 945, 512N312V02/V03) have seen updates; always refer to the latest LIC sales brochure, Customer Information Sheet and policy document for current terms and definitions.
- Tax benefits on premiums and benefits (such as under sections 80C and 10(10D) of the Income‑tax Act) are subject to conditions and may change; clients should seek personalised tax advice.