LICs Jeevan Umang

LIC’sJeevan Umang is a non-linked, par cipa ng, individual, whole life assurance plan
which offersacombina on ofincome and protec on to yourfamily. This plan provides
for annualsurvival benefits from the end ofthe premium paying term ll maturity and
a lump sumpayment atthe me of maturity or on death ofthe policyholder during the
policy term.
In addi on,this plan also takes care ofliquidity needsthrough loan facility.
1.Benefits:
a) DeathBenefit:
On death of the Life Assured during the policy term, provided the policy isin-force
i.e. all due premiums have been paid shall be as under:
i. On deathbefore the commencement of Risk:
Return of premium/s paidwithoutinterestshall be payable.
ii. OnDeatha„erthe commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple
Reversionary Bonuses (as men oned in (d) below) and Final Addi onal bonus, if
any,shall be payable.
Where i “Sum Assured on Death” s defined asthe higher of 7 mes of annualised
premiumor Basic SumAssured.
This death benefitshall not be lessthan 105% of the total premiums paid upto the
date of death.
Premiums referred above shall not include any taxes, extra premium and rider
premium(s), if any.
b) SurvivalBenefit:
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 therea„er on comple on
of each subsequent year ll the Life assured survives or ll the policy
anniversary priorto the date ofmaturity,whichever is earlier.
c) MaturityBenefit:
On the life assured surviving to the end of the policy term, provided the policy is
in-force , “Sum Assured on Maturity” along with vested Simple Reversionary
Bonuses(asmen onedin (d)below)andFinalAddi onalbonus,ifany,shallbepayable.
Where “SumAssured onMaturity” is equaltoBasic SumAssured.
d) Parcipaon in profits:
Depending upon the Corpora on’s experiencewith regard to policiesissued under
this plan,the policy shall par cipate in profits during the policy term.

During thepremiumpaying term:
Policies shall be eligible to receive Simple Reversionary Bonuses declared as per
the experience of the Corpora on during the premium paying term, provided the
policy isin-force.
Final Addi onal Bonus may also be declared under an in-force policy in the year
when such policy results into a claim by death. However, Final Addi onal Bonus
shall not be payable under paid-up policy or on surrender of a policy during the
premiumpaying term.
In case the premiums are not duly paid, the policy shall cease to par cipate in
future profits during premiumpaying term.
AŽer the premium paying term (applicable only for fully paid-up policies or for
paid-uppolicieswithMaturityPaid-upSumAssured ofRs. 2 lakhs ormore):
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 termsfor par cipa on of profits a„erthe premium paying term
may be in a different form and on a differen al scale depending on the
Corpora on’s experience underthis plan atthat me.
Final Addi onal Bonus may also be declared under the policy in the year when a
policy resultsinto a claim either by death or maturity. In addi on, applicable Final
Addi onal Bonus for surrendering policies, if any, shall also be included in Special
SurrenderValue calcula on.
Under a paid-up policy with Maturity Paid-up Sum Assured of lessthan Rs. 2 lakhs,
the policy shall not par cipate in future profits.
The actual alloca on to policyholders, out of the surplus emerging from the
actuarial inves ga on,shall be as approved by Central Government in accordance
with provisionsin thisregard under LICAct, 1956.
2. Eligibility Condions and Other Restricon :
a) MinimumBasic SumAssured : Rs. 2,00,000
b) MaximumBasic SumAssured : No limit
(The Basic SumAssured shall be inmul ples of Rs. 25,000/-)
c) PremiumPaying Term : 15, 20, 25 and 30 years
d) Policy Term : (100 – age at entry) years
e) MinimumAge at entry : 90 days (completed)
f) MaximumAge at entry : 55 years(nearer birthday)
g) MinimumAge atthe end of
premiumpaying term : 30 years(nearer birthday)
h) MaximumAge atthe end
of premiumpaying term : 70 years(nearer birthday)
i) Age at maturity : 100 years(nearer birthday)
Date of commencement ofrisk:
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 comple on of 2 years from the date
of commencement of policy or one day before the policy anniversary coinciding
with or immediately following the comple on of 8 years of age, whichever is
earlier. For those aged 8 years or more, risk will commence immediately from the
dateofissuanceofpolicy.
Date of vesng underthis plan:
If the policy is issued on the life of a minor, the policy shall automa cally vest in
the Life Assured on the policy anniversary coinciding with or immediately
following the comple on of 18 years of age and shall on such ves ng be deemed
to be a contract betweenthe Corpora on and LifeAssured.
I. RiderBenefits:
The following five op onal riders are available under this plan by payment of
addi onal premium.However,the policyholder can opt betweeneither ofthe LIC’s
Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider.
Therefore, a maximumoffourriders can be availed under a policy.
a) LIC’sAccidentalDeathandDisabilityBenefitRider(UIN: 512B209V02)
This rider can be opted for at any me under an in-force policy within the
premiumpaying termofthe Base plan provided the outstanding premiumpaying
term ofthe Base plan aswell asrideris atleast5years. The benefit cover underthis
rider shall be available upto the policy anniversary on which the age nearer
birthday ofthe Life Assured is 70 years. Ifthisrideris opted for, in case of accidental
death, the Accident Benefit Sum Assured will be payable in lumpsum In case of
accidental disability arising due to accident (within 180 days from the date of
accident), an amount equal to the Accident Benefit Sum Assured will be paid in
equal monthly instalments spread over 10 years and future premiums for
Accident Benefit Sum Assured as well as premiums for the por on of Basic
Sum Assured under the Base policy which is equal to Accident Benefit Sum
Assured,shall bewaived.
b) LIC’sAccidentBenefitRider(UIN:512B203V03)
This rider can be opted for at any me under an in-force policy within the
premiumpaying termofthe Base plan provided the outstanding premiumpaying
termofthe Base plan aswell asrideris atleast5years. The benefit cover underthis
rider shall be available only during the premium paying term. If this rider is opted
for, in case of accidental death, the Accident Benefit Sum Assured will be payable
in lumpsum
c) LIC’sNew TermAssuranceRider(UIN: 512B210V01)
This rider is available at incep on of the policy only. The benefit cover under this
ridershall be available foraterm of 35 years or ll the policy anniversary on which
the age nearer birthday of the Life assured is 75 years, whichever is earlier. If this
rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be
payable on deathofthe LifeAssured.
d) LIC’sNewCri€cal IllnessBenefitRider(UIN: 512A212V01)
Thisrider is available at the incep on of the policy only. The cover under thisrider
shall be available for a policy termof 35 years or llthe policy anniversary on which
the age ofthe Life Assured is 75 years, whichever is earlier. If thisrider is opted for,
on first diagnosis of any one ofthe specified 15 Cri cal Illnesses covered underthis
rider,the Cri cal Illness SumAssured shall be payable.
3. Opons available:

II. Op€on to takeDeathBenefitin instalments:
Thisis an op on to receive death benefitin instalments overthe chosen period of 5
or 10 or 15 yearsinstead of lump sum amount under an in-force as well as paid-up
policy. This op on can be exercised by the Policyholder during minority of the Life
Assured or by Life Assured aged 18 years and above, during his/herlife me; forfull
or part of Death benefits payable under the policy. The amount opted for by the
Policyholder/Life Assured (ie. Net Claim Amount) can be eitherin absolute value or
as a percentage ofthe total claimproceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or
monthly intervals, as opted for, subject to minimum instalment amount for
differentmodes of paymentsbeing as under:
e) LIC’s PremiumWaiverBenefitRider(UIN: 512B204V03)
Under an in-force policy, this rider can be opted for on the life of Proposer of the
policy, at any me coinciding with the policy anniversary but within the premium
paying term of the Base Policy provided the outstanding premium paying term of
the Base Policy and the rider is at least five years. Further, this rider shall be
allowed under the policy wherein the Life Assured is Minor at the me of op ng
this rider. The Rider term shall be (25 minus age of the minor Life Assured) at the
me of op ng this rider. If the Rider term plus proposer’s age is more than 70
years,theRidershall not be allowed.
If this rider is opted for, on death of proposer, payment of premiums in respect of
base policy falling due aer the date of death ll the expiry of rider term shall be
waived. However, in such case, if the premium paying term of the Base policy
exceeds the rider term, all the further premiums due under the Base policy from
the date of expiry ofthis PremiumWaiver BenefitRidertermshall be payable by the
LifeAssured.Onnon-payment of such premiums thepolicywould become paid-up.
The premium for LIC’s Accident Benefit Rider/LIC’s Accidental Death and Disability
Benefit Rider and LIC’s New Cri cal Illness Benefit Rider shall not exceed 100% of
premium under the Base plan and the premiums under all other life insurance
riders puttogethershall not exceed 30%of premiums underthe base plan.
Each of above Rider Sum Assured cannot exceed the Basic Sum Assured under the
Base plan.
For more details on the above riders, refer to the rider brochure or contact LIC’s
nearest BranchOffice.
Mode of Instalment payment
Monthly
Quarterly
Half-Yearly
Yearly
Minimum instalment amount
Rs. 5,000/-
Rs. 15,000/-
Rs. 25,000/-
Rs. 50,000/-
If the Net Claim Amount islessthan the required amount to provide the minimum
instalment amount as per the op on exercised by the Policyholder/Life Assured,
the claimproceed shall be paid in lumpsumonly.