LIC brings you the Jeevan Umang Plan to secure your future. This plan gives you money for your whole life. You get money every year to support your needs. The plan keeps your family safe with life cover.
LIC Jeevan Umang Maturity Calculator
You do not need to worry about your old age with this plan. LIC will pay you money at fixed times. The plan gives you returns for sure. You can pick how long you want to pay the money. Your family gets protection for life.
The plan is simple to understand. You will know how much money you will get. And you will feel safe about your future. Let’s look at what this plan offers you.
Key Features of LIC Jeevan Umang
- Whole Life Insurance: Provides coverage until the policyholder reaches the age of 100, ensuring financial security for your family.
- Limited Premium Payment: Pay premiums only for a chosen term of 15, 20, 25, or 30 years while enjoying lifelong benefits.
- Annual Survival Benefit: Get 8% of the Basic Sum Assured as a survival benefit every year after completing the premium paying term.
- Lump Sum Maturity Benefit: At maturity (age 100), receive the Basic Sum Assured along with vested bonuses.
- Flexible Riders: Customize your coverage with additional riders such as Accidental Death Benefits, Term Assurance, and Premium Waiver.
- Liquidity Through Loans: Borrow against your policy’s surrender value to meet financial needs without disrupting your plan.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
- LIC Jeevan Labh Plan Premium Calculator
- LIC Amritbaal Plan Premium Calculator
- LIC Bima Jyoti Plan Premium Calculator
- LIC Jeevan Umang Premium Calculator
- LIC Jeevan Utsav Premium Calculator
- LIC Money Back Policy Calculator
Eligibility Criteria
- Minimum Basic Sum Assured: ₹2,00,000.
- Maximum Basic Sum Assured: No limit (multiples vary as per policy terms).
- Premium Payment Terms: Choose from 15, 20, 25, or 30 years.
- Policy Term: Coverage extends until age 100, offering lifelong security.
- Minimum Entry Age: 30 days (completed).
- Maximum Entry Age:
- 55 years for a 15-year premium term.
- 50 years for a 20-year premium term.
- 45 years for a 25-year premium term.
- 40 years for a 30-year premium term.
- Age at Maturity: 100 years (nearest birthday).
Benefits of LIC Jeevan Umang
1. Death Benefit:
- If the policyholder passes away during the policy term, the nominee receives:
- Sum Assured on Death: This is the higher of 7 times the annualized premium or the Basic Sum Assured.
- Vested Simple Reversionary Bonuses and Final Additional Bonus (if declared).
- The total death benefit is guaranteed to be at least 105% of the total premiums paid.
2. Survival Benefit:
- After the premium paying term ends, the policyholder receives 8% of the Basic Sum Assured annually as a survival benefit until the policy anniversary before maturity.
3. Maturity Benefit:
- At the end of the policy term (age 100), the policyholder receives the Basic Sum Assured, vested Simple Reversionary Bonuses, and a Final Additional Bonus.
Premium Payment Details
Modes of Premium Payment:
- Choose from yearly, half-yearly, quarterly, or monthly payment options through NACH.
Sample Premium Rates (for Basic Sum Assured of ₹2,00,000):
| Age (Years) | Premium Paying Term (Years) | Annual Premium (₹) |
|---|---|---|
| 20 | 15 | 16,542 |
| 20 | 11,407 | |
| 25 | 8,536 | |
| 30 | 6,840 | |
| 30 | 15 | 16,542 |
| 20 | 11,407 | |
| 25 | 8,595 | |
| 30 | 7,027 | |
| 40 | 15 | 16,542 |
| 20 | 11,476 | |
| 25 | 9,036 | |
| 30 | 7,664 |
Detailed Illustration Table
Let’s understand the benefits with a detailed illustration for a 30-year-old policyholder with a Basic Sum Assured of ₹10,00,000 and a 25-year premium payment term:
| Policy Year | Annual Premium (₹) | Guaranteed Annual Survival Benefit (₹) | Cumulative Guaranteed Benefits (₹) | Death Benefit (₹) |
|---|---|---|---|---|
| 1 | 85,360 | 0 | 0 | 1,20,00,000 |
| 5 | 85,360 | 0 | 0 | 1,35,00,000 |
| 10 | 85,360 | 0 | 0 | 1,50,00,000 |
| 25 | 85,360 | 0 | 0 | 2,00,00,000 |
| 26 | 0 | 80,000 | 80,000 | 2,10,00,000 |
| 30 | 0 | 80,000 | 4,00,000 | 2,50,00,000 |
| 50 | 0 | 80,000 | 16,00,000 | 3,50,00,000 |
| 70 | 0 | 80,000 | 32,00,000 | 4,50,00,000 |
| 100 (Maturity) | 0 | 0 | 1,00,00,000 | 5,00,00,000 |
Example: For a 40-year-old policyholder opting for a 20-year premium paying term and a Basic Sum Assured of ₹20,00,000:
- Annual Premium: ₹2,29,520.
- Guaranteed Annual Survival Benefit: ₹1,60,000 after PPT.
- Maturity Benefit: ₹20,00,000 + Bonuses.
- Death Benefit in Year 15: ₹3,50,00,000 (including accrued bonuses).
Optional Riders
Enhance your coverage with the following riders:
- Accidental Death and Disability Benefit Rider: Provides additional payouts for accidental death or disability.
- Accident Benefit Rider: Offers a lump sum in case of accidental death.
- New Term Assurance Rider: Adds extra life cover to the policy.
- Premium Waiver Benefit Rider: Waives all future premiums if the proposer passes away.
Surrender and Loan Provisions
Surrender Value:
- The policy acquires a surrender value after paying at least one year’s premium.
- Guaranteed Surrender Value: Calculated as a percentage of total premiums paid, excluding taxes and rider premiums.
Loan Facility:
- Loans can be availed against the policy after it acquires a surrender value.
- Loan amounts depend on the surrender value and are subject to LIC’s terms.
Why Choose LIC Jeevan Umang?
- Provides annual income post the premium paying term.
- Offers lifelong financial protection to your family.
- Includes attractive bonuses and significant maturity payouts.
- Flexible premium payment terms tailored to your needs.
- Backed by LIC’s unmatched trust and reliability.
Conclusion
LIC brings you a special plan called Jeevan Umang. This plan gives you money for life. You get money at fixed times to live well. The plan takes care of your family too.
Your family stays safe with this plan. You do not need to worry about money in old age. LIC will send you the money as promised. The plan is good for your long-term needs. You can trust LIC to keep its word.
Start your better future with Jeevan Umang now. The plan will make your life easier. You can enjoy life knowing LIC supports you. Your family will thank you for picking this plan.
Some Terms Explained
Here are the important terms from the LIC Jeevan Umang Plan explained in simple terms to help readers understand them better:
- Whole Life Insurance
This policy provides coverage until the policyholder reaches 100 years of age. It ensures financial protection for your family for your entire lifetime. - Limited Premium Payment
You don’t need to pay premiums for your whole life. Instead, you pay for a limited period (15, 20, 25, or 30 years), after which benefits continue for the rest of your life. - Basic Sum Assured
This is the guaranteed amount you choose when you buy the policy. It is the base amount used to calculate benefits like survival and maturity payouts. - Survival Benefit
After the premium payment term ends, you start receiving 8% of the Basic Sum Assured every year. This benefit is paid as long as you live or until the policy matures. - Maturity Benefit
When the policyholder reaches the age of 100, the policy matures. The payout includes the Basic Sum Assured plus bonuses. - Death Benefit
If the policyholder passes away during the policy term, their family or nominee will receive the higher of:- 7 times the annualized premium.
- Basic Sum Assured, along with bonuses accrued until that point.
- Bonuses
These are additional amounts declared by LIC based on their profits. Bonuses increase the total payout (maturity or death benefit). - Premium Paying Term (PPT)
This is the number of years for which you pay premiums. It is shorter than the policy term and can be 15, 20, 25, or 30 years. - Surrender Value
If you decide to exit the policy early, you will receive the surrender value. It is a percentage of the premiums you’ve paid, plus accrued bonuses. - Loan Against Policy
Once the policy acquires a surrender value, you can take a loan against it to meet financial needs without terminating the policy. - Optional Riders
Riders are add-ons that enhance your policy coverage. For example:- Accidental Death and Disability Benefit Rider: Provides extra payouts for accidental death or disability.
- Premium Waiver Benefit Rider: Waives future premiums if the policy proposer passes away.
- Guaranteed Surrender Value
This is the minimum amount LIC guarantees to pay if you decide to surrender the policy before it matures. It excludes taxes and rider premiums. - Death Sum Assured
This is the amount payable to the nominee upon the policyholder’s death. It is always a significant multiple of the premiums paid to ensure the family is financially secure. - Policy Term
This refers to the duration of the policy, which extends until the policyholder turns 100 years old.
