Jeevan Umang

LIC Jeevan Umang is a non-linked, whole life insurance policy with profit sharing, which provides the double benefit of income and insurance cover to the family of the insured. The policy was launched on February 1, 2020. LIC Jeevan Umang provides annual endowment benefit after completion of premium payment period till maturity.

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LIC's Jeevan Umang Scheme provides a combination of income and security to your family. The plan provides for annual survival benefit from the end of the premium payment period till maturity and lump sum payment at the time of maturity or on the death of the policyholder during the policy term.

Apart from this, the scheme also takes care of liquidity needs through loan facility.

FAQ's of LIC Jeevan Umang Plan
For the annual and half-yearly modes of premium payment, the Jeevan Umang Scheme provides a grace period of 1 month for payment of premium payable. Whereas in case of quarterly or monthly mode of premium payment a grace period of 15 days is allowed.
The risk start date under Jeevan Umang Yojana is as follows: For the insured under 8 years of age: The risk start date will start after completing 2 policy years or attaining the age of 8 years. For Insured Persons above 8 years of age: The date of commencement of risk shall commence immediately.
The LIC Jeevan Umang Scheme is also applicable for minor life, hence the date of captivation for the life of the minor shall be on the anniversary date of the policy or in the year in which the minor's life is assured that in the name of the policy on completion of the age of 18 years Will be contained. Primary Life Assured.
Death due to suicide is an exclusion under the LICs Life Exaltation Policy. In case of death due to suicide, the life expectancy policy will be nil except for the following scenarios: If the death due to assured life suicide occurs within 1 year of the policy within 12 months before the date of commencement of the policy, the corporation will pay only 80% of the premium paid so far and enter into Annexure N. However, this section is not applicable for life below 8 years of age. If the death due to life suicide is done in the 12 months before the date of revival of the policy, LIC will pay more than 80% of the premiums paid till the date of death or surrender value.
Yes, revival of lapse policy is available under Jeevan Umang Plan. Lapse policy can be revived within 5 consecutive years from the date of first unpaid premium. Lapse policy can be revived by paying all unpaid premiums including interest.
The loan facility is available under LIC Jeevan Umang Policy. The loan amount that can be obtained during the premium payment period of the policy is a definite factor of the surrender value of the policy: 90% of maximum loan can be availed for in-force policies. 80% maximum loan can be obtained for paid policies.

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