India’s largest life insurer, Life Insurance Corporation of India (LIC), offers a variety of plans to meet the insurance and investment requirements of its customers. Among the diverse range of plans offered, there are plans that offer a combination of income and insurance for policyholders. LIC’s Jeevan Umang is one such policy. This is a whole-life assurance plan that provides coverage throughout the life (maximum of 100 years) of the insured person. Following the end of the premium paying term, it pays regular survival benefit to the insured person till the date of maturity or death.
The eligibility criteria outlined by the company for enrollment in Jeevan Umang policy are listed as follows:
Key features of LIC’s Jeevan Umang policy are listed as follows:
The benefits provided by LIC’s Jeevan Umang is given in the following table:
|Benefits||Extent of coverage|
|Death benefit (before the commencement of risk)||The total premium amount will be returned without any additional interest.|
|Death benefit (after the commencement of risk)||The sum assured on death mentioned in the policy document will be paid to the beneficiary. (The death benefit shall not be less than 105% of the total premiums paid till the date of death.)|
|Survival benefit||Upon survival till the end of the premium paying term, the company will pay a survival benefit of 8% of the basic sum assured every year till the death of the policyholder or the date of maturity.|
|Maturity benefit||If the policyholder survives till the end of the policy term, the sum assured on maturity along with the bonuses shall be paid to the policyholder.|
There are certain types of death for which the company is not liable to pay any compensation to the insured person. The key exclusion to be noted under the policy is suicide. If the policyholder commits suicide within the policy term, the policy shall become void. The following conditions apply in this case:
In case of an event that may give rise to a claim, the beneficiary must notify the company immediately. In case of maturity, the insured must submit a discharge form to the company with the necessary details. The following list of documents shall be submitted along with a death claim:
Claim requests must be filed at the home branch where the policy was bought. If there are any doubts regarding the claim settlement process, policyholders can contact LIC’s customer service department. Once the necessary documents are submitted for a death claim or maturity claim, the company will verify the submitted documents and provide the settlement amount to the insured person.
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