LIC Jeevan Umang – Plan No. 745
An independent, plain-language look at LIC Jeevan Umang (Plan No. 745, UIN 512N312V03) — what it offers, who it may suit, and what to check before buying.
Currently Available Whole Life Plan UIN: 512N312V03
What Is LIC Jeevan Umang?
LIC's Jeevan Umang is a participating, non-linked whole life plan that pays a regular survival benefit every year after the premium-paying term ends, for as long as the life assured survives, along with a lump sum on death (or on reaching age 100, whichever is earlier) that includes accrued bonuses.
Key Features
- Annual survival benefit paid every year once the premium-paying term is complete, for life
- Full sum assured plus bonuses paid as a lump sum on death (or at age 100)
- Participates in LIC's bonus declarations
- Choice of premium-paying term (e.g. shorter limited terms) under LIC's current plan rules
Who May Consider This Plan
- Customers who want a whole-life plan that also provides a regular yearly payout after the premium term
- Those planning for long-term protection with an income-style benefit later in life
Important Considerations
The annual survival benefit is a fixed percentage of the sum assured and is separate from the eventual death benefit lump sum — it's worth understanding how this interacts with your other retirement income sources when planning.
Example Scenario
Illustrative only: Someone starting this plan at age 35 with a chosen premium-paying term might begin receiving an annual payout once that term ends, continuing every year for life, with the full sum assured plus bonuses payable to the nominee on death.
LIC Jeevan Umang FAQs
It is a whole life plan, not a pension/annuity plan, but its annual survival benefit after the premium term can function similarly to a supplementary income stream for some customers.
Discuss LIC Jeevan Umang With S. Kulkarni
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