Jeevan Umang

What this product is

A whole-life-style participating plan that pays a guaranteed yearly income (8% of sum assured) for life after the premium term ends, plus a full sum-assured-plus-bonus payout on death.

You might need this if…

• You might need this if you want a plan that keeps paying you an income every year for the rest of your life once you stop paying premiums.
• You might need this if you want life cover that continues until age 100, alongside the income.
• You might need this if you want a participating (bonus-eligible) plan rather than a purely fixed-benefit one.
• You might need this if you're planning for retirement income starting at a defined future date (end of your chosen premium term).

How it actually works

• Entry age 30 days to 55 years; premium payment term chosen from 15, 20, 25 or 30 years; cover runs to age 100.
• Minimum Basic Sum Assured ₹2,00,000, no maximum.
• Once premiums stop, an annual survival benefit of 8% of Basic Sum Assured is paid every year for life (or until maturity at age 100).
• Death benefit at any time: higher of 7x annualised premium or Basic Sum Assured, plus vested bonuses, floor of 105% of premiums paid.
• Simple Reversionary Bonuses accrue during the premium-paying term; a Final Additional Bonus may apply at claim.
• Optional riders: accidental death & disability, accident benefit, term assurance, premium waiver (proposer's death) — combined cap 30% of base premium.

Worked example

Worth knowing before you decide

• Bonuses are not guaranteed — they depend on LIC's annual declared rates.
• Guaranteed Surrender Value only applies after 2 years of premiums paid, with factors from 30-90%.
• Minimum premium multiples increase in steps as sum assured rises, so double-check exact numbers for your chosen sum assured.

Official source

⌟ Official product brochure

Learn about this category

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