The Life Insurance Corporation’s Jeevan Umang plan offers whole-life protection combined with periodic payouts. Premiums are paid for a limited term, and thereafter the policyholder receives annual survival benefits till age 100, with a lump-sum benefit on death or maturity—making it a disciplined savings-cum-protection option.
You select a Premium Paying Term (PPT) of 15, 20, 25 or 30 years and pay premiums during this period. After completing the PPT, the plan begins annual survival benefit payments—typically 8 % of the Basic Sum Assured each year—until the policy anniversary before age 100 or death. On death of the life assured during the term, the nominee receives the Sum Assured on Death plus any accrued bonuses. On survival to maturity (age 100), a lump-sum benefit including Basic Sum Assured and bonuses is paid.
• Whole-life cover with limited premium payment: Enjoy life cover until age 100 while paying premiums for a fixed number of years.
• Regular income via survival benefits: After premium payment term ends, receive fixed annual payouts as long as you live or until the policy term ends.
• Life cover for your family: On death, the higher of Sum Assured on Death and 105 % of total premiums paid is provided, along with bonuses.
• Participating plan: Eligible for Simple Reversionary Bonuses and Final Additional Bonus as declared, adding to your total benefit.
• Loan facility: You may access policy loan against surrender value after premiums have been paid for a specified duration, enhancing liquidity.
• Minimum Basic Sum Assured starts at ₹2 lakh (no upper limit for higher sums).
• Premium Paying Terms offered: 15, 20, 25 or 30 years—so you choose how long you want to pay.
• Entry age limits vary depending on PPT —for example, up to age 55 for PPT 15 yrs, up to age 50 for PPT 20 yrs, up to age 45 for PPT 25 yrs, and up to age 40 for PPT 30 yrs.
• Policy term continues until age 100 or earlier death—ensuring long-term protection.
• Understand that survival benefit starts only after the premium payment term ends—early years are accumulation phase.
• Check how bonuses are declared and how they impact your total benefit—bonuses are not guaranteed.
• Evaluate your cash-flow: Premiums may be higher if PPT is shorter.
• Keep the policy in force: Continuous premium payment ensures eligibility for survival and maturity benefits. Lapse may reduce benefits significantly.
• Compare with other savings-cum-protection options to ensure this long-term plan fits your financial timeline and goals.
• Young investors willing to freeze premium payments for a defined period and looking for long-term cover.
• Individuals aiming for disciplined savings that reward on survival plus protection.
• People who want to ensure both long-term income and life cover for their dependents in one combined plan.
LIC Jeevan Umang (Plan No. 745) offers a unique blend of protection, guaranteed survival payouts and long-term savings.
By selecting an appropriate premium-paying term and sum assured, and remaining vested, you secure lifetime benefits for yourself and your family.
Plan early, stay invested and let this policy grow your financial security through life.