Who it suits
People who want a regular income later in life and a large sum for the family at the end.
LIC plans / Whole Life Plans
Whole Life Plans
New Plan no. 745 UIN 512N312V03
LIC’s Jeevan Umang
Participating · Non-linked · Whole life with yearly income
Pay for 15–30 years, then receive 8% of the sum assured every year, and keep life cover up to age 100.
90 days – 55 yearsEntry age
Whole life (cover up to age 100)Policy term
15, 20, 25 or 30 yearsPremium paying term
Minimum ₹2,00,000, no maximumSum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- 8% of sum assured as yearly income
- Cover up to age 100
- Bonuses under with-profits
How it works
You pay premiums for 15, 20, 25 or 30 years. From the end of that period you get a survival benefit of 8% of Basic Sum Assured every year until maturity at age 100, when a lump sum is paid.
Death benefit
Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Never less than 105% of premiums paid.
Maturity benefit
At age 100: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Survival / income benefit
8% of Basic Sum Assured every year from the end of the premium-paying term, till maturity.
Options and riders
Optional riders as listed in the brochure
Settlement options in instalments
Step by step
How the plan runs
1
Start the planEntry age: 90 days – 55 years. Sum assured: Minimum ₹2,00,000, no maximum.2
Pay premiums15, 20, 25 or 30 years3
Stay coveredPolicy term: Whole life (cover up to age 100). Death benefit applies during the term.4
Income during the term8% of Basic Sum Assured every year from the end of the premium-paying term, till maturity.5
Receive the benefitAt age 100: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 745 |
| UIN | 512N312V03 |
| Category | Whole Life Plans |
| Plan type | Participating · Non-linked · Whole life with yearly income |
| Entry age | 90 days – 55 years |
| Policy term | Whole life (cover up to age 100) |
| Premium paying term | 15, 20, 25 or 30 years |
| Sum assured | Minimum ₹2,00,000, no maximum |
- Maturity age is 100 years
- Loan facility as per policy conditions
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
People who want a regular income later in life and a large sum for the family at the end.
What is the entry age?
90 days – 55 years
What are the policy term and premium paying term?
Policy term: Whole life (cover up to age 100). Premium paying term: 15, 20, 25 or 30 years.
What sum assured can I choose?
Minimum ₹2,00,000, no maximum
What happens if the life assured dies during the term?
Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Never less than 105% of premiums paid.
What do I receive at maturity?
At age 100: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any.
Does the plan pay anything during the term?
8% of Basic Sum Assured every year from the end of the premium-paying term, till maturity.
Are there options or riders?
Optional riders as listed in the brochure
Settlement options in instalments
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.