LIC Jeevan Umang Plan 845 Review

By | June 5, 2017

LIC has launched its new plan on May 16th, 2017, “JEEVAN UMANG”. JeevanUmang (Plan 845) is a non-linked whole life assurance plan with profits. This plan offers both Income and Protection to your family. The benefits and other details of the plan are given below.


  • Death Benefit:

On death before commencement of risk: An amount of equal to total amount of premium paid without interest.

On death after the commencement of risk: Death benefit is defined as sum assured on death + vested Simple Reversionary Bonus +Final Additional Bonus if any shall be payable. Death Benefit payable shall not be less than 105% of all the premiums paid as on date of death of the policyholder.

  • Survival Benefit:

If the Life Assured survive to the end of the premium paying term all the premiums in policy have been paid , a survival benefit equal to 8% of basic sum assured shall be payable each year. First Survival Benefit shall be payable at the end of the premium paying term and thereafter on completion of each subsequent year till the policyholder survives or policy anniversary prior to the date of maturity, whichever is earlier.

  • Maturity Benefit:

On the life assured surviving the end of policy term provided all premiums have been paid. Sum assured on maturity + vested Simple Reversionary Bonus +Final Additional Bonus (if any) shall be payable.

  • Tax Benefit:

Premiums paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10(10D).


The following four optional riders are available under this plan. However, the policyholder can opt for a maximum of three riders under this plan.

  • Accidental Death & Disability Benefit Rider:

This Benefit Rider is optional and can be availed by payment of additional premium. You can opt for this at any time within the premium paying term of the Base plan. Accident Benefit Sum assured is payable on death due to an accident.

  • Accident Benefit Rider:

Accident Benefit Rider is available as an optional rider by payment of additional premium. This can be opting at any time within the payment paying term. The benefit covers under this rider shall be available only during the paying premium term of the base plan. Thereafter the cover shall expire. This benefit can opt if the Life Assured is involved in an accident leading to death within 180 days from the day of the accident.

  • New Critical Illness Benefit Rider:

New Critical Illness Rider is available as an optional rider at the starting of the policy by payment of an additional premium. If you opt for this and get diagnosed with any of the 15 critical illnesses covered under this rider (Specified in the rider circular), the critical illness sum assured shall be payable.

  • New Term Assurance Benefit Rider:

You can opt for this rider at the inception of the policy by paying an additional premium. You have to pay the additional premium along with the premium of the base plan and any other rider if opted. The benefits cover under this rider shall be available for a term of 35 years or till the policy anniversary on which the age of the policyholder is 75 years, whichever is earlier.


  • High Basic Sum Assured Rebate:

2, 00,000 to 475,000/- Nil

5, 00,000 to 975,000/- 2.5% of the Basic Sum Assured

10, 00,000 to 24, 75,000/- 1.75% of the Basic Sum Assured

25, 00,000 & Above – 2% of the Basic Sum Assured

  • Loan: Loan Facility is available after a payment of 3 years of premiums.
  • Paid up Value: If the policyholder discontinues premiums after 3 years, the policy will acquire some value and it will be cancelled after Grace Period.
  • Free Look Period: In case, if the policyholder is not convinced with Terms and Conditions of the policy, the policy can be cancelled within 15 days from the date of receipt of the policy bond.


  • Minimum Age at Entry : (90 )Days (Completed)
  • Maximum Age at Entry : 55 years (Nearest Birthday)
  • Maturity Age : 100 Years
  • Policy Term : (100 – age at entry) years
  • Age at the end of PPT – Minimum 30 Years & Maximum 70 Years.
  • Premium Paying Term : 15 ,20, 25 & 30 Years
  • Minimum Basic Sum Assured : 2,00,000/-
  • Maximum Basic Sum Assured : No Limit
  • Modes of Payment: Quarterly, Half Yearly & Yearly through NACH only.


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