LIC Jeevan Umang Plan 845

           LIC Jeevan Umang is non-linked, whole life assurance plan with profits. This plan provides annual survival benefits at the end of the completion of premium payment up to 100 years of age and a maturity lump sum amount at maturity of term or death of the policyholder during the term.
           LIC Jeevan Umang Plan 845 was recently launched in the market and came into effect from 16th May, 2017. This plan is similar to Jeevan Tarang Plan.
           LIC Jeevan Umang is a whole life product i.e. it provides life coverage up to 100 years of age. A whole life plan is a life insurance plan which remains throughout the lifetime of the policyholder. There are various companies which have offered maturity and death benefits under such a policy,LIC is one of them.

Features 

• It is whole life insurance plan i.e. for 100 years
• 8% of the Sum Assured is paid as money back at the end of the term
• Large Sum Assured available under this plan.
• Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.
• Simple reversionary bonus is payable on maturity or early death.
• Suitable plan for pension.
• Premiums paid are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

Age at Entry	90 Days (Completed)
Premium Paying Term (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years (As per Nearest Birthday)	55 for 15 PPT
	50 for 20 PPT
	45 for 25 PPT
	40 for 30 PPT
Age at Maturity	100 Years (Nearest Birthday)
Policy Term	100 - Age at Entry
Basic Sum Assured	2,00,000 and above in multiples of 25,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Death benefits

           On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival addition

           On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

           On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

           LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

           If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

Additional Information

• Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
• Risk Coverage: This option is available until the end of the Policy Term.
• Riders: The LIC Jeevan Umang has rider option facility.
• Cooling off period: The Policy can be returned within 15 days if the Life Insured is not satisfied with the Terms and Conditions of the policy.
• Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Jeevan Umang provides Assignments and Nominations in this plan.

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LIC Jeevan Akshay VI Plan 810 (Plan 189)

          LIC Jeevan Akshay VI (Plan 810) is a Single Premium, Immediate Annuity plan. This immediate retirement plan which provides monthly pension throughout the life on one-time premium payment. Jeevan Akshay VI Pension Plan offered by LIC helps the individuals adequately for their retirement. With the high-speed rise in the cost of basic needs, your savings today might not reach the cost of necessities throughout the retired life. Jeevan Akshay VI (LIC Plan 189) Pension Plan ensure a financially secure retirement and guarantees your peace of mind. By choosing LIC Jeevan Akshay VI Pension Plan, you can make your dreams a reality, anytime, anywhere. Jeevan Akshay immediate annuity plan is perfect for somebody having a lump sum of cash who will be interested in instantly converting that sum of money into an assured revenue stream. 

Note: The Plan Number for LIC Jeevan Akshay VI (Plan 189) with effect from May 2012 shall be Plan No. 810. 

Features
          
          LIC Jeevan Akshay VI Pension plan provides for annuity payments of a stated amount throughout the lifetime of the Life assured. Various options are available for the type and mode of payment of pensions. Let’s check the key features of Jeevan Akshay VI Annuity Plan here.

• Single Premium: Policy Premium is to be paid in a lump sum.

• Minimum Purchase Price: For all distribution channels except online: Rs. 100,000/-.

• No medical examination: No need of Medical examination under Jeevan Akshay VI plan.

• No maximum limits for the annuity purchase price:  Under LIC Pension Plan- Jeevan Akshay VI there is no Maximum limit for policy buying and the Annuity, etc.

• The Minimum & Maximum allowed age at entry is 30 years (completed) and 85 years (completed) respectively.

• Age proof of the Life assured is necessary.

Under Jeevan Akshay VI pension plan seven different types of annuities are available. Check the different Annuities under this plan in the following Section.

1. Annuity for Life.
2. An annuity is guaranteed for 5, 10, 15 or 20 years and life after that.
3. Annuity for Life with the return of purchase price on death.
4. Annuity for life is increasing at a simple rate of 3% per annum.
5. Pension for life with a provision for 50% of the pension to the spouse of the annuitant for life on death of the annuitant.
6. Annuity for life with a provision for 100% of the annuity to the spouse of the life assured for life on death of the Life Assured.
7. Pension for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on the passing of annuitant with the return of purchase price on the passing of the last survivor.

Eligibility Conditions

          Jeevan Akshay VI Pension Plan is an Immediate Annuity Plan, which provides annuity payouts immediately after the premium payment for a financially secured life after the retirement of the life assured. Let’s check the eligibility conditions for the LIC Jeevan Akshay VI Annuity Plan here.

S.no	Conditions	Details
1	Entry Age Allowed	Minimum 30 years (Completed).
		Maximum 85 years (Completed).
2	Premium Paying Mode	Single Premium
3	Policy Purchase Price	Minimum Purchase Price
		For offline mode Rs.1,00,000/-
		For Online mode Rs. 1,50,000/-.
		Maximum Purchase Price
		No Limit
4	Pension Payout frequency	Monthly.
		Quarterly.
		Half Yearly.
		Yearly.
5	Annuity guaranteed Period	5,10,15 and 20 years and as long as life assured is alive.

Benefits

Death Benefit: If in the case of death of the Life Assured, then the Annuity completely depends on the pension option which is chosen by the Annuitant.

Tax Benefit: Under Section 80CCC of the Income Tax Act, the Premiums paid under the Jeevan Akshay VI policy are exempted from Income tax. The Pension, which is received, is taxable.

Maturity Benefit: There is no maturity benefit under Jeevan Akshay VI retirement plan since this plan is to protect the risk of living too long and provided the pension immediately according to the selected option.

Free Look Period: If the Life Insured is not satisfied with the “Terms & Conditions” of the Jeevan Akshay VI Retirement plan, she/he may return the Insurance policy to the Company within 15 days from the date of receipt of the Plan.

Annuity Rate: Different Annuity rates are available for different types of annuities under Jeevan Akshay VI Plan. The policy can be purchased by one-time payment (Single Premium) which can be worked out by applying annuity rates for the type and mode of annuity opted by the Life Assured.

Yearly annuity amount under Option (1,00,000/- Sum Assured)
Age Last Birthday	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
30 years	Rs.7,190/-	Rs.7,160/-	Rs.6,890/-	Rs.5,250/-	Rs.7,080/-	Rs.6,970/-	Rs.6,860/-
40 years	Rs.7,510/-	Rs.7,440/-	Rs.6,930/-	Rs.5,610/-	Rs.7,310/-	Rs.7,120/-	Rs.6,890/-
50 years	Rs.8,140/-	Rs.7,950/-	Rs.7,000/-	Rs.6,280/-	Rs.7,760/-	Rs.7,420/-	Rs.6,930/-
60 years	Rs.9,350/-	Rs.8,790/-	Rs.7,110/-	Rs.7,530/-	Rs.8,640/-	Rs.8,030/-	Rs.7,010/-
70 years	Rs.12,080/-	Rs.9,830/-	Rs.7,260/-	Rs.10,220/-	Rs.10,560/-	Rs.9,370/-	Rs.7,130/-
80 years	Rs.17,880/-	Rs.10,440/-	Rs.7,480/-	Rs.15,890/-	Rs.14,600/-	Rs.12,340/-	Rs.7,290/-

          The first installment of the annuity shall be paid 1 year, 6 months, 3 months or 1 month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be paid during the life time of the life assured with following provisions on death of the annuitant for different options are listed below.

Under option (1): Payment of the annuity terminates.

Under option (2):

On the death of the life assured during the guarantee period – the annuity is paid to the nominee till the end of the guaranteed period after which the same terminates.

On death after the guarantee period – payment of annuity ceases.

Guarantee Period option will be – 5, 10, 15 and 20 Years.

Under option(3): Payment of annuity terminates and the purchase price is returned to the nominee.

Under option (4): Payment of annuity terminates.

Under option (5): Payment of annuity terminates and 50% of the annuity is paid to the surviving named spouse during his/her the life time. If the spouse predeceases the life assured, nothing is payable after the death of the annuitant.

Under option (6): Payment of annuity terminates and 100% of the annuity is paid to the surviving named spouse during his/her the lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

Under option (7): The Payment of annuity terminates. 100% of the annuity is paid to the surviving named spouse during his/her lifetime and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and the purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.

Claim Procedure

          The Life assured can claim the LIC Pension Plan after the completion of the policy period. In a case of eventual death of the annuitant, the nominee can claim instead of the insured. Check the documents required for Claim the Jeevan Akshay VI Pension Plan here.

• NEFT Form
• Discharge form
• Cancel check or Bank Pass book xerox
• Policy bond / Document
• Death certificate ( If in the case of the eventual death of the life assured)

Additional Information 

Service Tax:

           Service tax, if any, shall be as per the Service Tax Act, India and at the rate of service tax as applicable from time to time.

          The amount of service tax as per the prevailing rates shall be payable by the life assured along with the purchase price.

Paid-up value:

           LIC Jeevan Akshay VI  policy does not acquire any paid-up value.

Surrender Value:

          No surrender value will be available under the LIC New Pension policy-Jeevan Akshay VI.

Loan:

           No loan will be available under the Jeevan Akshay VI policy.

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