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LICs Jeevan Umang

LIC Jeevan Umang is an endowment cum whole life plan which offers a regular payout from the end of the premium payment term till the date of your survival. This is in addition to the life insurance cover which is being offered throughout the policy term.

The policy ends when the policyholder reaches the age of 100 or on her/his death when a lumpsum amount is payable. This plan is a participating plan eligible for Simple Reversionary Bonus and Final Addition Bonus. You can avail a loan against this policy.

Key Features of LIC Jeevan Umang Policy

This is an endowment cum whole life policy
Offers 8% of Basic Sum Assured after the premium payment term - till you are alive or till the age of 100
Plan offers Simple Reversionary Bonus & Final Addition Bonus
Tax Benefits on Premiums, Death Benefit & Maturity Benefits
You can avail a loan against this policy

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Jeevan Akshay - VII

This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).

Annuity Options:

The available annuity options under this plan are as under:

Option A: Immediate Annuity for life.
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

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New Jeevan Shanti

Jeevan Shanti is a Single Premium Annuity Plan. This plan can be used to secure fixed payouts at regular intervals for the rest of your life.

How it works: You pay a Single Premium (also called the 'Purchase Price') to purchase an Annuity. LIC will then pay you regular amounts for the rest of your life. You could receive this regular payouts monthly, quarterly, half-yearly or annually. This regular payout amount is called an Annuity. You have 2 options in this plan - Immediate Annuity & Deferred Annuity. Collectively there are 12 options to receive you regular annuity payments. We will understand them better with the help of examples.

Annuity Options in Jeevan Shanti Policy

You first have to opt for any of the following 2 options:

Immediate Annuity - In this option, your payments will start immediately. You purchase the plan by making a single payment and depending on the payout chosen, the payouts will start. In case you have chosen monthly payouts, your annuity payouts will start after the first month. In case you choose annual payouts, you will start receiving your first annuity after a year. The immediate annuity options are as follows:

Option A: Immediate Annuity for life.
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with Return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

Deferred Annuity - In this option, you purchase the plan by making a single payment and choose to start receiving the payouts only after a certain number of years. This option is useful for those who have some extra money when young and want to lock-in some retirement income when they turn older. For the period of deferment, you will receive guaranteed additions which are again fixed when you buy the plan. The options for Annuity under this are as follows:

Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life

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