UIN No: 512N312V01

Features & Conditions:

PLAN 845: LIC’s JEEVAN UMANG Min. age at entry : 90 days Completed
(Cir: PD/97 Dtd 12/05/2017, NB&R/167 Dtd 12/05/2017, Launch Date: 16/05/2017) PPT & Max. age at entry :
PPT 15 20 25 30
DETAILS:
Age NBD 55 50 45 40
This is a limited premium, non-linked, with profits Whole Life Plan. This plan
Age at Maturity : 100 years NBD
provides for annual Survival Benefits from end of PPT till Maturity (Age of 100
Policy Term : 100 minus Age at Entry
years) or earlier death.
Min. Age at end of PPT : 30 years NBD
DATE OF COMMENCEMENT OF RISK: Max. Age at end of PPT : 70 years NBD
For age at entry less than 8 years LBD : One day before completion of 2 years Minimum S.A. : `2,00,000/- & in
from DOC or one day before Policy Anniversary after completion of age of 8 years multiples of ` 25,000 thereafter.
LBD, whichever is earlier. Maximum S.A. : No limit
For age at entry 8 years LBD or more: Risk will commence immediately.
Available Riders:
SUM ASSURED ON DEATH: Basic Sum assured 1. ADDB Rider (Upto Age 70) OR
DEATH BENEFIT: Accident Benefit Rider Upto PPT.
Before Commencement of Risk: Refund of Premiums paid Excluding GST & Extra 2. Term Rider Upto 35 Yrs term OR Age 75
After Commencement of risk :Sum Assured on Death + Vested Bonus + FAB if any. whichever is earlier.
3. Critical Illness Rider Upto 35 Yrs term OR
SURVIVAL BENEFIT: 8% of Basic SA - From end of PPT till Maturity or earlier death. Age 75 whichever is earlier.
MATURITY BENEFIT: Basic SA + Vested Bonus (During & After PPT) + FAB if any. Mode of Payment:
Example: Age- 35, S.A.- `5,00,000, Policy Term : 65 years ( 100 -35), PPT-20 yrs, Yearly, Half Yly, Qly & Mly ( SSS & NACH)

Entry Maturity at Rebates:

In case of Death Mode Rebate
Age 35 at Age 40 Age 55 Age 100
Yearly : 2%, Half Yly : 1 %
High Basic S.A. Rebate
Upto 4.75 lacs : Nil
Survival Benefit
5 lacs to 9.75 lacs : ` 1.25 %o Basic SA
= 8% of Basic SA Every Yea 10 lacs to 24.75 lacs : ` 1.75 %o Basic SA
Premium Stops = `40,000 25 lacs & Above : ` 2.00 %o Basic SA
Grace Period: One calendar month,
Maturity Benefit Min 30 days. 15 Days for mly mode.
= Basic S.A. + Vested Bonus (During PPT) +
Vested Bonus (After PPT) + FAB Claim Concessions: Available
= `5,00,000 + `5,50,000 ( 55x500x20) + Paid Up/ Surrender/Policy Loan:
`6,07,500 (27x500x45) +`34,85,000 (6970x500) After payment of premium of 3 full years.
= `51,42,500
Death Benefit Revivals: Within 2 years of FUP.
= SA on Death + Vested Bonus for 5 years + FAB Back Dating:
= `5,00,000 + `1,37,500 (55x500x5) + Nil = `6,37,500 Allowed with lean Month’s benefits.
In case Term Rider is opted for `5,00,000 : Additional `5,00,000 will be paid.
Proposal Form: 300, 340 or 360
Total Natural Death Benefit: `6,37,500 + `5,00,000= `11,37,500
In case of Accidental Death (If ADDB or Accident Rider is opted): Tax Benefits :
Additional ` 5,00,000 will be paid along with Natural Death Benefit. On Basic Premiums : u/s 80C
Total: `11,37,500 + `5,00,000= `16,37,500 SB/Maturity/Death claim : u/s 10(10D)

Underwriting Rules: Without Term & CI Rider Occupation/Residence Extra:

Actual Sum Assured (ASA) for SUC: Rated up Factors for Standard Extra:
For FMR, Special Reports, MHR & TRSA: Basic S.A. only. Refer Annexure of NB&R/167 Circular.

Non -Medical Schemes: All Allowed. Keyman/Partnership/Empl-Employee:

Allowed only under Employer-Employee
Non-Standard Age Proofs: All Allowed.
NRIs & FNIOs Residence Group:
Female Lives: All Allowed.
Group I & II : Not Allowed.
Pregnant ladies: Cat A(i) & A(ii) only up to 24 weeks of pregnancy.
Group III & IV : Allowed with extra.
Minor lives/Major Students: Group V : Allowed without extra.
Max rated up S.A. inclusive of all plans `2crore & Standard Minor lives Minors & Housewives: Group IV & V only.
only. S.A. beyond `2crore / substandard minor lives at ZUS/CUS only with NMS : Group V only.
MM’s recommendation. Mail Order : Only NRIs of Group V.

Sub-Standard Major lives: With Term & CI Rider:

Up to EMR Class Ten only. Underwriting Rules of Term & CI Rider will be
Physically Handicapped lives should be gainfully employed. applicable.

124 / Prerana Induction Training - Whole Life Plans

 Bonus & FAB rates under Jeevan Umang

Bonus Rates per 1000 Basic SA as per Bonus Rates of 2017-18

Premium Paying Term
15 years 20 years 25 years 30 years
During After During After During After During After
Age at Entry PPT PPT PPT PPT PPT PPT PPT PPT
0-14 NA NA 70 35 65 32 60 30
15-29 67 33 62 31 56 28 50 25
30-44 60 30 55 27 50 25 49 24
45-55 51 25 50 25 49 24 NA NA

Final Additional Bonus Rates per 1000 Basic SA

as Per Benefit Illustration Scenario-2 i.e. Gross Investment Returns @8%
Policy Policy Policy Policy
FAB FAB FAB FAB
Term Term Term Term
15 10 35 1150 55 4490 75 9360
16 13 36 1275 56 4720 76 9560
17 15 37 1400 57 4960 77 9760
18 18 38 1525 58 5200 78 9940
19 25 39 1650 59 5440 79 10110
20 35 40 1775 60 5690 80 10270
21 50 41 1910 61 5940 81 10420
22 75 42 2050 62 6200 82 10550
23 125 43 2190 63 6450 83 10670
24 175 44 2350 64 6710 84 10770
25 225 45 2510 65 6970 85 10860
26 275 46 2670 66 7220 86 10940
27 335 47 2850 67 7480 87 10990
28 395 48 3030 68 7730 88 11040
29 455 49 3220 69 7980 89 11060
30 550 50 3410 70 8220 90 - 100 11070
31 650 51 3610 71 8460
32 775 52 3820 72 8700
33 900 53 4040 73 8930
34 1025 54 4260 74 9150
Note:
FAB rates mentioned above are arrived at by doing reverse calculation from GSV of Bonus Rates
given under Benefit Illustration at Gross Investment returns of 8%.

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JEEVAN UMANG Example – Age 35

Presentation Details
SNo Date of Plan Name of Plan Term PPT Mode Sum Assured Accident Premium G.S.T. Bonus / Maturity
Commence Benefit G.A* Amount

1 17/09/2018 845 Jeevan Umang 65 20 Yly 5,00,000 5,00,000 26,754 1,204 55.0 51,42,500
Total 5,00,000 5,00,000 26,754 1,204 51,42,500

Annual Premium, Risk Cover & Loan Availability Table*

The below table shows the Annual Premium Paid, Risk Cover, Returns & Loan Availability at the end of each year. The Tax saved is
calculated @ 0.00%
Year Age Risk Cover Annual Tax Saved Nett. Returns From *Surrender *Total Loan
Premium Premium LIC Value Available
Normal Accident With GST
1 35 5,27,500 10,27,500 27,958 0 27,958 0 0 0
2 36 5,55,000 10,55,000 27,356 0 27,356 0 0 0
3 37 5,82,500 10,82,500 27,356 0 27,356 0 23,494 21,250
4 38 6,10,000 11,10,000 27,356 0 27,356 0 67,883 57,500
5 39 6,37,500 11,37,500 27,356 0 27,356 0 85,321 73,250
6 40 6,65,000 11,65,000 27,356 0 27,356 0 1,02,946 89,000
7 41 6,92,500 11,92,500 27,356 0 27,356 0 1,28,110 1,06,750
8 42 7,20,000 12,20,000 27,356 0 27,356 0 1,57,668 1,32,500
9 43 7,47,500 12,47,500 27,356 0 27,356 0 1,91,079 1,62,000
10 44 7,75,000 12,75,000 27,356 0 27,356 0 2,28,742 1,95,000
11 45 8,02,500 13,02,500 27,356 0 27,356 0 2,71,078 2,32,250
12 46 8,30,000 13,30,000 27,356 0 27,356 0 3,13,740 2,70,000
13 47 8,57,500 13,57,500 27,356 0 27,356 0 3,61,725 3,12,500
14 48 8,85,000 13,85,000 27,356 0 27,356 0 4,16,010 3,60,500
15 49 9,17,500 14,17,500 27,356 0 27,356 0 4,77,776 4,15,000
16 50 9,46,500 14,46,500 27,356 0 27,356 0 5,48,352 4,77,250
17 51 9,75,000 14,75,000 27,356 0 27,356 0 6,34,032 5,53,000
18 52 10,04,000 15,04,000 27,356 0 27,356 0 7,05,254 6,16,250
19 53 10,35,000 15,35,000 27,356 0 27,356 0 7,70,968 6,74,750
20 54 10,67,500 15,67,500 27,356 0 27,356 0 8,66,985 7,59,750
21 55 10,88,500 15,88,500 0 0 0 40,000 9,60,750 2,10,500
22 56 11,14,500 16,14,500 0 0 0 40,000 9,79,650 2,10,500
23 57 11,53,000 16,53,000 0 0 0 40,000 10,03,050 2,10,500
24 58 11,91,500 16,91,500 0 0 0 40,000 10,37,700 2,10,500
25 59 12,30,000 17,30,000 0 0 0 40,000 10,72,350 2,10,500
26 60 12,68,500 17,68,500 0 0 0 40,000 11,07,000 2,10,500
27 61 13,12,000 18,12,000 0 0 0 40,000 11,41,650 2,10,500
28 62 13,55,500 18,55,500 0 0 0 40,000 11,80,800 2,10,500
29 63 13,99,000 18,99,000 0 0 0 40,000 12,19,950 2,10,500
30 64 14,60,000 19,60,000 0 0 0 40,000 12,59,100 2,10,500
31 65 15,23,500 20,23,500 0 0 0 40,000 13,14,000 2,10,500
32 66 15,99,500 20,99,500 0 0 0 40,000 13,71,150 2,10,500
33 67 16,75,500 21,75,500 0 0 0 40,000 14,39,550 2,10,500
34 68 17,51,500 22,51,500 0 0 0 40,000 15,07,950 2,10,500
35 69 18,27,500 23,27,500 0 0 0 40,000 15,76,350 2,10,500
36 70 19,03,500 24,03,500 0 0 0 40,000 16,44,750 2,10,500
37 71 19,79,500 19,79,500 0 0 0 40,000 17,13,150 2,10,500
38 72 20,55,500 20,55,500 0 0 0 40,000 17,81,550 2,10,500
39 73 21,31,500 21,31,500 0 0 0 40,000 18,49,950 2,10,500
40 74 22,07,500 22,07,500 0 0 0 40,000 19,18,350 2,10,500
41 75 22,88,500 22,88,500 0 0 0 40,000 19,86,750 2,10,500
42 76 23,72,000 23,72,000 0 0 0 40,000 20,59,650 2,10,500

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JEEVAN UMANG Example: Age 35

Annual Premium, Risk Cover & Loan Availability Table*

The below table shows the Annual Premium Paid, Risk Cover, Returns & Loan Availability at the end of each year. The Tax saved is
calculated @ 0.00%
Year Age Risk Cover Annual Tax Saved Nett. Returns From *Surrender *Total Loan
Premium Premium LIC Value Available
Normal Accident

43 77 24,55,500 24,55,500 0 0 0 40,000 21,34,800 2,10,500

44 78 25,49,000 25,49,000 0 0 0 40,000 22,09,950 2,10,500
45 79 26,42,500 26,42,500 0 0 0 40,000 22,94,100 2,10,500
46 80 27,36,000 27,36,000 0 0 0 40,000 23,78,250 2,10,500
47 81 28,39,500 28,39,500 0 0 0 40,000 24,62,400 2,10,500
48 82 29,43,000 29,43,000 0 0 0 40,000 25,55,550 2,10,500
49 83 30,51,500 30,51,500 0 0 0 40,000 26,48,700 2,10,500
50 84 31,60,000 31,60,000 0 0 0 40,000 27,46,350 2,10,500
51 85 32,73,500 32,73,500 0 0 0 40,000 28,44,000 2,10,500
52 86 33,92,000 33,92,000 0 0 0 40,000 29,46,150 2,10,500
53 87 35,15,500 35,15,500 0 0 0 40,000 30,52,800 2,10,500
54 88 36,39,000 36,39,000 0 0 0 40,000 31,63,950 2,10,500
55 89 37,67,500 37,67,500 0 0 0 40,000 32,75,100 2,10,500
56 90 38,96,000 38,96,000 0 0 0 40,000 33,90,750 2,10,500
57 91 40,29,500 40,29,500 0 0 0 40,000 35,06,400 2,10,500
58 92 41,63,000 41,63,000 0 0 0 40,000 36,26,550 2,10,500
59 93 42,96,500 42,96,500 0 0 0 40,000 37,46,700 2,10,500
60 94 44,35,000 44,35,000 0 0 0 40,000 38,66,850 2,10,500
61 95 45,73,500 45,73,500 0 0 0 40,000 39,91,500 2,10,500
62 96 47,17,000 47,17,000 0 0 0 40,000 41,16,150 2,10,500
63 97 48,55,500 48,55,500 0 0 0 40,000 42,45,300 2,10,500
64 98 49,99,000 49,99,000 0 0 0 40,000 43,69,950 2,10,500
65 99 51,42,500 51,42,500 0 0 0 40,000 44,99,100 2,10,500
66 100 0 0 0 0 0 51,42,500 0 0
Total 5,47,722 0 5,47,722 69,42,500
Premium includes G.S.T. 1st Year G.S.T. is 4.5% & thereafter 2.25%
*Liable to change as per government policy. This benefit illustration is for illustration purpose only, subject to payment of stipulated
premiums on the due dates. The objective of the illustration is that the client is able to appreciate the features of the product and the
flow of benefits in different circumstances with some level of quantification.
*Surrender / Loan Value are calculated at the end of the policy year.

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 Paid-up Value & Special Surrender Value (SSV) Under Jeevan Umang

Paid-up Value:
Policy acquires Paid-up value if premiums are paid for 3 full years or more.

Paid-up Sum Assured = No. of Years Premiums Paid x Sum Assured

Premium Paying Term

This Paid-up SA along with vested Simple Reversionary Bonus will be paid either on Maturity (i.e. at age
100) or earlier death.

e.g: Age 35, Basic SA : 15,00,000, PPT - 15 years, Premiums paid - 3 years

Paid-up SA = 3/15 x 15,00,000 = 3,00,000

Vested Bonus for 3 years = 60 x 1500 x 3 = 2,70,000
Total Paid-up Value = 3,00,000 + 2,34,000 = 5,70,000

Total Paid-up value is payable on Maturity i.e. age 100 or earlier death.

Payment of Survival Benefit under Paid-up Policies:

If Paid-up SA is 2 lakhs or more then Survival Benefits equal to 8% of Paid-up SA shall be payable every
year. The first SB will be paid at the end of premium paying term and will continue till policy anniversary
prior to date of Maturity or earlier death.

Under above example Paid-up SA is `3,00,000.

So policyholder will get 8% of `3,00,000 i.e. `24,000 as SB at end of PPT every year till maturity or earlier
death.

Participation in Profits under Paid-up Policies:

A) During Balance PPT:
Paid-up policy will not participate in profits during the PPT; however the vested Simple Reversionary
Bonuses shall remain attached to Paid-up policy.

Under above example there will be no further addition of Simple Reversionary Bonus, but Bonus of `
2,70,000 will remain attached to the policy.

B) After PPT:
If Paid-up SA is 2 lakhs or more, then it will participate in future profits after PPT as per Paid-up SA
under the policy.

Under above Example, Policy will participate in profits for Paid-up SA of `3,00,000.
Simple Reversionary Bonus @`30 per thousand per annum will be added every year till maturity or
earlier death.
i.e. 30 x 300 = ` 9,000 will be added every year

C) Final Additional Bonus is also payable on Maturity or earlier death for Paid-up SA.
Under above example in case of death during 25th year of Policy:
FAB will be paid for 25 years on Paid-Up SA

Total Death Claim Payable:

= Paid-up SA + Vested Bonus During PPT + Vested Bonus after PPT + FAB
= 3,00,000 + 2,70,000 ( 60 x 1500 x 3) + 90,000 ( 30 x 300 x 10) + 67,500 ( 225 x 300)
= 7,27,500

128 / Prerana Induction Training - Whole Life Plans

Special Surrender Value (SSV):
Policy can be surrendered at any time during the policy term provided at least 3 full years premiums are
paid.

SSV during PPT under an inforce or paid-up policy:

SSV = SSV factor x (Paid-up S.A + Vested Bonuses)

SSV factor depend on PPT and Duration elapsed since commencement of policy.
Under above Example is Policy is surrendered after 3 years from DOC,
SSV = SSV Factor for 3 years X 5,70,000
= 40.18/100 x 5,70,000
= 2,29,026

Please note that SSV of FAB is not payable if policy is surrendered during PPT.

SSV after PPT under fully paid-up or paid-up policy:

A) Under Fully Paid-up Policy:

SSV = 90% of {Basic SA + Vested Simple Reversionary Bonuses (During & after PPT) + FAB}

Example: Age 35, Basic SA : 15,00,000, PPT - 15 years, Policy Surrendered after 20 years from DOC:
SSV = 90% of { 15,00,000 + 13,50,000 ( 60 x 1500 x 15) + 2,25,000 ( 30 x 1500 x 5) + 52,500 ( 35 x 1500)}
= 0.90 x 31,27,500
= 28,14,750

Total Benefit = SB for 5 years + SSV

= 6,00,000 (1,20,000 x 5) + 28,14,750
= 34,14,750

B) Under Paid-up Policy if Paid-up SA is 2 lakhs or more:

SSV = 90% of {Paid-up SA + Vested Simple Reversionary Bonuses (During & after PPT) + FAB}

Under above example if Premiums are paid for 3 years only and policy surrendered after 20 years:
SSV = 90% of {3,00,000 + 2,70,000 ( 60 x 1500 x 3) + 45,000 ( 30 x 300 x 5) + 10,500 ( 35 x 300)}
= 0.90 x 6,25,500
= 5,62,950

Total Benefit = SB for 5 years + SSV

= 1,20,000 (24,000 x 5) + 5,62,950
= 6,82,950

C) Under Paid-up Policy if Paid-up SA is less than 2 lakhs:

SSV = 90% of (Paid-up SA + Vested Simple Reversionary Bonuses during PPT only)
Example: Age 35, Basic SA : 9,00,000, PPT - 15 years, Premiums are paid for 3 years only and Policy
Surrendered after 20 years:

Paid Up SA = 3/15 x 9,00,000 = 1,80,000

Vested Bonus = 60 x 900 x 3 = 1,62,000

SSV = 90% of ( 1,80,000 + 1,62,000)

= 0.90 x 3,42,000
= 3,07,800

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