LIC Jeevan Umang VS Jeevan Utsav | LIC जीवन उमंग VS जीवन उत्सव | LIC Plan 945 VS Plan 871|LIC Insure

Summary

In this informative video, the host Ramesh Vishwkarma introduces and compares two life insurance plans from LIC: the Life Umang Plan No. 945 and the newly launched Life Utsav Plan No. 871. He details the unique selling points, benefits, and features of each plan, including maturity benefits, survival benefits, premium payment terms, and policy term options. The comparison also covers the availability of multiple riders, eligibility conditions, and the minimum and maximum sum assured. The video aims to guide viewers in making an informed decision based on their insurance needs and financial goals.

Takeaways

• 😀 The video discusses two life insurance plans from LIC: the LIC Jeevan Umang Plan (945) and the LIC Jeevan Utsav Plan (871).
• 📅 LIC launched the Jeevan Umang Plan on February 1, 2020, and the Jeevan Utsav Plan on November 29, 2023.
• 🏠 Both plans are whole life insurance plans that provide benefits as long as the policyholder is alive.
• 💰 Jeevan Umang Plan offers a maturity benefit of Sum Assured plus bonuses and a final addition bonus if the policyholder survives till 100 years.
• 🌟 Jeevan Utsav Plan does not offer maturity benefits but provides guaranteed additions annually, setting it apart from the Jeevan Umang Plan.
• 💹 On completion of premium payment for Jeevan Umang Plan, an 8% survival benefit per annum is provided, while Jeevan Utsav Plan offers a 10% survival benefit per annum after premium payment.
• 📈 Premiums for Jeevan Umang Plan can be paid over terms of 15, 20, 25, or 30 years, while Jeevan Utsav Plan allows for premiums to be paid over 5 to 16 years.
• 🔄 Jeevan Utsav Plan offers the flexibility to choose between Regular Income Benefit and Flexible Income Benefit, with the option to change the benefit 6 months before the start of the income.
• 🚀 Both plans offer multiple riders, including a Premium Waiver Benefit Rider, Accidental Death and Disability Benefit Rider, and Accident Benefit Rider.
• 🔑 The minimum life insurance sum assured for both plans is ₹1 lakh, with no maximum limit, allowing policyholders to choose based on their income.
• 👶 The minimum age to take a policy for a child is 90 days for both plans, and the maximum age for the policyholder is up to 55 years for Jeevan Umang and up to 65 years for Jeevan Utsav.

Q & A

What are the two life insurance plans discussed in the video?

The two life insurance plans discussed are LIC's Life Ummeed Plan 945 and LIC's new Life Utsav Plan 871.

When was LIC's Life Ummeed Plan launched?

LIC's Life Ummeed Plan was launched on 1st February 2020.

What is the unique feature of the Life Utsav Plan in terms of maturity benefits?

The unique feature of the Life Utsav Plan is that it does not offer any maturity benefit, unlike the Life Ummeed Plan which provides a maturity amount on completion of the policy term.

What are the guaranteed additions provided by the Life Utsav Plan?

The Life Utsav Plan provides guaranteed additions of Rs. 1,000 for every Rs. 1,000 of the basic sum assured annually.

How can the premium payment term be chosen in the Life Ummeed Plan?

In the Life Ummeed Plan, the premium payment term can be chosen based on 15, 20, 25, or 30 years.

What is the minimum age for a child to be eligible for a policy under the Life Ummeed Plan?

The minimum age for a child to be eligible for a policy under the Life Ummeed Plan is 90 days or 3 months.

What is the minimum sum assured offered in both the Life Ummeed and Life Utsav Plans?

The minimum sum assured offered in both the Life Ummeed and Life Utsav Plans is Rs. 1 lakh.

What are the death benefits provided under the Life Ummeed Plan?

Under the Life Ummeed Plan, in the event of the policyholder's death, the nominee receives the sum assured plus bonuses and final addition bonus.

What is the difference in the premium payment mode between the two plans?

Both plans offer premium payment modes such as yearly, half-yearly, quarterly, and monthly, which will be directly debited from the policyholder's bank account.

What is the maximum age limit for a policyholder to be eligible for the Life Ummeed Plan?

The maximum age limit for a policyholder to be eligible for the Life Ummeed Plan is up to 55 years near the policyholder's birth date.

What are the survival benefits provided in the Life Utsav Plan after the completion of premium payment term?

After the completion of the premium payment term in the Life Utsav Plan, the policyholder starts receiving an income benefit from the 11th policy year if 5 to 8 years of premium is paid, and from the second year after the completion of the premium payment term if 9 to 16 years of premium is paid.