Introduction
LIC Jeevan Umang 745 vs Jeevan Utsav 771: The Insurance Regulatory and Development Authority of India (IRDAI) recently released a master circular that brought several changes to life insurance policies. In alignment with these updates, LIC has introduced and revised some of its plans. Today, we will discuss two of LIC’s flagship income plans: LIC Jeevan Umang (Table No. 745) and LIC Jeevan Utsav (Table No. 771). This detailed comparison will cover eligibility, unique selling points (USPs), benefits, premium calculations, and survival benefits.
Unique Selling Points (USPs)
LIC Jeevan Umang 745
- Whole Life Plan: Known as the 100-year plan, offering lifelong coverage.
- Guaranteed Pension: Provides guaranteed income at 8% of the sum assured annually.
- Bonus Options: Returns are based on vested simple reversionary bonuses and final additional bonuses.
LIC Jeevan Utsav 771
- Guaranteed Income Plan: Offers consistent guaranteed income.
- Flexible Premium Payment Term: Minimum premium paying term is as low as five years.
- Additional Benefits: Provides options for both regular and flexible income benefits, including compounding.
Eligibility Criteria
| Feature | LIC Jeevan Umang 745 | LIC Jeevan Utsav 771 |
|---|---|---|
| Minimum Entry Age | 30 days | 30 days |
| Maximum Entry Age | 55 years | 65 years |
| Minimum Sum Assured | ₹2,00,000 | ₹5,00,000 |
| Maximum Sum Assured | No Limit | No Limit |
| Premium Paying Terms | 15, 20, 25, 30 years | 5 to 16 years |
| Maximum Premium Cease Age | 70 years | 75 years |
Key Features and Changes
- Reduced Minimum Entry Age: Both plans now allow policies for children as young as 30 days old, reduced from the earlier limit of 90 days.
- Surrender and Loan Options: Policies can now be surrendered after completing one year (earlier two years), and loans can be availed after one year.
- Revival Period: Lapsed policies can be revived within five years of the first unpaid premium.
Premium Comparison (Example: Age 30, Sum Assured ₹10 Lakhs, Premium Paying Term: 15 Years)
| Plan | 1st Year Premium (₹) | 2nd Year Onward Premium (₹) |
|---|---|---|
| LIC Jeevan Umang 745 | 84,450 | 82,631 |
| LIC Jeevan Utsav 771 | 68,866 | 67,383 |
Survival Benefits
LIC Jeevan Umang 745
- Starts providing annual survival benefits from the 15th year onward.
- Guaranteed income at 8% of the sum assured, i.e., ₹80,000 annually for a ₹10 lakh policy.
- Lifetime benefits until 100 years.
LIC Jeevan Utsav 771
- Offers guaranteed income starting from the 18th year for a 15-year term policy (3-year deferment).
- Two income options:
- Regular Income: 10% of the sum assured annually (₹1,00,000 for ₹10 lakh sum assured).
- Flexible Income: Compoundable benefits with deferment options.
Death Benefits and Cash Value
LIC Jeevan Umang 745
- Death Benefits:
- Natural death: Sum assured plus bonuses.
- Accidental death: Sum assured plus bonuses plus accidental benefit.
- Cash Value: Option to take a lump sum before the 100-year maturity.
LIC Jeevan Utsav 771
- Death Benefits:
- Natural death: Guaranteed additions plus sum assured.
- Accidental death: Enhanced benefits with accidental coverage.
- Cash Value: Similar to Jeevan Umang, offers flexibility for early withdrawal.
Conclusion
Both LIC Jeevan Umang 745 and LIC Jeevan Utsav 771 cater to distinct customer needs:
- Choose Jeevan Umang for lifelong coverage and consistent guaranteed returns.
- Opt for Jeevan Utsav if you prefer shorter premium commitments and higher guaranteed income.
Download Jeevan Umang 745 Brochure. Download Jeevan Utsav 771 Brochure
For detailed brochures and personalized illustrations, visit LIC’s official website or consult our team on 8800290020 LIC Helpline number. These plans are excellent for securing a financial legacy and ensuring a steady income stream.
FAQs for LIC Jeevan Umang 745 and LIC Jeevan Utsav 771
What is the main difference between LIC Jeevan Umang 745 and LIC Jeevan Utsav 771?
Jeevan Umang is a whole-life plan that provides lifetime coverage and annual survival benefits starting from the 15th year.
Jeevan Utsav offers shorter premium paying terms and flexible income options, making it suitable for those who want quicker returns.
Who should choose LIC Jeevan Umang 745?
Individuals looking for long-term financial security, consistent annual income, and a plan that supports their retirement years should choose Jeevan Umang.
What is the entry age for these plans?
The minimum entry age for both Jeevan Umang and Jeevan Utsav is 30 days, and the maximum entry age is 55 years for Jeevan Umang and 65 years for Jeevan Utsav.
What is the minimum and maximum sum assured for these plans?
Jeevan Umang has minimum sum assured of ₹2,00,000 whereas Jeevan Utsav has minimum sum assured of ₹5,00,000, with no upper limit for the maximum sum assured.
What are the premium paying terms available?
For Jeevan Umang 745, premium paying terms are 15, 20, 25, or 30 years.
For Jeevan Utsav 771, premium paying terms range from 5 to 16 years.
What is the survival benefit for these plans?
Jeevan Umang 745: Provides 8% of the sum assured annually starting from the 15th policy year.
Jeevan Utsav 771: Offers two income options:
Regular Income: 10% of the sum assured annually.
Flexible Income: Compounded returns with deferment options.
Can I take a loan against these policies?
Yes, both plans allow you to take a loan after completing one year of the policy.
What happens if the policy lapses?
You can revive a lapsed policy within five years of the first unpaid premium by paying the due amount along with applicable interest.
Are there any surrender benefits?
Yes, both plans can be surrendered after completing one policy year. The surrender value will depend on the premiums paid and the policy duration.
Do these plans provide accidental death benefits?
Yes, both plans offer enhanced benefits in case of accidental death. These include the sum assured, bonuses, and additional accidental benefit coverage.
Which plan is better for shorter premium commitments?
LIC Jeevan Utsav 771 is better for those seeking shorter premium payment terms, as it offers a minimum premium paying term of five years.
How can I decide which plan suits me better?
If you want lifelong income and security, choose Jeevan Umang. For higher guaranteed returns with a shorter premium-paying term, Jeevan Utsav may be a better choice. Consulting an LIC agent or financial advisor can help you make an informed decision.
Can these plans be customized based on individual needs?
Both plans offer some flexibility in terms of premium payment options and income benefits. However, customization is limited to the options available within each plan.
