LIC Jeevan Umang Plan, a participative endowment plan offers regular income and risk cover. A plan with no share market link, with-profits whole life assurance plan with guaranteed lifelong yearly tax-free returns for all pension seekers. This plan provides for annual survival benefits after premium payment term as per from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on death of the policyholder during the policy term.
1. Survival benefit equal to 8% of Basic Sum Assured shall be paid each year if the policy holder survives through the policy term. The first survival benefit is compensated at the end of the premium paying term and continues each year till the anniversary prior to the maturity date or till the policy holder lives.paying term and continues each year till the anniversary prior to the maturity date or till the policyholder lives.
2. At maturity, sum assured along with vested Bonuses are paid, provided all due premiums have been submitted for this policy.
3. Death benefit is paid to the beneficiary in case of unexpected death of the life insured. Sum Assured on Death should not be less than 105% of all the premiums paid till the date of death. Sum Assured on Death is the highest of the Basic Sum Assured or 10 times of the annualized premium.
4. If the policy continues after its premium term, it may participate in future profits.
Additional benefits offered under LIC Jeevan Umang Plan 845
|Eligibility and Restrictions|
|Minimum age||90 days (Completed)|
|Maximum age||55 years for Premium paying term 15 years
50 years for Premium paying term 20 years
45 years for Premium paying term 25 years
40 years for Premium paying term 30 years
|Minimum age at PPT||30 years|
|Maximum age at PPT||70 years|
|Premium paying term||15, 20, 25 and 30 years|
|Policy Term/ Maturity||100 (-) minus Age at entry|
|Minimum Sum Assured||Rs.2,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3years|
Jeevan Umang is the only plan in the industry with multiple benefits like, Insurance, Investment, Tax planning, Pension and Whole life.
Yes, after 3 years competition and 4th years beginning, loan would be available.
Under this plan insurance cover starts from first days once the policy is accepted and number had been issued.
Accidental rider is optional and available only on paying extra premium amount. If the rider is chosen, the nominee gets additional sum assured on death of the insured and in case of disability, accidental benefit is paid.
This plan gives dual tax benefits under section 80C for premiums paid and 10 (10 D) on returns from LIC every year for lifelong as well as surrender value and maturity both are tax free.
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