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LIC Jeevan Umang Plan

lic jeevan umang plan for the profit of whole life assurance plan

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.

LIC Jeevan Umang Features:

  • Minimum Basic Sum Assured – Rs.2,00,000 in multiples of Rs.25,000.
  • Entry age: 90 days to 55 years.
  • Maximum age of maturity is 100 years.
  • Premium paying terms: 15,20,25 and 30 years.
  • Date of commencement of risk begins immediately if the policy holder is 8 years or above. For those below 8 years, the risk commences one day before 2 years are completed or one day before the policy anniversary coinciding with the completion of 8 years of the life insured.

Benefits under LIC Jeevan Umang Plan are:

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

  • Accidental Death and Disability Benefit Rider
  • New Term Assurance Rider
  • New Critical Illness Benefit Rider
  • Tax Benefits under section 80C and 10 (10 D) of Income Tax Act
Eligibility and Restrictions 
Minimum age90 days (Completed)
Maximum age55 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 PPT30 years
Maximum age at PPT70 years
Premium paying term15, 20, 25 and 30 years
Policy Term/ Maturity100 (-) minus Age at entry
Minimum Sum AssuredRs.2,00,000
Maximum Sum AssuredNo limit
Premium PaymentYearly / Half yearly / Quarterly / Monthly (Thru Bank)
LoanEligible after 3years

Testimonial Video On LIC Jeevan Umang Plan

FAQs:

1. Why Jeevan Umang is best ever plan in Insurance Industry?

Jeevan Umang is the only plan in the industry with multiple benefits like, Insurance, Investment, Tax planning, Pension and Whole life.

2. Can we avail loan under this policy?

Yes, after 3 years competition and 4th years beginning, loan would be available.

3. Is life covered from day one?

Under this plan insurance cover starts from first days once the policy is accepted and number had been issued.

4. If I meet an accident during policy term, does LIC pay me the accidental benefit?

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.

5. What are the tax benefits under Jeevan Umang plan?

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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