LIC’s Jeevan Umang is a versatile whole-life insurance plan that combines savings and protection for you and your family. This non-linked, participating policy offers annual survival benefits, a lump sum maturity benefit, and coverage for up to 100 years of age.
Key Features of LIC Jeevan Umang
1. Whole Life Coverage: Coverage continues until the policyholder reaches 100 years of age.
2. Annual Survival Benefit: Get 8% of the Basic Sum Assured annually after the premium-paying term ends.
3. Flexible Premium Payment Options: Choose from payment terms of 15, 20, 25, or 30 years.
4. Lump Sum Benefits: Enjoy a substantial payout at maturity or in case of the policyholder’s death.
5. Loan Facility: Address liquidity needs through policy loans.
6. Rider Benefits: Enhance coverage with optional riders like Accidental Death and Disability Benefit.
7. High Sum Assured Rebate: Attractive rebates for policies with higher sum assured.
Eligibility Conditions
– Minimum Basic Sum Assured: ₹2,00,000
– Maximum Basic Sum Assured: No limit
– Policy Term: Up to (100 – age at entry) years
– Premium Payment Terms: 15, 20, 25, or 30 years
– Age at Entry: Minimum 30 days; Maximum 55 years (varies with the premium-paying term)
– Age at Maturity: 100 years
Benefits Under LIC Jeevan Umang
1. Death Benefit:
– If death occurs before the risk commencement date, the premiums paid are refunded.
– After risk commencement, the nominee receives the higher of:
– 7 times the annualized premium.
– Basic Sum Assured, along with bonuses.
– This benefit is at least 105% of the total premiums paid.
2. Survival Benefit:
– Starting at the end of the premium-paying term, policyholders receive 8% of the Basic Sum Assured annually.
3. Maturity Benefit:
– At the end of the policy term, the Basic Sum Assured, along with vested bonuses and a final additional bonus, is paid.
4. Participation in Profits:
– Policyholders are eligible for Simple Reversionary Bonuses during the premium-paying term and Final Additional Bonuses under certain conditions.
Optional Rider Benefits
– Accidental Death and Disability Benefit Rider: Provides lump sum or installment payouts in case of accidents.
– Accident Benefit Rider: Offers a lump sum payout for accidental death.
– New Term Assurance Rider: Provides additional coverage during the policy term.
– Premium Waiver Benefit Rider: Waives future premiums in case of the proposer’s death.
FAQs
1. What is the minimum and maximum sum assured under LIC Jeevan Umang plan?
– The minimum sum assured is ₹2,00,000, while there is no maximum limit.
2. When do survival benefits start?
– Survival benefits begin at the end of the premium-paying term, provided all premiums are paid.
3. Can I take a loan against LIC Jeevan Umang policy?
– Yes, you can avail loans under this policy based on its surrender value.
4. Are there tax benefits in LIC Jeevan Umang plan ?
– Premiums paid and benefits received under this policy are eligible for tax benefits as per prevailing laws.
5. What happens if I miss a premium payment?
– A grace period of 30 days (15 days for monthly premiums) is provided. If premiums remain unpaid, the policy may lapse but can be revived within five years.
Official Link- LIC JEEVAN UMANG
Conclusion
LIC Jeevan Umang is an excellent choice for individuals seeking long-term financial security and life insurance coverage. Its unique combination of annual income, lump sum benefits, and lifetime protection makes it an ideal plan for various financial goals.
For more information, visit your nearest LIC branch or consult a licensed insurance agent.
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