The LIC Jeevan Umang policy is a non-linked, with-profits whole life assurance plan which offers financial protection in the event of death throughout the policyholder’s lifetime. The policy also provides for a lump sum payment at the maturity of the policy. The features and benefits of the LIC Jeevan Umang Policy are: – Whole life cover with no upper age limit for entry – death benefit is payable irrespective of when death occurs during the policy term – Maturity benefit is payable as a lump sum at the end of the policy term – Option to avail of loan against the policy – Tax benefits under section 80C and 10(10D) of the Income Tax Act, 1961 Eligibility Criteria The following are the eligibility criteria for availing of the LIC Jeevan Umang Policy: – The minimum age at entry is 12 years while the maximum age is 55 years. – The policy term ranges from 15 to 20 years. – The minimum sum assured is Rs.1,00,000 while there is no upper limit on sum assured.
| LIC’s Jeevan Umang (Plan No. 945, UIN No. 512N312V02) |
| Company Website : Click Here |
| Date of Launch : 01.02.2020 |
| Minimum Basic Sum Assured | Rs. 2,00,000 |
| Maximum Basic Sum Assured (The Basic Sum Assured shall be in multiples of Rs. 25,000/-) |
No limit |
| Premium Paying Term | 15, 20, 25 and 30 years) |
| Policy Term | (100 – age at entry) years |
| Minimum Age at entry | 90 days (completed) |
| Maximum Age at entry | 55 years (completed) |
| Minimum Age at the end of premium paying term | 30 years (nearest birthday) |
| Maximum Age at the end of premium paying term | 70 years (nearest birthday) |
| Age at maturity | 100 years (nearest birthday) |
Source: LIC Jeevan Umang Policy
What is Lic Jeevan Umang Policy?
The LIC Jeevan Umang Policy is a LIC whole life insurance plan that offers financial security to the policyholder and their family. The death benefit payable under this policy is the sum assured plus accrued bonuses, if any. This policy also provides for a survival benefit in the form of regular payouts starting from the end of the policy term.
This policy is ideal for people who are looking for a comprehensive life insurance cover that will take care of their loved ones in case of their untimely demise. The policy also comes with an inbuilt terminal illness benefit, which provides for early payouts in case the policyholder is diagnosed with a terminal illness.
The LIC Jeevan Umang Policy has a minimum sum assured of Rs.1 lakh and there is no maximum limit on the sum assured. The policy term can range from 10-30 years and premiums need to be paid regularly during the policy term. Premiums paid under this policy are eligible for tax benefits under Section 80C of the Income Tax Act.
Read More: LIC 1 Cr Term Insurance Policy | LIC Term Insurance Plans In India
What are the benefits of a Lic Jeevan Umang Policy?
The LIC Jeevan Umang policy is a whole life insurance plan that offers guaranteed lifelong protection. Some of the key benefits of this policy are:
1. Guaranteed Protection: The LIC Jeevan Umang policy provides guaranteed lifelong protection for the policyholder. In case of death of the policyholder, the nominee will receive the sum assured as well as any accumulated bonuses.
2. Whole life coverage: This policy provides coverage for the entire lifetime of the policyholder, provided all premiums are paid on time.
3. Flexible premium payment options: The policyholder can choose to pay premiums either regularly (monthly, quarterly, semi-annually or annually) or through a single lump sum payment at the beginning of the policy term.
4. Attractive interest rates: The LIC Jeevan Umang policy offers competitive interest rates on the sum assured, which helps to accumulate a substantial corpus over the long term.
5. Tax benefits: Under section 80C of the Income Tax Act, 1961, premiums paid towards this policy are eligible for tax deductions up to a maximum limit of Rs 1 lakh per annum.
Pros and Cons of a Lic Jeevan Umang Policy
The Pros:
1. It offers a good death benefit amount which is often twice the sum assured.
2. It has a relatively low premium amount compared to other life insurance policies.
3. The policy offers a loyalty bonus, which is an additional sum of money that the policyholder receives after completing 3 years without making any claims.
4. The policyholder can enjoy tax benefits on the premiums paid as well as on the maturity benefits received.
5. The policy term is quite long – it extends up to age 90, which gives the policyholder a good coverage period.
6. There is no medical exam required for this policy, which makes it easier to get coverage if you are not in the best of healths.
7. The policy provides for partial withdrawal facilities, allowing you to access some of your money in case of financial need before maturity.
Other Plans : LIC Jeevan Amar Policy | LIC Saral Jeevan Policy Benefits
How to choose the right Lic Jeevan Umang Policy for you
When it comes to choosing the right life insurance policy, there are a lot of factors to consider. But with so many options on the market, it can be difficult to know where to start. That’s why we’ve put together this guide on how to choose the right Lic Jeevan Umang Policy for you.
The first step is to understand your needs. Do you need life insurance for yourself, or for your family as well? How much coverage do you need? What kind of benefits are you looking for? Once you have a clear understanding of your needs, you can begin to compare policies and find the one that’s right for you.
Next, you’ll want to consider the different types of life insurance policies available. There are whole life policies, term life policies, and more. Each has its own set of benefits and drawbacks, so it’s important to understand the differences before making a decision.
Finally, once you’ve found a fewPolicy options that fit your needs, it’s time to compare premiums and decide which one is right for you. Be sure to get quotes from multiple insurers so that you can compare apples to apples. And don’t forget to read the fine print! Choosing the right policy is an important decision, but it doesn’t have to be complicated. Just take your time, do your research, and ask plenty of questions along the way.
Conclusion
LIC Jeevan Umang Policy is a whole life insurance policy which offers financial protection to the policyholder as well as their family. The policy has many benefits like death benefit, maturity benefit, loan facility etc. It also provides cover for accidental death and dismemberment. The policy term is 20 years and premium paying term is 10 years. This makes it an affordable and valuable life insurance policy for individuals looking for long term financial security.
Eligibility to buy Lic Jeevan Umang Policy
To be eligible to buy the LIC Jeevan Umang policy, you must:
-Be between the ages of 18 and 55
-Be a resident of India
-Have a regular source of income
