If you opt for the LIC Jeevan Umang Policy, you can get a massive return of Rs 28 lakhs after paying a premium of just Rs 1302 per month.
Life Insurance Corporation of India (LIC) has several different life insurance plans and policies that can get you many benefits after paying a small premium. Another such life insurance policy by the company is the LIC Jeevan Umang Policy.
The LIC Jeevan Umang policy is a plan designed for people who can only afford to pay an average amount of premium and get a large lump sum amount, which can be beneficial for a middle-class family. The benefits include annual survival benefits after the end of premium paying term till maturity, and a lump sum amount after the policy matures.
Details of LIC Jeevan Umang Policy
- The age limit can vary depending on the specific plan you choose, but the basic minimum age is 90 days while the maximum age is 55 years. Parents can apply for this policy for their newborns.
- The minimum sum of money assured for this policy is Rs 2 lakh while there is no specified upwards limit.
- For the LIC Jeevan Umang policy, there are four terms- 15 years, 20 years, 25 years, and 30 years. The minimum and maximum age limits depend on the term you opt for.
- As per the policy rules, the person opting for the 30-year plan needs to be at least 40 years old since the premium paying term ends at 70 years. The person opting for the 15-year plan needs to be not more than 55 years old.
- The maturity date of the policy has been set at 100 years. LIC is set to annually pay 8 percent of the sum insured amount after the premium paying period ends till the time of maturity.
- Thus, the policyholder will get the benefits of the scheme once they turn 100. If they die before the age of 100, then the surviving nominee will be given the lump sum amount.
- It must be noted that the LIC Jeevan Umang policy is non-linked insurance and customers can be assured of guaranteed returns. The money paid for premiums will not be invested into equity markets.
As per the rules of the company, the policyholders will also be eligible for Simple Reversionary Bonus and Final Additional Bonus, which will be added to their lump sum amount after it matures.
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 "Earn Rs 28 lakh by investing only Rs 1302 per month in this LIC policy - Here's how")
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