LIC Jeevan Umang is a comprehensive life insurance plan with benefits of maturity, death and tax.
LIC Jeevan Umang is a life insurance plan offered by LIC of India. The plan offers dual benefits of income and insurance protection to policyholders and their families. The key features of the plan include tax-free maturity and death benefits, life-long risk cover till the age of 100, and guaranteed income from the age of 30. The plan provides annual survival benefits starting at the end of the premium payment tenure, a lump sum amount as maturity benefit, and death benefits for nominees.
Eligibility criteria for the LIC Jeevan Umang plan include a minimum entry age of 90 days and a maximum of 55 years, a policy term of 100 years minus the age at entry, a minimum sum assured of Rs. 2,00,000 with no upper limit, and a maturity age of 100 years. Premium paying terms are available for 15, 20, 25, and 30 years, with the age at the end of premium paying term ranging from 30 to 70 years.
Benefits offered by the LIC Jeevan Umang plan include death benefits, survival benefits, maturity benefits, and loans. Death benefits can include a return of premium in case of death before the commencement of risk and a higher amount between 7 times the annual premium and the basic sum assured amount in case of death after the commencement of risk.
Survival benefits are equal to 8 per cent of the basic sum assured amount and are paid every year until the policyholder's death or until the last plan anniversary before the date of maturity.
Maturity benefits include the basic sum assured along with the simple reversionary bonus and final additional bonus.
Policyholders who have paid premiums for a minimum of 2 years without fail are eligible for loans under the plan.
As an example of the LIC Jeevan Umang plan, let's consider a 30-year-old male, Dev, who wants to buy the policy with a sum assured of Rs. 10,00,000, a policy term of 70 years (100 minus 30 years), and a premium paying term of 20 years. The annual premium he will have to pay comes to Rs. 54,036, including taxes. If Dev dies within the premium paying term, his family will receive the death benefit, which is the higher amount between 7 times the annual premium and the basic sum assured amount. If Dev dies 10 years after the premium paying term ends, he will receive annual survival benefits for those 10 years and his family can claim the death benefit. In case Dev survives till the maturity date, he will receive the basic sum assured along with applicable bonuses.
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