LIC Jeevan Umang Plan

LIC Jeevan Umang plan offers a combination of income and protection to your family. Jeevan Umang Plan is a non-linked, with-profit whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder during the policy term.

This plan gives benefits like life insurance, investment, tax savings, pension and Whole life. One plan which can suit most of the requirements of the proposer.

Basic conditions of LIC Jeevan Umang plan :

• Premium Payment Mode: Yearly, Half-yearly, Quarterly, Monthly(ECS)
• Term : [100 – age entry] Year
• Premium Paying Term: 15 years, 20 years, 25 years and 30 year
• Minimum Entry Age : [90]days (completed)
• Minimum age at the end of the PPT : [30]years(The Nearest Birthday)
• Maximum age at the end of the PPT : [70]years(The Nearest Birthday)
• Age at Maturity : [100]years(The Nearest Birthday)
• Minimum Sum Assured: 2,00,000
• Maximum Sum Assured: NO LIMIT (Depending upon Income)
• Maximum Accidental Death and Disability Benefit Rider up to age 70.
• Maximum Accidental Benefit Rider shall be available during the ppt only.

LIC Jeevan Umang Policy Benefits :

On Death : 

• On death before the commencement of Risk:
  An amount equal to the total amount of premium/s paid without interest shall be payable.
• On death after commencement of Risk:
  Sum Assured on Death + vested simple reversionary Bonus + FAB if any.
  Where Sum Assured on Death is defined as the highest of
  Basic Sum-Assured, OR
  7 times of Annualized Premium, OR
  105%of all Premiums paid as on death

On Survival :

• On survival, 8% of the Basic Sum Assured shall be payable each year.

Loan benefits under LIC Jeevan Umang :

A loan is available after paying the 2-year complete premium and at the beginning of the 3rd year.

Income Tax Benefits to LIC Jeevan Umang plan

• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).