LIC Jeevan Umang

Find all details about the plan in this article.

Introduction to LIC Jeevan Umang Plan

Jeevan Umang Insurance policy provides two-way benefits to its customers. One is to get a better return on their investment, and the other is protection for their lives. This endowment plan from LIC guarantees a steady income for the buyer until the age of 100. The payout begins immediately upon the completion of the premium payment term (PPT). 

There are four PPT options available, including 15, 20, 25, 25, and 30 years. The inflow of payments would cease in three circumstances: if the buyer turns 100 if the buyer decides to surrender the policy's value and take the maturity amount, or in case of the policyholder's death. The policy is not tied to the market and is therefore free from any market risk.

Benefits Offered by LIC Jeevan Umang 

There are several benefits offered by the Jeevan Umang Plan. These are listed below:

• Survival Benefits: Policyholders are eligible for survival benefits until they reach the age of 100 years. This is after the policy payment period has ended. The policy will also end upon the death of the policyholder or 100th birthday, whichever comes first. Benefits include an annual return of 8% on the amount assured.
• Benefits for Maturity: A lump-sum amount that includes amount assured + simple reversionary bonus + any other benefit is available to policyholders upon maturity.
• Death Benefit: If a policyholder dies before the policy matures, their nominee will be eligible to receive the policy's value + simple reversionary bonuses + any other benefits.
• Income Tax Benefits: Policyholders can take deductions under Section 80C, Income Tax Act 1961. Any benefit received upon the policyholder's death is exempted from income tax under Section 10(10D). People staying in Canada are also eligible for tax exemption under Section10(10D).
• Unexpected Death: Death benefits are available even in the event of accidental death.
• Premium Waiver: The LIC Jeevan Umang Plan is a great option for Indian residents living in Canada. It offers a premium waiver in the event of the death or disability of the proposer. Jeevan Umang can only be purchased for children. If the father or mother is a proposer and during the term, if anything happens to the proposer, all future premiums will be waived for the child and the child receives the benefits planned by his/her proposer.
• Additional Riders: The company also offers an accidental disability plan and even New Term Assurance Rider and Critical Illness Rider at an additional cost.
• Surrender Value: LIC will pay the surrender value of the policy if the policyholder has paid at least 3 annual premiums.
• Loan: A policyholder who has paid at least three annual premiums can get a loan on the policy.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

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