LIC Jeevan Umang

We all love assurances. When it comes to life, such assurances become a must. Many Indians working in Canada and other countries to provide a bright future for their families do not consider whether the cost of living has affected their planning. It is a smart idea to plan for the future, invest in suitable life insurance plans to provide sufficient coverage for your family while saving money and allowing your money to grow. When you think of such an investment plan, consider buying LIC's Jeevan Umang Plan.

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Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

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

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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.

Jeevan Umang Premium Rates

Amount Assured – INR 1,00,00,000

PPT

15 Yrs

20 Yrs

25 Yrs

30 Yrs

Monthly

65,250.00

43,792.00

31,625.00

24,542.00

Quarterly

1,95,750.00

1,31,375.00

94,875.00

73,625.00

Half Yearly

3,87,485.00

2,60,023.00

1,87,753.00

1,45,678.00

Yearly

7,66,940.00

5,14,590.00

3,71,510.00

2,88,210.00

* This is simply for example objective. No riders are included in the above premium. GST is additional. 4.5% in the 1st plan year and thereafter 2.25% for the remaining time. As of November 4th, 2020.

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

Jeevan Umang Advantages Demonstration

Amount Assured – INR 1,00,00,000

PPT

15 Yrs

20 Yrs

25 Yrs

30 Yrs

Yearly Return post PPT

8,00,000.00

8,00,000.00

8,00,000.00

8,00,000.00

Maturity at 100 Years of Age

9,35,00,000.00

8,97,00,000.00

8,52,50,000.00

8,07,50,000.00

Surrender Value on reaching PPT

1,65,94,400.00

1,88,35,900.00

2,37,61,800.00

3,09,01,700.00

Surrender Value post 15 yrs of reaching PPT

3,78,56,000.00

5,11,16,000.00

6,40,57,000.00

6,39,58,000.00

Surrender Value post 25 yrs of reaching PPT

6,81,16,000.00

6,89,26,000.00

6,88,27,000.00

6,81,88,000.00

*This is simply for example objective. No riders are included in the above premium. GST is additional. 4.5% in the 1st plan year and thereafter 2.25% for the remaining time. As on November 4th, 2020.

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

FAQ's

  • Q. Can Indian Citizens living in Canada buy the LIC Jeevan Umang Plan?

    Yes, all Non-resident Indians are permitted to purchase the LIC Umang plan, including those living in Canada. 
  • Q. Is LIC Jeevan Umang a profitable plan?

    Indeed, it is. This plan is worth buying for several reasons. The guaranteed 8% return on Sum Assured upon completion of the Premium Paying Term (PPT) is the main reason to buy this plan. The policyholder can enjoy this return for up to 100 years. Secondly, this plan also offers a short payment period. For example, you could choose 15 years and pay the entire premium in five years. Thirdly, you can also close the plan at any time during the term to take the maturity. You can also take the maturity, which is in addition to any annualized returns you already earned. Jeevan Umang's bonus rates are higher than other LIC endowment plans. These huge benefits are not available in any other investment option. For a more detailed overview of Jeevan Umang, you can contact LIC by calling +91-9230091000.
  • Q. How much (maximum and minimum) can I invest in LIC Jeevan Umang Plan?

    There is no upper cap on the maximum sum assured but the minimum assured sum is Rs 2 lakh. For a 15 years term, you need to pay an annual premium of 15739/- +GST for a sum assured of Rs.2,00,000. 
  • Q. Are the maturity amount and yearly returns (8%) a policyholder gets in LIC Jeevan Umang liable for taxes?

    No. The entire maturity amount, money backs, and returns within the LIC Jeevan Umang plan are 100% tax-exempt.
  • Q. Is there any plan term to choose while Buying Jeevan Umang?

    You can choose any plan term, whether it is 15, 20, 25, or 30 years if you are over 15 years old. If your age is below 15 years, however, you must choose a plan term that will allow you to reach 30 years of age at the end of the premium-paying term. Children aged 0-4 years must take PPT of 30 years, while children 5-9 years old can take 25 and 10-14 years can take 20 years term respectively.
  • Q. What is the Procedure to purchase LIC Jeevan Umang Plan?

    NRIs do not need to come to India to buy Jeevan Umang, simply contact LIC or call at +91-9230091000.
  • Q. Is LIC Jeevan Umang suitable for children?

    Yes, as an Indian resident based in Canada, you can buy Jeevan Umang for your children. You can also include yourself in the plan and enjoy 8% yearly returns till you reach 100 years of age. After your natural death, your kid will continue enjoying the 8% yearly returns for life + maturity.
Written By: PolicyBazaar - Updated: 29 September 2021

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