LIC Jeevan Umang is an insurance scheme by LIC that offers survival benefits every year along with maturity or death benefit per the circumstances. Policyholders can now estimate the premiums payable against their desired sum assured amount to help with their financial planning. This can be done using the online LIC premium calculator tool.Read more
With the LIC Jeevan Umang policy, you are guaranteed an annual income till the policy matures or the death of the life assured. A notable feature of this plan is that it offers long-term insurance protection till the age of 100! The annual income benefit starts from the end of the premium paying term and continues till the date of maturity or death within the policy term.
Along with this survival benefit every year, policyholders will receive a lump sum payout as part of the sum assured on maturity and death.
The LIC Jeevan Umang calculator is an online tool that offers you insights into the premiums against your chosen cover. Based on the results, policyholders can pick the most comprehensive cover for themselves at affordable premium rates. LIC Jeevan Umang premium calculator will also calculate the maturity value and the death benefit amount that you and your family shall be entitled to on the respective occasions.
The tool factors in the chosen basic sum assured, policy term, premium paying term, age of the buyer, gender, and smoking details to calculate the premium.
The premiums payable are displayed for monthly, quarterly, half-yearly, and yearly modes so that the most suitable and affordable option can be chosen.
The tool can be accessed online on the LIC of India official website, which is an indicator of its reliability.
The LIC Jeevan Umang Maturity calculator offers instant results based on the inputs you provide.
It eliminates the need for third parties, thereby, reducing miscommunication or misselling.
To use the LIC Jeevan Umang calculator, you will need to know the specificities of the policy.
|Entry Age||90 days||55 years|
|Age at the end of the Premium Paying Term||30 years||70 years|
|Maximum Maturity Age||100 years|
|Policy Term||100 minus Entry Age|
|Premium Paying Term||15, 20, 25, and 30 years|
|Basic Sum Assured||Rs. 2,00,000||No Limit|
Maturity is the amount LIC pays to the life assured if he/she survives the whole policy term. With LIC Jeevan Umang, policyholders also get an annual survival benefit at the end of the premium paying term, provided they are 30 years of age.
The LIC premium & maturity calculator will offer you a detailed benefit illustration of the survival benefit, maturity benefit, and death benefit against the premium charged for the basic sum assured.
Let’s say that you bought the Jeevan Umang LIC policy for your 2-year-old child. You want to assure a sum of Rs.1 Crore.
Policy term : (100 minus entry age) : 98 years
Premium paying term : 30 years
Using the Jeevan Umang maturity calculator, your child will be entitled to the following benefits -
Guaranteed Survival Benefit - 8% of the basic sum assured every year from the end of the premium paying term till the policyholder survives or till maturity. For a sum assured of Rs.1 Crore, your child receives Rs.8 lakhs every year from the age of 32.
Maturity Benefit - The basic sum assured at the end of the policy term, which in this case is Rs.1 Crore.
Bonus - Because LIC Jeevan Umang is a participating policy, LIC will add bonuses to the final maturity amount.
The final maturity amount will be equal to Rs.1 Crore plus bonuses.
Optional Rider Benefit - The policy comes with the choice of 5 riders. These riders enhance the coverage up to the rider sum assured. You can feed in the chosen rider in the LIC Jeevan Umang premium calculator to see the changes in your premium. The rider benefits that can be availed are:
LIC's Accidental Death and Disability Benefit Rider
LIC's Accident Benefit Rider
LIC's New Term Assurance Rider
LIC's New Critical Illness Benefit Rider
LIC's Premium Waiver Benefit Rider
Premium Rebates - Policyholders will get rebates on choosing yearly and half-yearly premium payment modes. Furthermore, rebates will also ply on choosing a sum assured of above Rs. 5 Lakhs. The percentage of rebate increases the higher you go with the coverage.
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