LIC Jeevan Umang vs LIC Jeevan Labh: Which Policy is Right for You?

LIC Jeevan Umang and LIC Jeevan Labh are traditional endowment plans that are designed to offer the combined benefits of protection and savings. Though both the plans offers dual protection, however the difference between these plans lies in the fact that LIC Jeevan Umang is a whole life insurance plan, unlike LIC Jeevan Labh. 

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What are the Common Features of LIC Jeevan Umang and LIC Jeevan Labh?

  • Policy Type: Both LIC Jeevan Umang and LIC Jeevan Labh are non-linked, with-profit endowment plans.

  • Coverage: Both policies provide life insurance coverage throughout the policy term.

  • Premium Payment: Premiums can be paid on a regular basis, such as annually, semi-annually, quarterly, or monthly, as per the policyholder's choice.

  • Death Benefit: In the event of the policyholder's demise during the policy term, both policies offer a death benefit to the nominee.

  • Maturity Benefit: Both policies provide a lump sum amount at maturity.

  • Bonuses: Both policies may offer bonuses, such as simple reversionary bonuses and final additional bonuses, if declared by LIC.

  • Loan Facility: Both policies may provide the option to avail of a loan against the policy's surrender value, subject to terms and conditions.

  • Tax Benefits: Premiums paid and benefits received under both policies are eligible for tax benefits as per the prevailing tax laws.

LIC Jeevan Umang and LIC Jeevan Labh are two traditional life insurance plans provided by Life Insurance Corporation of India. Although they share some similarities, they offer distinct features and benefits. Let's examine each plan separately:

LIC Jeevan Umang

LIC Jeevan Umang is a whole-life assurance plan insurance policy offered by LIC (Life Insurance Corporation of India). It is a non-linked, with-profit endowment plan that provides life insurance coverage along with periodic payouts and a lump sum benefit at maturity. 

Here are some key features of LIC Jeevan Umang:

  • Maturity Benefit: At the end of the policy term, LIC Jeevan Umang provides a maturity benefit, which is a lump sum payment made to the policyholder if they survive till the end of the policy term. This benefit includes the sum assured along with any applicable bonuses.

  • Survival Benefit: One of the unique features of LIC Jeevan Umang is the provision of periodic payouts even during the policy term. After the premium payment term ends, the policyholder receives regular payouts as a percentage of the sum assured at specific intervals.

  • Coverage till 100 years: The life coverage provided by the policy extends until the policyholder reaches the age of 100, protecting against the risk of death from the date of issuance.

  • Additional Riders: Optional riders can be added to LIC Jeevan Umang for additional coverage. These riders may include benefits such as accidental death and disability coverage.

LIC Jeevan Labh

LIC Jeevan Labh is a limited premium payment insurance plan offered by LIC (Life Insurance Corporation of India). It is a non-linked, with-profit endowment plan that provides life insurance coverage along with savings benefits. 

Here are some key features of LIC Jeevan Labh::

  • Limited Premium Payment: LIC Jeevan Labh follows a limited premium payment structure. This means that policyholders pay premiums for a specific period, which is shorter than the overall policy term.

  • Maturity Benefit: At the end of the policy term, LIC Jeevan Labh provides a maturity benefit, which is a lump sum payment made to the policyholder if they survive till the end of the policy term. This benefit includes the sum assured along with any applicable bonuses.

  • Additional Riders: Policyholders have the option to enhance their coverage by adding optional riders to the base policy. These riders may include benefits such as accidental death and disability coverage.

  • Waiver of Premium: In the case of purchasing the plan for a minor, parents have the option to include LIC's Premium Waiver Benefit Rider along with the policy. With this rider, if the parent passes away, LIC waives the future premiums, relieving the child from the responsibility of maintaining the policy by paying premiums.

While both these plans are designed with a motive of providing the dual benefit of life protection and savings, it's important to note that there may still be differences in terms of specific benefits, payout structures, premium payment terms, and additional riders available between LIC Jeevan Umang and LIC Jeevan Labh. 

In the table mentioned below, let us understand the basic difference between LIC Jeevan Umang and LIC Jeevan Labh.

Comparison Between LIC Jeevan Umang and LIC Jeevan Labh

Parameters LIC Jeevan Umang LIC Jeevan Labh
Type of Plan Whole Life Endowment Plans Limited Premium Endowment Plans
Entry Age Minimum: 90 Days
Maximum: 55 years
Minimum: 8 years 
Maximum: 59 years
Policy Term (100 – age at entry) years 16/ 21/ 25 years
Premium Paying Term 15, 20, 25 and 30 years Limited (10/ 15/ 16 years)
Survival Benefits A survival benefit equal to 8% of Basic Sum Assured is paid once the premium paying term is completed. NA

Wrapping it up

Choosing LIC Jeevan Umang or LIC Jeevan Labh depends on individual preferences, financial goals, and insurance needs. Both policies have their own unique features and benefits. Jeevan Umang provides lifelong coverage and guaranteed annual benefits, which may be suitable if you prioritize long-term coverage and regular income. On the other hand, Jeevan Labh offers coverage for a specific term with a maturity benefit, making it a good option if you prefer a coverage for a specific time period.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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