LIC Jeevan Utsav vs LIC Jeevan Umang

LIC Jeevan Utsav and LIC Jeevan Umang are two popular insurance policies offered by the Life Insurance Corporation of India, each catering to different financial needs and goals. While LIC Jeevan Utsav focuses on providing a lump sum maturity benefit along with a life cover, LIC Jeevan Umang offers a combination of annual survival benefits and a life cover, ensuring financial stability over a longer period. 

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We are rated~
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58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Overview of LIC Jeevan Umang

LIC Jeevan Umang is a whole life insurance plan that combines insurance and savings benefits. This policy offers annual survival benefits from the end of the premium payment term till maturity and a lump sum payment at the time of maturity or on the death of the policyholder. The plan is designed to provide a regular source of income along with comprehensive insurance coverage.

Key Benefits of LIC Jeevan Umang

  • Lifetime Coverage: The policy provides life coverage up to the age of 100 years.

  • Annual Survival Benefit: Policyholders receive annual survival benefits equivalent to 8% of the Basic Sum Assured after the premium payment term.

  • Maturity Benefit: On surviving till the end of the policy term, the policyholder receives the Basic Sum Assured along with bonuses.

  • Death Benefit: In case of the policyholder's demise, the nominee receives the Sum Assured on Death and bonuses.

  • Loan Facility: Policyholders can avail loans against the policy.

  • Tax Benefits: Premiums paid and the benefits received are eligible for tax exemptions under sections 80C and 10(10D) of the Income Tax Act.

Overview of LIC Jeevan Utsav

LIC Jeevan Utsav is a limited premium, non-linked savings cum protection plan. This policy aims to provide financial security through a combination of savings and protection. On maturity, the policy offers a lump sum payout, and in case of the policyholder's demise during the term, the nominee receives the death benefit.

Key Benefits of LIC Jeevan Utsav

  • Limited Premium Payment: The policy has a limited premium payment term of 5 to 16 years.

  • Survival Benefit: On survival, the plan offers two options (i) Regular Income Benefit, paying 10% of Basic Sum Assured annually from the year specified, or (ii) Flexi Income Benefit, allowing deferral and accumulation with 5.5% interest and flexible withdrawal options.

  • Death Benefit: If the policyholder dies during the policy term, the nominee receives the Sum Assured and accrued Guaranteed Additions.

  • Loan Facility: Policyholders can take out loans against the policy.

  • Tax Benefits: Premiums paid and the benefits received are eligible for tax exemptions under section 80C of the Income Tax Act.

Comparison Between LIC Jeevan Utsav and LIC Jeevan Umang

Accidental Death and Disability Benefit, Term Assurance Rider, Critical Illness Rider, etc.
Parameters LIC Jeevan Umang LIC Jeevan Utsav
Plan Type Whole Life Insurance Plan Limited Premium Endowment Plan
Maximum Entry Age 55 years 65 years
Premium Payment Term (PPT) 15, 20, 25, or 30 years 5- 16 years
Death Benefit Sum Assured + Bonus + Final Additional Bonus Sum Assured + Bonus + Final Additional Bonus
Survival Benefit 8% of Sum Assured annually after PPT until death 10% of Basic Sum Assured annually after PPT, options to defer and accumulate with 5.5% interest
Maturity Benefit Sum Assured + Bonus + Final Additional Bonus at 100 years Not Available
Loan Facility Yes Yes
Riders Available Accidental Death and Disability Benefit, Term Assurance Rider, Critical Illness Rider, Premium waiver Rider, etc.

Summing It Up:

LIC Jeevan Umang and LIC Jeevan Utsav offer comprehensive life insurance solutions with many benefits. Jeevan Umang is ideal for those seeking lifelong coverage with regular annual payouts after the premium payment term, making it suitable for long-term financial planning and ensuring a steady income in later years. On the other hand, with its limited premium endowment feature, Jeevan Utsav offers flexibility in terms of premium payment and the option to accumulate benefits with interest, providing a more adaptable financial solution. Each plan caters to different financial goals and life stages, allowing policyholders to choose based on their individual needs and preferences.


*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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