Review of LIC Jeevan Umang Plan

I recently bought LIC Jeevan Umang Plan from LIC. The plan offers me a combination of savings and life protection. I am sure that if something happens to me, my family’s financial needs will be taken care of. By Amandeep 

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Mr. Amandeep recently bought LIC’s Jeevan Umang plan from Policybazaar. Since he wanted to protect his family’s financial future in case something unfortunate happens to him, as well as wanted to invest his money to fulfill his financial milestones.

LIC Jeevan Umang is a whole-life insurance plan wherein the insurance holder will be covered till he/she turns 100 years of age. The key benefit of this plan is that it comes with dual benefits of income and insurance protection to help the family of the insured in his/her absence.

Let us explore the other features and benefits of the LIC Jeevan Umang Plan that convinced Mr. Amandeep to buy this plan:

Key Features of LIC Jeevan Umang

Below mentioned are some of the key features of LIC Jeevan Umang:

  • Double Benefits in Single Plan

    The plan offers the benefits of both endowment and a whole life plan.

  • Cover till 100 years

    The plan offers life cover to the policyholder till he turns 100 years.

  • Customization Available

    The plan offers an option to choose from different premium paying terms i.e. 15 years, 20 years, 25 years, and 30 years

  • Participation in Profits

    It is a participatory plan wherein the policyholders will receive bonuses depending

    upon the performance of the policy.

  • Tax Benefits

    Premiums paid under the policy are exempted from tax under Section 80C. Along with this, the amount paid on death and maturity are also tax-free under Section 10D(D) of the Income Tax Act, 1961.

What are the Benefits of the LIC Jeevan Umang Plan?

  1. Death Benefit

    • On death before the commencement of risk, an amount equal to the total amount of premium paid is given without any interest.

    • On death after the commencement of risk, Sum Assured on Death and vested Simple Reversionary Bonuses along with applicable Final Additional Bonuses are given to the nominee of Mr. Amandeep. 

    **‘Sum Assured on Death is the highest of 7 times of annualized premium or Basic Sum Assured. 

    The death benefit is not less than 105% of all premiums paid till death. 

  2. Maturity Benefit

    On successful completion of the policy tenure, ‘Sum Assured on Maturity’ along with the vested simple reversionary bonuses and final additional bonus if applicable will be paid to Mr. Amandeep which can be further used by him to achieve his financial goals. 

  3. Survival Benefit

    On the completion of the premium paying term (PPT), an amount equal to 8% of the Basic Sum Assured is paid to the policyholder every year till maturity. 

  4. Death Benefits in installments

    Under the policy, the nominee of Mr. Amandeep has the option to receive death benefits in installments over a 5/10/15-year period rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as 

    Mode of Installment payment Minimum installment amount
    Monthly Rs. 5,000/-
    Quarterly  Rs. 15,000/- 
    Half-Yearly Rs. 25,000/-
    Yearly Rs. 50,000/
  5. Additional benefits for Enhanced Protection

    For enhanced protection, the plan offers additional riders namely, LIC New Critical Illness Benefit Rider, LIC Accidental Death & Disability Benefit Rider, LIC Accident Benefit Rider, LIC New Term Assurance Rider, and LIC Premium Waiver Benefit Rider. These riders can be bought along with the base plan by paying additional premiums. 

  6. Loan Facility Available

    Policyholders can take loans to fund urgent needs. The maximum loan amount is subject to the following conditions -

    • 90% of the surrender value for active policies.

    • Annual interest charged on the loan amount by LIC should not exceed 50% of the annual survival benefit


Conclusion

Just like Mr. Amandeep, our other customers who bought the LIC Jeevan Umang plan are fully satisfied with the plan. By paying the premium of one policy, they all can avail of the combined benefits and look after their family's financially secure future.

FAQ's

  • Q: Is LIC Jeevan Umang a good Policy?

    Ans: Yes, LIC Jeevan Umang is a good policy as it offers coverage till the age of 100. In addition to this, the plan provides annual survival benefits once the premium payment tenure is completed.
  • Q: What is the eligible entry age for LIC Jeevan Umang?

    Ans: The minimum age to invest in LIC Jeevan Umang plan is 90 days, and the maximum age is 55 years.

{{LICReview}}

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+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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