LIC's Jeevan Umang is a traditional, non-linked with-profit plan whole life assurance plan. It is a combination of both income and protection.LIC Jeevan Umang offers a life cover up to 100 years.that offers gauranteed survival benefit at the end of the premium paying term, a lump sum amount on the completion of the policy term or on the death of the policy holder during the policy period.
Key features of the LIC Jeevan Umang Plan:
Avail benefit of Tax-Free Guaranteed Income of 8% for Lifetime.
It is a combination of both regular income and Lumpsum payment.
Ideal for Savings and Retirement Planning.
Offers life cover till the policyholder turns 100 years.
Tax benefit on Premiums paid u/s 80C.
Tax-Free Maturity u/s 10 (10 D).
|Eligibility Criteria For Jeevan Umang|
|Minimum Age at Entry||90 Years (Completed)|
|Maximum Age at Entry||55 Years(Nearest Birthday) For 15 Years PPT
50 Years(Nearest Birthday) For 20 Years PPT
45 Years(Nearest Birthday) For 25 Years PPT
40 Years(Nearest Birthday) For 30 Years PPT
|Premium Paying Term(PPT)||15,20,25 & 30 Years|
|Age at Maturity||100 Years|
|Policy Term||100 Years|
|Minimum Sum Assured||2,00,000/-|
|Maximum Sum Assured||No Limit (shall be in multiple 25,000/-)|
|Policy Mode||Yearly, Half-Yearly, Quarterly, Monthly (NACH only)|
|Rebate Of Mode Of Premium||Yearly - 2%
Half-Yearly - 1%
Quaterly & Monthly - Nil
|High Sum Assured Rebate (per thousand)||2,00,000 to 4,75,000 -- Nil
5,00,000 to 9,75,000 -- 1.25% on B.S.A.
10,00,000 to 24,75,000 -- 1.75% on B.S.A.
25,00,000 & above -- 2.00% on B.S.A.
|Loan||After payment of premiums for at least 3 full years|
|Revival||Within 2 Years of lapse|
After completion of premium paying term, 8% of Sum assured is paid every year till 100 years of age.
A lumpsum payment consists of Sum assured + bonus is paid on completion of 100 years of age.
In case of death of life insured before the risk commencement date, LIC will return all the premiums paid without interest to the nominee. However, in case the policyholder suffers a death after the risk commencement date, LIC will offer the sum assured to the nominee. This will also include simple reversionary bonus as well as final additional bonus if any.