LIC Pension Plans
LIC Jeevan Umang Plan
LIC’s Jeevan Umang is a break thru plan in Pension market. This plan is considered as the master of all the Pension plans available across the globe. This is a traditional with-profits whole life assurance plan, which is not linked to any share market. In this world of uncertainty, the only plan which offers a guaranteed Tax-free pension @8% every year (after the premium paying term) up to 100 years of age and a lump sum Tax-free payment consists of Sum assured & bonus is paid at the time of maturity or on death to the nominee. The plan can be taken from new-born (after 90 days) to 55 years age with options of premium payment for 15, 20, 25 & 30 years.
Key Features of Jeevan Umang plan :
8% of Sum assured is paid every year as survival benefit Suitable plan for 100 years of pension Whole life
insurance coverage along with pension Optional riders :
a) Double accident benefit
b) Accidental death & Disability benefit and
c) Term rider Premiums paid are exempted from income tax u/s 80C Maturity/ Death claim are tax free u/s 10 (10d) Pension paid every year is tax free u/s 10 (10d)
Survival Benefits :
After completion of premium paying term, 8% of Sum assured is paid every year till 100 years of age.
Maturity Benefits :
A lumpsum payment consists of Sum assured + bonus is paid on completion of 100 years of age.
Death benefits :
If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.
|Eligibility Conditions & Restrictions|
|Minimum age||90 days (Completed)|
|Maximum age||55 years for Premium paying term 15 years
50 years for Premium paying term 20 years
45 years for Premium paying term 25 years
40 years for Premium paying term 30 years
|Minimum age at PPT||30 years|
|Maximum age at PPT||70 years|
|Premium paying term||15, 20, 25 and 30 years|
|Policy Term/ Maturity||100 (-) minus Age at entry|
|Minimum Sum Assured||Rs.2,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3years|
|Surrender||Eligible after 3years|
|After Premium paying term||8% of Sum Assured (Tax-free) is paid every year for whole life|
|On Maturity/Death||Sum Assured + Bonus is payable|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non-taxable u/s 10(10d)