LIC Jeevan Umang is a traditional, non-linked with-profit plan whole life assurance plan. It is a mix of both salary and security.
Features of the LIC Jeevan Umang Plan:
Mentioned below are the key highlights of the LIC Jeevan Umang Plan:
- It is a blend of both normal salary and Lumpsum payment.
- Offers a choice to pick a premium paying term of 15 years, 20 years, 25 years or 30 years.
- It is a non-linked life insurance plan with profits.
- It Offers life cover till the policyholder turns 100 years.
- Offers a loan facility up to 90% of the surrender esteem if the policyholder has paid the premiums for 3 years regularly and if the plan has reached a Surrender Value.
- The LIC Jeevan Umang Plan offers a simple reversionary bonus as well as the final added bonus if any.
Benefits of LIC Jeevan Umang plan:
The LIC Jeevan Umang Plan offers the host of advantages as specified underneath:
- Death benefit: In case of death of the life insured before the risk commencement date, LIC will return all the premiums paid without interest to the nominee. Be that as it may, on the off chance that the policyholder endures a passing after the risk commencement date, LIC will offer the sum assured to the nominee. This will incorporate simple reversionary bonus as well as the final additional bonus if any.
- Maturity benefit: In the event of maturity of the policy, if all the premiums have been paid routinely, the insurance agency pays the sum assured with the addition to the simple reversionary bonus as well as a final additional bonus if any.
- Survival benefits: in the event that the insured survives the policy payment term, then 8% of the sum assured is paid every year as a guaranteed survival benefit. This advantage is paid until the maturity of the plan or the death of the insured, whichever is prior.
- Rebates: LIC Jeevan Umang offers two types of rebates. The primary rebate is the premium payment mode rebate and the other is the high basic sum assured rebate. For the premium payment mode, 2% on yearly and 1% on half yearly refund is paid. For the high basic sum assured mode, 2% refund is paid on basic sum assured of Rs.25 lakh or more. 1.75% refund on the basic sum assured is paid on Rs.10 lakh to Rs.24.75 lakh. 1.25% refund on the basic sum assured is paid on Rs.5 lakh to Rs.9.75 lakh.
- Loans: LIC Jeevan Umang offers a loan facility up to 90% of the surrender esteem once you finish 3 years of the policy period and if the premiums were paid consistently. The policy likewise ought to have procured a surrender value to be eligible for a loan facility.
Eligibility Criteria for LIC Jeevan Umang Plan
The eligibility criteria for the LIC Jeevan Umang Plan is mentioned below:
- Minimum entry age: 90 days (completed)
- Maximum entry age: 55 years in case of a policy period of 15 years
- 50 years in case of a policy period of 20 years
- 45 years in case of a policy period of 25 years
- 40 years in case of a policy period of 30 years
- Maturity age: 100 years with the nearest birthday
- Premium payment frequency: Annually, half-yearly, quarterly and monthly
- Minimum sum assured: Rs.2 lakh
- Maximum sum assured: No limit
The beneath said riders are offered by LIC Jeevan Umang Policy:
- LIC’s Accidental Death and Disability Benefit Rider: In case the insured suffers an accidental death during the policy period, an additional sum assured is offered to the nominee. This rider can be picked by paying an additional premium far beyond the base policy premium anytime during the policy term.
- LIC’s New Term Assurance Rider: if there should be an occurrence of death, the rider benefit increases here. You can select this kind of rider during the policy issuance by paying an additional amount. This rider offers an advantage for a time of 35 years or until the policy anniversary wherein the age of the protected is 75 years, whichever is prior.
- Accident Benefit Rider: This rider can be picked by paying an additional premium far beyond the base policy premium. You can settle on this rider anytime within the policy paying term. In case the insured suffers an accidental death within 180 days from the accident date, the rider benefit is paid to the nominee.
- New Critical Illness Benefit Rider: You can settle on this rider during the inception of the policy period, by paying an additional premium. Post settling on this rider, in the event that you get diagnosed to have any of the 15 critical illnesses mentioned in the policy rider, you will be paid the critical illness sum assured.
Some of the important details with regards to LIC Jeevan Umang Policy are mentioned below:
- Revival period: Offers a recovery time of 2 years. A policyholder can revive the policy from the date of the primary unpaid premium by paying the arrears as well as the interest and other expenses.
Free look period: Offers a free look time of 15 days from the date of policy issuance.
- Surrendering the approach: Offers liberty to surrender the policy anytime only in case the premiums are paid for last 3 years. LIC will then offer the surrender esteem which would be equivalent to higher of the ensured surrender esteem or the special surrender value.
- Tax benefits: The premiums paid towards the LIC Jeevan Umang approach is exempted from income tax under the Section 80C of the Income Tax Act, 1961. In addition, the maturity amount receivable is additionally tax-exempt under Section 10(10D).
LIC Jeevan Umang Policy Exclusions
- Suicide: If the insured commits suicide within one year of the policy period, at that point the insurance agency doesn’t offer any sum assured to the nominee. Notwithstanding, 80% of the premiums paid without any interest are paid to the nominee in case the policy is in force. The minimum entry age of the policyholder should be above 8 years.
LIC Jeevan Umang Policy Review
LIC Jeevan Umang Policy offers a variety of sensibly valued extra security strategy. This plan is made-to-quantify to shield you against the mounting financial outlays post-death. The assortment of riders offered by this arrangement would upgrade your base plan at a negligible rate. The additional favorable position of this plan is that anybody between the age of 90 days and 55 years can settle on this plan.