Jeevan Umang LIC is a non-connected, with income, entire life assurance plan offering a combo of income plus protection to your family. This plan accommodates yearly survival profits by the end of the premium paying term till maturity and a lump sum payment at maturity or on the death of the policyholder amid the policy term. What’s more, this plan additionally deals with liquidity needs through loan facilities.
The plan also provides fixed amount every year which is 8% of Sum Assured/Year after complete premium payment up to 100 years of age and on lump sum amount on maturity that is the completion of 100 years or death. It is a ‘with profit’ protection scheme so you would get the bonus too. Its features, benefits, eligibility criteria are as given below.
Features of LIC Jeevan Umang
Specified underneath are the key highlights of the LIC Jeevan Umang Plan:
- It is a blend of both regular returns and Lump sum payment.
- Offers a choice to pick a premium paying term of 15 years, 20 years, 25 years or 30 years.
- It is a non-connected life insurance plan with profits.
- Offers life cover till the policyholder turns 100 years.
- Offers a loan facility up to 90 percent of the surrender value if the policyholder has paid the premiums for three years consistently and if the plan has attained a Surrender Value.
- The LIC Jeevan Umang Plan offers a straightforward reversionary bonus and in addition, final added bonus if any.
Benefits of LIC Jeevan Umang
The LIC Jeevan Umang Plan extends a multitude of advantages as cited below:
If the assured dies before the risk beginning date, LIC will return all the premiums paid without interest to the nominee. Nevertheless, if the policyholder dies after the risk beginning date, LIC will offer the sum assured to the nominee. This will incorporate simple reversionary bonus and in addition last extra bonus if any.
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Maturity benefit in LIC Jeevan Umang
If the policy matures and if all the premiums have been paid consistently, the insurance agency pays the sum assured with the option to the simple reversionary bonus and also a final additional bonus if any.
If the insured survives the policy payment term, at that point 8% of the sum assured is paid each year as a guaranteed survival advantage. This advantage is paid till the maturity of the plan or the death of the insured, whichever is prior.
LIC Jeevan Umang extends two types of rebates. The 1st rebate is the premium payment mode rebate and the other is high basic sum guaranteed rebate. For the premium payment mode, 2% on yearly and 1% on half yearly rebate is paid. For the high basic sum guaranteed mode, 2% rebate is paid on basic sum guaranteed of Rs.25 lakh or more. 1.75% rebate on the basic sum guaranteed is paid on Rs.10 lakh to Rs.24.75 lakh. 1.25% rebate on the basic sum guaranteed is paid on Rs.5 lakh to Rs.9.75 lakh.
LIC Jeevan Umang offers loan facilities to the tune of 90% of the surrender value once you complete 3 years of the policy time frame and if premiums are paid regularly. The plan additionally ought to have gained surrender value to be qualified for a loan.
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Eligibility Criteria for LIC Jeevan Umang
The eligibility standards for the Jeevan Umang Plan are:
- Smallest admission age: 90 days (completed)
- Highest admission age: 55 years with a policy period of 15 years
- 50 years with a policy period of 20 years
- 45 years with a policy period of 25 years
- 40 years with a policy period of 30 years
- Maturity age: 100 years with the nearest birthday
- Premium payment occurrence: Annually, half-yearly, quarterly and monthly
- Minimum sum assured: Rs.2 lakh
- Maximum sum assured: No limit
Premium Calculators for LIC Jeevan Umang
Jeevan Umang – Calculator is a capable online device which can help you to get an entire idea of the premium and benefit of LIC’s recently presented whole life pension scheme – Jeevan Umang. Ascertain your Yearly, Half Yearly, Quarterly and Monthly premium with service tax for LIC Jeevan Umang. The Jeevan Umang LIC premium calculator likewise gives choice to incorporate Accidental Death and Disability Benefit rider’s premium with base plan.
LIC Jeevan Umang maturity calculator shows year-wise paid premium, risk cover sums, yearly survival benefits (Pension) and maturity sum on completion of the term of the policy. The target of this calculator is to outline advantages of this plan as well as computed values are suggestive.
In the same way as other protection plans of LIC, Jeevan Umang is likewise cash back endowment insurance plan. That is to say, you get death as well as survival benefits. In this way, you get cash under any situation.