The LIC’s Jeevan Umang Plan is profit sharing policy. It is not linked to or is not dependent on share market and comes with guaranteed returns.
1) It is a whole life assurance plan and a limited premium payment option plan as well.
2) This policy will participate in the profits of the Corporation during the policy term. It will be eligible to receive Simple Reversionary Bonuses as declared by the Corporation and also Final Additional Bonus as and where applicable.
3) The policyholder will get 8% of Sum Assured per year as survival benefits after successful completion of premium paying term prior to Maturity (100 years).
4) It is good option to consider when planning for your pension.
5) You can opt for premium payment terms as 15, 20, 25, or 30 years.
6) The plan is available from a minimum age of 90 days to a maximum age of 55, 50, 45 or 40 years as per the premium payment term chosen. Maximum maturity age is 100 years.
7) Loan facility is also available in this policy after 3 years from the start of the policy.
8) The policy premiums can be paid in yearly, half-yearly, quarterly and monthly basis.
9) Rebate is given for yearly and half-yearly mode of premium payment.
10) Basic sum assured is Rs. 2,00,000 and above in multiples of Rs. 25000.
11) The Death Benefit for this policy after the commencement of risk is Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus.
12) The Death Benefit before the commencement of risk is all premiums paid excluding taxes.
13) The Maturity Benefit offered is Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus.
14) The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
15) You can opt for Accidental Benefit Rider, Term Rider and Critical Illness riders for additional benefits.