LIC Jeevan UmangLIC’s Jeevan Umang offers a wholesome combination of returns + protection. The endowment cum whole life insurance plan offers a regular payout from the end of the premium payment term till you are alive or until you reach age 100. Therefore, the policy ceases to exist only once the policy holder turns 100 or dies. It is a participating, non-market linked plan.
LIC’s Jeevan Umang Plan – Key Features
- Survival Benefits:If the policy holder survives past the premium paying term, he/she is eligible for survival benefits till he/she is alive or reaches age 100, whichever is earlier. 8% of the Sum Assured is paid back annually.
- Maturity Benefits:The policy matures once the policy holder reaches age The Maturity Benefits include a lump sum payment including Sum Assured + Simple Reversionary Bonus + Final Addition Bonus.
- Death Benefit: If the policy holder dies during or after the premium paying term (before attaining age 100), death benefits comprising of Sum Assured+ Simple Reversionary Bonuses + Final Additional Bonus is paid to the nominee.
- Income Tax Benefits:All premiums paid under the policy are eligible for deduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
- Types of Deaths Covered:Both types of deaths, natural and accidental, are covered under the plan.
- Rider Option:Policy holder can enjoy the advantages of Accidental and Disability Rider, Accidental Benefit Rider, New Term Assurance Rider, New Critical Illness Benefit Rider upon the payment of an additional premium.
Policy Details at a Glance:
- Sum Assured:Rs 2,00,000 to No limit
- Policy Term: 100 – Age at entry
- Premium Paying Term:15, 20, 25 and 30 years
- Minimum Entry Age: 90 days
- Maturity Age: 100 Years
- Age at End of Premium Payment Term: 30 years to 70 years
- Surrender Value: The policy acquires a surrender value if at least three premiums are paid.
- Loan: Loan can be availed against the policy in case at least three premiums are paid.
- Premium Payment Mode: Monthly, Quarterly, Half- Yearly, Yearly
Premium Chart: The chart below shows the annualized premium for a Sum Assured of Rs. 1,00,00,000. The premium paid varies according to the age of the insurer and the plan term chosen.
Policy Term (Years)
- Annual Premium for Sum Assured Rs. 1,00,00,000/- (Rs. One Crore)
- GST will be extra
- AD/DB Rider if required, will be charged extra
- Premium Rates may get dearer under Monthly, Quarterly and Half- Yearly modes.
|Jeevan Umang Benefit Illustration
Sum Assured – Rs. 1 Crore
|PPT||15 Years||20 Years||25 Years||30 Years|
|Annual Return after PPT||8,00,000||8,00,000||8,00,000||8,00,000|
|Maturity at Age of 100||9,35,00,000||8,97,00,000||8,52,50,000||8,07,50,000|
|Surrender Value on completion of PPT||1,65,94,400||1,88,35,900||2,37,61,800||3,09,01,700|
|Surrender Value after 15 years of completion of PPT||3,78,56,000||5,11,16,000||6,40,57,000||6,39,58,000|
|Surrender Value after 25 years of completion of PPT||6,81,16,000||6,89,26,000||6,88,27,000||6,81,88,000|
|* This is just for illustration purpose. Benefits calculated as per the prevailing bonus rate as on 4th Nov., 2020. You my close this plan anytime and take the Surrender Value.|
Whole Life Insurance plan is undoubtedly the one we all long for. Survival benefits, Death benefits and Maturity benefits – it offers a comprehensive package under every situation. Being participative and non-market linked plan, it promises steady growth over the long period and also offers life cover. Get in touch with Mr. Sukhdeep Singh to buy LIC’s Jeevan Umang plan or to seek any further information about it. Call 9230091000 now! We are authorized agency for LIC of India and provide life insurance plans/policies to individuals, HNIs/NRIs and corporates in Chandigarh, Mohali, Panchkula, Zirakpur and Kharar.