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LIC Jeevan Umang is a non-linked, with-profits, whole life assurance plan offered by the Life Insurance Corporation of India (LIC). This plan provides life insurance coverage up to 100 years of age and offers a combination of protection and savings benefits.
One of the key features of Jeevan Umang is that it offers coverage for the entire lifetime of the policyholder. This means that the policy provides financial protection not just for a specific term, but for the entire life of the insured person.
The plan provides guaranteed survival benefits payable at specified durations during the term of the policy. Additionally, a lump sum benefit is payable on maturity or on the death of the holder, ensuring financial security for the insured and their family.
Premiums paid towards LIC Jeevan Umang are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefits and death benefits received are also tax-free of the Income Tax Act.
Policyholders have the option to avail of a loan against the policy after it acquires a surrender value, providing liquidity in times of need.
The plan participates in the profits of the corporation and is eligible for bonuses, which are declared annually and add to the overall returns of the policy.
Jeevan Umang offers various premium payment options, including monthly, quarterly, half-yearly, and yearly modes, allowing policyholders to choose a payment schedule that suits their financial situation.
In the unfortunate event of the death of the policyholder during the term of the policy, the nominee receives the death sum assured along with accrued bonuses, financial support to the family during difficult times.
The policy acquires a surrender value after payment of premiums for at least three full years, giving policyholders the flexibility to surrender the policy and receive a lump sum amount if needed.
Policy Term and Premium Payment Term:
• The policy offers a choice of policy terms ranging from 15 to 35 years.
• Premiums can be paid for a limited period (e.g., 15 years) or until a particular age (e.g., 100 years minus the entry age).
Premium Payment:
• Policyholders have the flexibility to choose from various premium payment modes such as monthly, quarterly, half-yearly, or yearly.
• Premiums paid during the term of the policy provide life cover and also accumulate as savings.
Guaranteed Survival Benefits:
• The policy provides guaranteed survival benefits payable annually after the premium payment term ends and continues until maturity or death.
• These survival benefits are a percentage of the sum assured and are paid at specified durations during the term of the policy.
Death Benefit:
• In the unfortunate event of the death of the policyholder during the term of the policy, the nominee receives the death sum assured along with any accrued bonuses.
• The death sum assured is typically higher of the basic sum assured or 10 times the annualized premium.
Maturity Benefit:
• If the policyholder survives till the end of the policy term, a maturity benefit is paid which includes the basic sum assured along with any bonuses that have been declared by LIC.
• The maturity benefit provides a lump sum amount to the policyholder, providing financial security in their retirement years.
Participation in Profits:
• The policy participates in the profits of the Life Insurance Corporation of India.
• Bonuses are declared annually by LIC and are added to the policy, enhancing the overall returns for the policyholder.
Loan Facility:
• After the policy acquires a surrender value, policyholders have the option to avail of a loan against the policy, providing liquidity in times of need.
Surrender Value:
• The policy acquires a surrender value after payment of premiums for at least three full years.
• If needed, policyholders can surrender the policy and receive a lump sum amount, although this may result in the discontinuation of insurance coverage.
Tax Benefits:
• Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
• Additionally, the maturity benefits and death benefits received are tax-free under Section 10(10D) of the Income Tax Act, making it a tax-efficient investment option.
| Description | Minimum | Maximum |
|---|---|---|
| Age at entry | 3 years | 55 years |
| Premium |
Based on Sum Insured (Min SA 2 lakhs) |
No Limit |
| Premium Payment Term | 15/20/25/30 Years | |
| Policy Term | Up to age 100 years | |
| Income paid | After PPT till 100th year | |
| Maturity | At 100th Year | |
| Death Benefit | 13 times of Annual Base premium and increases as per term | |
| Inbuilt Rider |
Accidental Death & Disability Benefit Rider |
|
Let’s take the example of Dev who is a 30-year-old male at the time of buying this policy. Assuming that he is looking for the following coverage -
• Sum Assured - Rs. 10,00,000
• Policy Term - (100 minus 30 years) = 70 years
• Premium Paying Term - 20 years
• LIC Accidental Death and Disability Rider Benefit
• LIC Accidental Benefit Rider
• LIC New Term Assurance Rider
• LIC New Critical Illness Rider
• LIC Premium Waiver Benefit
Under the policy, there is an option to receive death benefits in installments over a 5/10/15-year period rather than a lump sum payment. The installments must be paid in advance at chosen intervals of annually, half-yearly, quarterly, or monthly, subject to a minimum installment amount for different payment modes, such as
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