Looking for a life insurance plan that gives protection and financial security? If so, the LIC Jeevan Umang Plan from LIC (Life Insurance Corporation of India) could be a good option for you. This plan is made to give life cover, ensure income, and pay a lump sum when matured. In this blog post, we will explain the main features, benefits, and who can apply for the LIC Jeevan Umang Plan. This will help you decide if it’s the right choice for you.
Understanding Lic Jeevan Umang Plan:
Lic Jeevan Umang Plan offers financial security for your family if you pass away. You regularly pay a premium amount to the insurance company. If you die before your policy ends, the person you choose gets money from the insurance company. Different life insurance plans offer special features and benefits.
LIC Jeevan Umang Plan: Key Features:
The LIC Jeevan Umang Plan offers these essential features:
Financial Protection:
If you pass away unexpectedly, your family receives money to assist them financially.
Guaranteed Annual Income:
A stable yearly income is ensured during your retirement years.
Flexible Premium Terms:
You can select a premium payment term of 15, 20, 25, or 30 years. Once this term ends, the policy continues with yearly payouts. This flexibility lets you pick an option matching your finances.
Policy Term:
The policy term gets calculated based on the policyholder’s age when they buy it. It continues until the policyholder reaches 100 years old or 80 years from the start date.
Guaranteed Additions:
This policy accumulates guaranteed additions yearly. The rate is Rs. 50 for every Rs. 1,000 of the sum assured. These additions increase the maturity value, giving you extra money.
Loan Facility:
Jeevan Umang lets you take loans against your policy if you need money quickly. How much you can borrow depends on the surrender value.
Savings with Returns:
LIC Jeevan Umang offers life cover. It also helps grow money via assured returns. This combo makes it a smart financial pick.
Key benefits of this LIC plan:
Survival Benefit:
A top feature is guaranteed yearly income after policy tenure ends. Get fixed percent of sum yearly till maturity date. Enjoy regular income flow, ensuring financial security.
Death Benefit:
When the policyholder passes away during the policy period, the nominee receives a lump sum payment. This includes the agreed sum and any accumulated bonus. This financial support helps the family when the policyholder is no longer there.
Maturity Benefit:
At the end of the policy term, the policyholder gets a lump sum comprising the assured sum and vested bonuses. This can be utilized for retirement planning, education expenses, or other long-term goals.
Tax Benefits:
Premiums paid are not taxed under Section 80C. Moreover, the maturity or death benefit received is tax-free under Section 10(10D) of the Income Tax Act, 1961.
What is the eligibility Criteria for the LIC Jeevan Umang Plan?
Several Eligibility Criteria that must be met to qualify for the LIC Jeevan Umang Plan.
- First, the applicant must be at least 90 days old.
- Second, the age at policy purchase can’t exceed a certain limit, ranging from 55 to 66 years, depending on the premium payment term they choose. This term can span 15 to 25 years, determined when the policy is initiated.
- Third, the policy’s assured sum has a floor of Rs. 2 lakhs but no ceiling (subject to underwriting evaluation).
- Fourth, the policy remains in force until the policyholder turns 100 or until 80 years have elapsed since purchase, whichever occurs later.
Final Words:
LIC’s Jeevan Umang Plan brings assurance through secure returns and tax advantages. It expertly blends financial growth with protection. Ideal for those seeking long-term goals and shielding their future. Understanding its offerings empowers informed decisions for your finances, securing your family’s tomorrow.
