LIC Jeevan Umang Plan, a participative endowment plan offers regular income and risk cover. A perfect plan suitable all your needs like child education with guaranteed returns from 16th year, lump-sum payment for marriage etc., Some can plan for a lifelong pension from 16th year onwards also. There are 4 modes of premium terms under this plan which can be chosen at the beginning of starting the policy.
Tax Savings with LIC Jeevan Umang Plan
LIC Tax Saving plans are many but this plan would give dual tax benefits which makes this plan very popular among all. All premium paid to this plan may be considered under section 80C, and returns are 100% tax-free under section 10 (10D ) of the Income-tax act.
A plan which allows you to withdraw fully or leave it with LIC of India, get tax-free yearly Money-back till 100th Birthday. In case of any eventuality during the term of the policy or after the Money-back starts, a lump sum would be paid to the nominee.
LIC Jeevan Umang plan Features
- Minimum Basic Sum Assured – Rs.2,00,000 in multiples of Rs.25,000
- Entry age: 90 days to 55 years.
- The maximum age of maturity is 100 years
- Premium paying terms: 15,20,25 and 30 years
- The date of commencement of risk begins immediately if the policyholder is 8 years or above. For those below 8 years, the risk commences one day before 2 years are completed or one day before the policy anniversary coinciding with the completion of 8 years of the life insured.
Benefits under LIC Jeevan Umang Plan are:
- Survival benefit equal to 8% of the Basic Sum Assured shall be paid each year if the policyholder survives through the policy term. The first survival benefit is compensated at the end of the premium paying term and continues each year till the anniversary prior to the maturity date or till the policyholder lives.
- At maturity, sum assured along with vested Bonuses are paid, provided all due premiums have been submitted for the LIC Jeevan Umang Policy
- The death benefit is paid to the beneficiary in case of the unexpected death of the life insured. The Sum Assured on Death should not be less than 105% of all the premiums paid till the date of death. Sum Assured on Death is the highest of the Basic Sum Assured or 10 times the annualized premium.
- If the policy continues after its premium term, it may participate in future profits
Additional benefits offered under LIC Jeevan Umang Plan
- Lifetime Tax-free income
- Accidental Death and Disability Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
- Tax Benefits under section 80C and 10 (10 D)
LIC agent is pleased to explain all LIC Jeevan Umang Plan details and clear your doubts
FAQs
- Can I cancel my LIC Jeevan Umang Plan after paying a premium for 1 year?
You can stop the policy at any time, but you may not receive any benefits. Premium paid for continuous 3 years would get some benefit.
- Can we avail of a loan on LIC Jeevan Umang Policy?
Yes, after 2 years continuous premium payment and at the beginning of 3rd-year surrender value can be obtained.
- Is life covered from day one?
Yes, Insurance cover would start from the day the policy number is issued.
- If I met an accident during the policy term, does LIC pay me the accidental benefit?
Under this policy, The accidental rider is optional and available only on paying an extra premium amount. If the rider is chosen, the nominee would get the additional sum assured on the death of the insured due to an accident.
5. Can I increase the Insurance cover after one year?
Yes, you can buy a new policy. The existing policy, insurance cover cannot be changed and continue to be the same throughout the term.