LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.
In addition, this plan also takes care of liquidity needs through loan facility.
Minimum and Maximum age for LIC Jeevan Umang Policy:
People from 90 days to 55 years of age can take this policy. This is an endowment plan. In this, along with life cover, a lump sum amount is available on maturity.
Fixed income will come into your account every year after maturity. On the other hand, after the death of the policyholder, his family members and the nominee will get the lump sum amount. Another feature of this scheme is that it provides coverage up to 100 years.
Jeevan Umang has four premium terms: 15 years, 20 years, 25 years, and 30 years. As a result, the policy’s minimum and maximum ages are likewise determined by the policy’s duration.
In LIC Jeevan Umang, if you pay a premium of Rs 1302 every month, then in a year this amount is Rs 15,298. If this policy is run for 30 years, then the amount increases to about Rs 4.58 lakh. The company starts giving you a return of 40 thousand every year from the 31st year on your investment. If you take a return of 40 thousand annually for 31 years to 100 years, you get an amount of about Rs 27.60 lakh.
Maturity of the LIC Jeevan Umang Policy:
The maturity date has been set at 100 years by the government insurance firm. According to the Jeevan Umang plan, LIC will pay 8% of the sum insured each year after the premium payment term has ended until the maturity date.
Tax Exemption under this Policy:
Under this policy, term rider benefit is also available in case of accidental death or disability of the investor. This policy is not affected by market risk. LIC’s profits and losses definitely have an effect on this policy. Tax exemption is also available on taking this policy under section 80C of Income Tax. If someone wants to take a plan of Jeevan Umang Policy, then he will have to take insurance of at least two lakh rupees.