LIC Jeevan Umang Policy: Know all benefits, premiums, maturity and other details here
LIC Jeevan Umang 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.
Country's largest insurance provider, Life Insurance Corporation of India (LIC) offers number of insurance products like endowment insurance plans, term insurance plans, pension plans and whole life plans etc. One such whole life plan insurance plans is, LIC Jeevan Umang policy. This plan offers a combination of income and protection to an one's family. LIC Jeevan Umang 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, as on the LIC website, i.e www.licindia.in.
Some of the details of LIC Jeevan Umang Plan like sum assured, premium, eligibility and other benefits are explained as follows:
Who can buy LIC Jeevan Umang plan?
An individual with maximum age of 55 years or guardian/parent of 90 days old baby, can purchase the LIC Jeevan Umang plan for minimum sum assured of Rs 2 lakh, while there is no maximum limit for the sum assured.
What are premium terms of LIC Jeevan Umang?
LIC Jeevan Umang Plan has four different premium paying terms these are 15 years, 20 years, 25 year and 30 years, according to LIC. The policy term is for the whole life of an individual and up to maximum of 100 years, as per the the LIC website.
Survival benefit
As per the LIC website, under the LIC Jeevan Umang plan if an individual has paid all premiums, then survival benefit at the rate of 8 per cent will be paid to the policy holder at the end of premium paying term and thereafter on completion of each subsequent year till the life assured survives.
In case an individual survives till the maturity of policy term, a basic sum assured along with reversionary bonuses and final additional bonus will be paid to the policy holder by LIC.
Death benefit
If the policy holder dies then sum assured on death which is defined as 10 times the annualised or sum assured on maturity is paid to the nominee of policy holder.
Other optional benefits
1. Accidental Death and Disability Benefit Rider
2. New Term Assurance Rider
3. Accident Benefit Rider
4. Critical Illness Benefit Rider
For more details about the Umang Jeevan Plan, visit the official website of LIC India; i.e https://www.licindia.in/Products/Insurance-Plan/LICs-Jeevan-Umang
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