The National Company Law Tribunal has ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust. A two-member bench of NCLT Delhi comprising Justice R D Khare and Sumita Purkayastha allowed the plea against...
LIC Jeevan Umang Plan
LIC Jeevan Umang is a life assurance plan meaning that the insurance holder will be covered till he/she turns 100 years of age. The key benefit of this plan is that it comes with dual benefits of income and insurance protection to help the family of the insured in his/her absence. The assured benefits act as a strong financial backup in case of any emergency.
- Why Choose LIC Jeevan Umang?
- Features of LIC Jeevan Umang Plan
- Eligibility Criteria of LIC Jeevan Umang Plan
- Benefits Offered by LIC Jeevan Umang
- How does LIC Jeevan Umang work?
- Riders Benefits Offered by LIC Jeevan Umang Policy
- Sample Illustration of Premiums
- Other Details of the LIC Jeevan Umang Plan
- Tax Implications of LIC Jeevan Umang
- Required Documents
- Policy Exclusions of LIC Jeevan Umang
- FAQs
Why Choose LIC Jeevan Umang?
Tax-free Maturity & Death Benefit
All proceeds from LIC Jeevan Umang, be it on the death of the policyholder, at maturity of the policy, or the annual survival benefits, are entirely tax free under Section 10(10D) of the Income Tax Act, 1969.
Life-long Risk Cover till the Age of 100
The life cover against the risk of death of the policyholder starts from the date of issuance and lasts till he/she reaches 100 years of age.
Guaranteed Income from the Age of 30
Policyholders can buy this policy for themselves or their children and secure a lifetime annual income until 100. These are paid survival benefits for surviving every year till coverage ends.
Features of LIC Jeevan Umang Plan
This LIC plan provides annual survival benefits starting at the end of the premium payment tenure and continues till maturity.
The plan also provides a lump sum amount as a maturity benefit at the end of the policy term, if the insured survives.
Read More
Eligibility Criteria of LIC Jeevan Umang Plan
Let’s take a look at the eligibility criteria of the policy:
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 90 days | 55 years |
| Policy Term | 100 years- Age at entry | |
| Sum Assured | Rs. 2,00,000 | No limit |
| Maturity Age | 100 years | |
| Premium paying term | 15 years, 20 years, 25 years, and 30 years | |
| Age at the end of premium paying term | 30 years | 70 years |
Benefits Offered by LIC Jeevan Umang
Here are some of the prime benefits of the LIC Jeevan Umang plan:
Death Benefit
On Death of the Life Assured Before the Commencement of Risk
Nominees can claim the entire premium amount paid (Return of premium).
On Death of the Life Assured After the Commencement of Risk & Before Maturity
Nominee can claim the higher amount between 7 times the annual premium and the basic sum assured amount. Applicable bonuses such as the simple reversionary bonus and final additional bonus are also paid out along with the death benefit.
Survival Benefit
If the life assured survives the premium payment tenure and provided the policy is in force, LIC Jeevan Umang starts paying out an annual survival benefit.
It is equal to 8% of the basic sum assured amount.
The same amount is offered every year till the policyholder survives or till the last plan anniversary before the date of maturity (whichever event occurs earlier).
Maturity Benefit
In case the life assured survives the specified maturity date, then LIC offers them the basic sum assured along with the simple reversionary bonus and final additional bonus if any.
Loans
The loan facility can be availed under the LIC Jeevan Umang plan as per the following terms and conditions:
A policyholder is eligible for a loan if they have paid premiums for a minimum of 2 years without fail.
If in case the loan is availed during the premium paying term, the maximum loan amount is limited to 90% of the surrender value.
In the case of paid-up policies, the cap on the loan amount is 80% of the paid-up value.
Any loan unpaid shall be recovered from the claim proceeds during exit along with the applicable interest.
Read Less
How does LIC Jeevan Umang work?
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
Read More
Riders Benefits Offered by LIC Jeevan Umang Policy
The following riders can be added to the LIC Jeevan Umang plan to increase the coverage.
Read More
Sample Illustration of Premiums Charged Under LIC Jeevan Umang
You can use the LIC Jeevan Umang calculator to get your premium quotes before purchasing the plan. The following is a sample illustration of annual premium rates (in Rs.) for a basic sum assured of Rs.2 lakhs across various entry ages and premium paying terms.
| Entry Age | Policy Term | Premium Paying Term | |||
| 15 years | 20 years | 25 years | 30 years | ||
| 20 years | 80 years | 16,447/- | 11,173/- | 8,182/- | 6,380/- |
| 30 years | 70 years | 16,447/- | 11,173/- | 8,234/- | 6,565/- |
| 40 years | 60 years | 16,447/- | 11,224/- | 8,664/- | 7,190/- |
| 50 years | 50 years | 16,447/- | 12,063 /- | NA | NA |
Other Details of the LIC Jeevan Umang Plan
Grace Period
A grace period is 15-30 days offered by LIC to policyholders who have failed to pay a due premium amount. The policy lapses if payment is not done by the end of this period.
Free-look Period
A free look period of 15 days from the date of policy initiation is offered by LIC. During this period, the policyholder can cancel the policy if he/she is dissatisfied with its terms and conditions.
Policy Surrender
The policyholder can surrender the policy, provided the premiums are duly paid for two consecutive years. On surrender of the policy, the insurance company will pay a surrender value equal to the special surrender value or the guaranteed surrender value (whichever is higher).
Loan Facility
Policyholders can take loans to fund urgent needs. The maximum loan amount is subject to the following conditions –
90% of the surrender value for active policies.
Annual interest charged on the loan amount by LIC should not exceed 50% of the annual survival benefit
Paid-up Value
In case the life assured has paid premiums for 2 years but stops after, then the policy will continue as a paid-up policy. In such cases, the sum assured shall decrease as per the remaining premiums.
The paid-up sum assured on death is equal to:
Number of premiums paid/ total number of premiums to be paid X sum assured on death
Similarly, the paid-up sum assured on maturity is equal to:
Number of paid premium/ total number of premiums to be paid X sum assured on maturity
Tax Implications of LIC Jeevan Umang
Statutory taxes, if any, are imposed by the constitutional Tax Authority of India as per the prevailing tax laws. The tax rates are subject to revision from time to time. The taxes applicable shall be paid by the policyholder on the premium for the base policy and riders.
Read More
Policy Exclusions of LIC Jeevan Umang
If the life assured dies by suicide within the first 12 months of the policy, nominees can only claim 80% of the premiums paid till the date of death.
If the life assured dies by suicide after completing 12 months from the date of revival of the policy, nominees can claim the higher 80% premiums paid to date or the acquired surrender value.
कैसे खरीदें ?
आप इस प्लान को ऑफलाइन यानी की एलआईसी एजेंटों के माध्यम से खरीद सकते हैं।
Or Call @ 9990190909
Email- [email protected]
Aviva Life Insurance – Bankrupt
LIC Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017 to 31st March, 2020. Benefits of the scheme Following are the major...
why life insurance ? how to take life insurance ? whole life insurance. should you buy whole life insurace
Life Insurance is pillar of Wealth. So if you don't have life insurance means you are creating your family more poor and poor. So my request everyone to get proper insurance for life. Supposed you have not taken life insurance and happened any mis-happening. Then...
best LIC money back plan
Are you looking Money Back Policy ? Then you can view my shared plan I have presented one of best plan for you. Which will give you best returns as well as higher Maturity Value of your investments. My idea here to create wealth and money back from LIC OF INDIA. In...
best large and mid cap fund 2019 -top 10 large & mid cap fund
Large and Mid Cap is best combination for create Folio for Long Term. Fund NameNAVNAV Date1 Week1 Month3 Months6 Months1 Year3 Years5 Years10 YearsInce.Large & MidCapPrincipal - Emerging...
Do you want to Earn Part Time but Permanent Income ?
Part-time jobs can help you earn extra income but not peace Due to Day by Day Inflation and Our expenditure, Most of people to do hard work to maintain our life style.You have heard lot of Part- Time option for create money , Online Tutor, Data Analyst, Online Digital...
LIC Jeevan Amar (Term Plan)
LIC is introducing its new offline term life insurance LIC’s Jeevan Amar (No.855) from 5th August, 2019. It is claimed that it is going to be one of the best cheapest term life insurance plan designed by LIC. Let us see the benefits and how it is beneficial for all of...
LIC Jeevan Labh
LIC one of Best Plan LIC JEEVAN LABH. If you believe only in LIC then Jeevan Labh is one of Best Plan in LIC. Bonus rates etc.. are very attractive. Very important that Limited premium option will give you more benefits. LIC Jeevan Labh – In Short LIC Jeevan labh is a...
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.
