Why Choose LIC Jeevan Umang?

1. 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.

2. 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.

3. 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

Eligibility Criteria of LIC Jeevan Umang Plan

Let’s take a look at the eligibility criteria of the policy:

Benefits Offered by LIC Jeevan Umang

How does LIC Jeevan Umang work?

Riders Benefits Offered by LIC Jeevan Umang Policy

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.

Other Details of the LIC Jeevan Umang Plan

1. 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.

2. 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.

3. 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).

4. 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

5. 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

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.