LIC Jeevan Umang: Premium, Sum Assured, Eligibility, Other Details Here
LIC, the country's largest life insurance company, offers various insurance products like endowment insurance plans, term insurance plans, pension plans and whole life plans. LIC Jeevan Umang policy is one of the whole life plan insurance product being sold by the LIC. LIC's Jeevan Umang plan offers a combination of income and protection to an individual's 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, according to LIC website www.licindia.in. (Also Read: LIC New Money Back Plan-20 Years: Sum Assured, Premium, Other Details Here)
Here are details of sum assured, premium, eligibility and other benefits being offered by LIC under Jeevan Umang Plan:
Any individual up to maximum age of 55 years or guardian/parent of 90 days old baby can buy the LIC Jeevan Umang policy for minimum sum assured of Rs 2 lakh and there is no maximum limit for the sum assured. (Also Read: LIC Jeevan Labh Policy: Premium, Sum Assured, Other Details Here)
LIC Jeevan Umang Plan has four different premium paying terms these are 15 years, 20 years, 25 year and 30 years, according to LIC.
LIC Jeevan Umang's policy term is for the whole life of an individual and up to maximum of 100 years, LIC noted on its 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, LIC said.
If an individual survives to the end of policy term basic sum assured along with reversionary bonuses and final additional bonus will be paid to the policy holder.
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, LIC said.
Below are some of the sample annual premium rates to be paid by policy holder of LIC Jeevan Umang per Rs 1,000 of basic sum assured:
| AGE / PREMIUM PAYING TERM | 15 | 20 | 25 | 30 |
|---|---|---|---|---|
| 20 | 80.30 | 54.55 | 39.95 | 31.15 |
| 30 | 80.30 | 54.55 | 40.20 | 32.05 |
| 40 | 80.30 | 54.80 | 42.30 | 35.10 |
| 50 | 80.30 | 58.90 | - | - |
Source: LIC
Premium paid towards LIC Jeevan Umang Plan qualify for tax benefit under the Section 80 C of Income Tax Act.