Life Insurance Corporation of India (LIC), the country's largest life insurance company, which offers a whole lot of insurance policies such as term insurance plans, endowment plans and money back plans, also offer whole-life insurance plans. LIC's Jeevan Umang Policy is one of the whole-life insurance plans being offered by the country's largest insurance company. LIC's Jeevan Umang Policy offers a combination of income and protection to an individual's family, LIC said on its website https://www.licindia.in. Any individual between the age of 90 days and 55 years can buy LIC's Jeevan Umang Policy for a minimum sum assured of Rs 2 lakhs, LIC added.
Here are details of LIC Jeevan Umang Policy's premium, sum assured, eligibility rules and maturity timelines:
LIC Jeevan Umang Plan has four different premium paying terms i.e. 15 years, 20 years, 25 years and 30 years, according to LIC.
An 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.
LIC Jeevan Umang's policy term is for the entire 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 the premiums, the 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.
Here are LIC Jeevan Umang's premium rates per Rs 1,000 of basic sum assured:
|AGE / PREMIUM PAYING TERM||15||20||25||30|
Premium paid towards LIC Jeevan Umang Plan qualify for tax benefit under Section 80 C of Income Tax Act.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions during the Premium Paying Term of the policy, LIC said.