LIC’s Jeevan Umang Plan (845) Policy is a non-market-linked, with-profits whole life assurance plan.This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum-payment at the time of maturity or on death of the policyholder during the policy term.
Premium Payment Mode : Yearly, Half yearly, Quarterly, Monthly(NACH)
Term : [100 – age entry] Year
P.P.T.* : 15 year, 20 year, 25 year and 30 year
Minimum Entry Age : days (completed)
Maximum Entry Age :
- 55 years (Nearest Birthday) for PPT = 15
- 50 years (Nearest Birthday) for PPT = 20
- 45 years (Nearest Birthday) for PPT = 25
- 40 years (Nearest Birthday) for PPT = 30
Minimum age for LIC Jeevan Umang plan is 90 days. and maximum age at the end of the premium paying term is 70 years (nearest birthday )
Under Jeevan Umang minimum premium payment term is 15 years. If a 15 years term is opted, 8% of sum assured At the end Sum Assured with guaranteed Bonus would be payable to the nominee.
Policy Benefits :
On Survival :
On survival 8% of Basic Sum Assured shall be payable each year
On Death :
On death before the commencement of Risk:
An amount equal to the total amount of premium/s paid without interest shall be payable
On death after commencement of Risk: ‘Sum Assured on Death’+vested simple reversionary Bonus + FAB if any.
Where ‘Sum Assured on Death’ is defined as the highest of
10 times of Annualized Premium, OR
105%of all Premiums paid as on death
Income Tax Benefit : (Kindly refer latest tax rules)
* Premium paid under this plan is eligible for TAX rebate under section 80c.
* Maturity under this plan is free under sec 10(10D).
Best for planning children education and marriage.