Mumbai: designed to provide long-term life cover along with annual survival benefits after the premium-paying term ends. The policy can provide life insurance protection up to the age of 100 years, subject to its terms and conditions.
Those looking for a combination of insurance protection and regular income after completing premium payments may consider the features of this plan.
How does Jeevan Umang work?
Policyholders do not have to pay premiums throughout their lives. Depending on eligibility and policy conditions, they can choose a premium-paying term of 15, 20, 25 or 30 years.
The plan also provides death and maturity benefits, subject to LIC’s applicable conditions.
What happens with ₹5,000 monthly premium?
Consider an illustrative example of a person buying the policy at age 30 and selecting a 20-year premium-paying term.
A monthly premium of around ₹5,000 would translate into approximately ₹60,000 annually. If the Basic Sum Assured is ₹10 lakh, the annual survival benefit at 8% would work out to ₹80,000.
After completing the premium-paying term, the policyholder could receive this annual benefit while the policy remains in force, as per LIC’s conditions.
Actual premiums and benefits can differ depending on age, Basic Sum Assured, premium mode and other policy factors.
Death and maturity benefits
If the policyholder survives to the maturity age specified under the plan, the maturity benefit includes the Basic Sum Assured along with applicable vested bonuses and Final Additional Bonus, if any.
In case of death during the policy term, the nominee receives the applicable death benefit along with eligible bonuses, subject to policy rules.
The plan may also provide a loan facility after prescribed conditions are fulfilled. Tax benefits, if available, depend on prevailing provisions of the Income Tax Act.