As life expectancy in India increases year on year, it is becoming more and more important to plan for a longer and happier retired life. Buy LIC Jeevan Umang Plan How to Buy LIC Jeevan Umang Online Online for ensuring your financial independence so that you can enjoy your retirement years without worry.
In our day-to-day life, we become so busy and barely get time to plan for our future and rarely give a thought about retirement life. However just take a few minutes and take a little pause and understand about your future and their expenses based on our current lifestyle.
Start saving systematically from today in best LIC policy Jeevan Umang and enjoy a worry free retirement life.
In this world of uncertainty, LIC’s pension plan Buy LIC Pension Plan Online offers a unique blend of whole life Insurance with Guaranteed Tax free returns for life time. After paying premiums for the stipulated period, Get Tax-free returns @ 8% of the Sum Assured every year for whole life.
LIC Jeevan Umang is a conventional, traditional plan that requires regular premium payments and offers various benefits such as insurance coverage, accidental risk coverage, savings, pension, a lump sum amount, tax benefits, the option for a loan, and the ability to surrender the policy. This plan is independent of any share market involvement.
|Minimum age||90 days (Completed)|
|Maximum age||55 years|
|Premium paying term||15, 20, 25 and 30 years|
|Policy Term/ Maturity||At age 100 years|
|Minimum Sum Assured||Rs.2,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (ECS)|
|Loan||Eligible after 2 years|
|Surrender||Eligible after 2 years|
|After Premium paying term||8% of Sum Assured (Tax-free) is paid every year for whole life|
|On Maturity/Death||Sum Assured + Bonus+ Final additional bonus is payable|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non-taxable u/s 10(10d)
On Death Before the Commencement of Risk
If a demise occurs before the commencement of the term, the entire amount paid for premium (return of premium) is payable to the beneficiary on the policy. This would be non-inclusive of all taxes, additional premium and rider premium if elected.
On Death After the Commencement of Risk
If a death occurs after the commencement of risk, then the death benefit along with a vested simple reversionary bonus and a final additional bonus (if any) are paid is paid to the designated policy beneficiary. The Death Benefit will never be less than 105% of all premiums paid The death benefit is paid to the beneficiary as a lump sum amount or in instalments.
Upon policyholder’s survival, premium payment term and provided the policy is in force then the survival benefits that amount to 8% of the basic sum assured is paid annually at the end of the premium paying term and this benefit pay-out will continue till the end date of maturity or in case of death of the life insured, whichever is earlier.
If all premiums have been paid as required, the maturity benefit of the policy will include “The Final Sum Assured” along with any accumulated Simple Reversionary Bonuses and a Final Additional Bonus, if applicable. This benefit will be paid out if the life assured survives until the end of the policy term.
The policyholder can surrender the policy, provided that premium of the policy has been paid for two consecutive years. Once this happens, the insurance company will pay out a surrender value equal to both the higher special surrender value and guaranteed surrender value.
The policyholder becomes eligible for a loan once they have paid the full premium amount for a period of 2 years and the policy has acquired a surrender value.
If in case the loan is availed during the tenure of premium payment, then you can avail upto 80% of the surrender value for paid-up policies and 90% in the scenario of active policies.
As a policyholder, you have the privilege of receiving the insurance company’s profits. These profits are shared in the form of dividends declared at the end of every financial year and full additional bonus.
Under Section 80C of the Income Tax Act of 1961, the LIC Jeevan Umang policy’s premiums are exempt from income tax. Under Section 10(10D), the maturity amount received is also free from tax.
This plan is an endowment cum whole life of the policyholder i.e. up to 100 years. It offers a regular payout from the end of the premium payment term till the date of your survival.
i. Accidental death and disability rider benefit
The accidental death and disability rider benefit provide additional coverage. In the event of the insured person’s accidental demise, the beneficiary of the policy receives a lump-sum amount equal to the accidental rider benefit sum assured, in addition to the death benefit provided by the base plan. Similarly, if the insured person becomes disabled due to an accident, the accidental rider benefit sum assured is paid out in equal monthly installments over a period of 10 years. Additionally, all premiums that have been paid or are due in the future are waived off.
ii. Accidental Benefit Rider
By opting for this rider, the policyholder becomes eligible for a lump-sum payout in the event of accidental death within 180 days from the accident date. To avail this life insurance policy rider, an extra premium must be paid. The policyholder has the flexibility to choose this rider at any time during the premium payment period, as long as the remaining premium payment term for the base plan is a minimum of 5 years.
iii. New Term Assurance Rider
The LIC New Term Assurance Rider can be obtained when the policy is initiated. With this rider, LIC provides the beneficiary with an extra sum assured amount in the form of term assurance if the policyholder passes away during the policy duration. This rider option is available for a policy tenure of 35 years or until the plan anniversary when the policyholder turns 75 years of age, whichever happens first.
iv. Critical Illness Rider
The Critical Illness Rider is an optional add-on that can be selected when the policy is first purchased. With this rider, LIC provides the beneficiary with an extra sum assured if the policyholder is diagnosed with any of the 15 critical illnesses covered during the policy term. This rider can be chosen for a maximum of 35 years or until the policyholder reaches the age of 75, whichever occurs first.
i. Final Addition Bonus:
Bonus is paid at the time of policy maturity or in the event of death.
ii. Simple Reversionary Bonus:
Portion payable if policy is surrendered during the policy period.
If policy is surrendered, a certain portion of the accrued bonus will be paid to you.
|Buying LIC Policy Online with LICNewPolicyOnline.com||Buying A Policy Offline visiting LIC branch or through an agent|
|Address Proof||Aadhar Zip File||Address Proof||Aadhar|
|ID Proof||ID Proof||Pan Card or Aadhar|
|Age Proof||Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
|Buying Online Policy with LICNewPolicyOnline.com|
|Buying A Policy Offline visiting LIC branch or through an agent|
|ID Proof||Pan Card or Aadhar|
|Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
1. What is rate of return in LIC Jeevan Umang?
In Jeevan Umang plan a guaranteed tax-free pension @8% on sum assured is the paid for life time after premium paying term
2. What type of plan is Jeevan Umang?
Jeevan Umang is a regular premium paying plan, where guaranteed tax-free pension @8% on sum assured is paid every year for life time after premium paying term
3. How is Jeevan Umang maturity amount calculated?
In Jeevan Umang plan after premium paying term a guranteed tax-free pension @8% on Sum assured is paid every year for life time after premium paying term. On matuirty full Sum assured along with vested bonus final additional bonus is paid.
4. Is Jeevan Umang tax free?
Yes, its 100% tax-free pension plan Jeevan Umang Plan Tax Benefit
5. What is the difference between Jeevan Umang 845 and 945?
Plan no.845 is discontinued and Plan no.945 is re-introduced
6. Is LIC Jeevan Umang a good investment?
Yes, its a very good investment plan as it provides a guaranteed tax-free pension @8% on sum assured is paid every year for life time
7. Is Jeevan Umang a pension plan?
Yes its a guaranteed tax-free pension plan paid @8% on Sum assured is paid every year for life time
8. What is sum assured in Jeevan Umang?
It's the risk cover you opt at the inception of the policy
9. What is the age at maturity in LIC Jeevan Umang plan?
Minimum maturity age in Jeevan Umang plan is 30 years
10. Is Jeevan Umang a ULIP?
No, it's a traditional, with-profits pension plan.
11. Is Jeevan Umang an annuity plan?
Yes, it's a guaranteed tax-free pension plan paid @ 8% of Sum Assured every year for life time.
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."