Buy LIC Jeevan Umang Plan Online

RETIRE FROM WORK NOT LIFE!!!

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 Online How to Buy LIC Jeevan Umang Online Online for ensuring your financial independence so that you can enjoy your retirement years without worry.

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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.

Again on Maturity get a lump sum. LIC Jeevan Umang is a regular premium paying with profit conventional, traditional plan, which is not related to any share market with all the benefits like Insurance cover, Accidental risk cover, Savings, Pension, Lump Sum amount, Tax-benefits, Loan, Surrender option etc.,

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  • Guaranteed income = Relaxed retirement
  • Get regular income every year after premium paying term
  • Get guaranteed tax-free income @ 8% of Sum Assured every year for rest of the your life
  • Flexible premium payment options to choose from 15,20,25 & 30 years
  • Policy starts from 0 age to 55 years
  • Enjoy triple tax benefits on: Premiums paid, Pension & maturity amount
  • Additional risk cover by way of accidental coverage
  • Easy liquidity through loans and Surrender of policy

Key Features of LIC Jeevan Umang Policy

  • 8% of SA per year as survival benefit
  • Suitable plan for pension
  • Whole Life Plan
  • Availability of Accidental benefit Rider, Term Rider and Critical illness riders.
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)
Buy LIC Jeevan Umang Online

LIC Jeevan Umang Policy Terms and Conditions

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)

How does LIC Jeevan Umang Plan work for you

Buy LIC Jeevan Umang Plan Online Illustraion

LIC Jeevan Umang Policy Benefits

Death Benefit

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 to the beneficiary of the policy.
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.

Survival Benefit

If the policy holder survives the 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.

Maturity Benefit:

The maturity benefit shall be such that, provided all due premiums have been paid, “The Final Sum Assured” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable on the life assured surviving to the end of policy term.

Surrender Value:

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.

Loan:

A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring 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 case of in-force policies.

Profit Participation

As a policyholder the participant, you are entitled to the profits of the insurance company. These profits are shared in the form of dividends declared at the end of every financial year and full additional bonus.

Income Tax Benefit

The premiums paid towards the LIC Jeevan Umang policy are freed from income tax under Section 80C of the Income Tax Act, 1961. In addition to this, the maturity amount received is also free from tax under Section 10(10D).

Life Cover

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.

Additional Benefits of LIC New Jeevan Umang Plan

Riders

i. Accidental death and disability rider benefit
With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly instalments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.

ii. Accidental Benefit Rider
With this rider, the policy holder gets access to a lump-sum payout in case of accidental death within 180 days from the date of accident. In order to avail the life insurance policy rider, one must pay an additional premium. The policy holder can opt for this rider anytime during the premium paying tenure – provided the outstanding premium paying term of the base plan is at least 5 years.

iii. New Term Assurance Rider
LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure. 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
This rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional sum assured amount in case of policy holder is diagnosed with any one of the 15 critical illnesses covered under this rider during the policy tenure. 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.

Bonus

i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.

ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you

Documents required for LIC policy - Online vs Offline
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
Photo Passport Photo
Buying Online Policy with LICNewPolicyOnline.com
Address Proof Aadhar
ID Proof
Age Proof
Buying A Policy Offline visiting LIC branch or through an agent
Address Proof Aadhar
ID Proof Pan Card or Aadhar
Age Proof Aadhar / Driving License
Income Proof IT Returns of last 2 years
Photo Passport Photo
Frequently Asked Questions

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.

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LIC Policy holders enjoy sovereign guarantee by Govt. of India

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."