The Jeevan Umang plan from LIC provides your family with both income and protection. This plan offers annual survival benefits from the end of the premium-paying period until maturity, as well as a lump sum payment at maturity or throughout the policyholder's life.
In addition, through LIC loan facilities, this approach addresses liquidity requirements.
LIC Jeevan Umang Policy Minimum & Maximum Age
This coverage is available to anyone aged 90 days to 55 years. This is a long-term investment strategy. Along with life insurance, a lump sum payment is provided at maturity.
After maturity, a yearly fixed income will be deposited into your account. The lump-sum payment will be paid to the policyholder's family members and nominee after the policyholder's death. Another benefit of this plan is that it covers you up to a certain amount of money.
Four Premium Terms of Jeevan Umang Policy
15, 20, 25 & 30 years, as a result, the policy’s minimum & maximum ages are determined by the policy’s duration.
In this scheme, if you pay a premium of Rs 1302 each month, which comes around Rs 44 daily, then in a year this amount is Rs 15,298. If this policy is run for 30 years then the amount will increase to about Rs 4.58 lakh. The company starts giving you a return of Rs 40,000 every year from the 31st year on your investment. If you make a return of 40,000 annually for 31 years to 100 years, you get an amount of Rs 27.60 lakh.
Maturity of LIC Jeevan Umang Policy
The maturity date has been set at 100 years by the government insurance firms. As per the Jeevan Umang Plan, the LIC will pay 8% of the sum insured every year after the premium payment term has ended until the maturity date.
Tax Exemption under the Policy
Under this policy, the term rider benefit is available in case of the accidental death or disability of an investor.
This policy is not affected by the market risk. LIC’s profits & losses are definitely having an effect on this policy. The tax exemption is available on taking the policy under section 80C of the Income Tax. If someone wants to take plan of the Jeevan Umang Policy, then he will have to take the insurance of at least Rs 2 lakh.
