Features and Benefits of LIC Jeevan Umang policy

June 11, 2022 Finance Talk Valli Sarvani No comments

Life Insurance Corporation of India (LIC) launched the Jeevan Umang policy in February 2020. It is a participating, non-linked policy. It offers both income and insurance cover to the family of the policyholder.

Here are the features and benefits of the LIC Jeevan Umang Policy:

The LIC Jeevan Umang policy provides the annual survival benefits to the insured after the completion of the premium payment tenure. These benefits are paid till the maturity of the policy.

Besides, it offers a maturity benefit. The policyholder can get a lump sum amount. In addition to that, the death benefit is offered during the policy tenure.

The plan has different premium paying tenures, including 15 years, 20 years, 25 years, and 30 years.

The insured can get a life cover for up to 100 years. The plan offers a simple reversionary bonus along with a final additional bonus.

While the minimum entry age is 90 days, the maximum entry age is 55 years. The policy term is calculated after deducting the age at entry from 100 years.

The minimum sum assured is ₹2 lakhs. There is no maximum limit on the sum assured. The sum assured is paid as the death benefit. It is seven times the annual premium or basic sum assured, whichever is higher, the amount is paid.

The insured will receive survival benefits at the end of the premium paying tenure till the maturity date. It is equal to 8% of the basic sum assured.

The death benefit is more than 105% of the total premium paid by the insured. The total premium paid is calculated, excluding all the taxes and additional premiums or rider premiums, if any. The amount is paid as a lump sum amount or instalments.

Policyholders can obtain a loan on the policy after paying the full premium for two years. However, the policy should acquire a surrender value to be eligible for the loan.

For complete details visit the website of LIC.

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