LIC Jeevan Umang plan - features and benefits

 LIC Jeevan Umang plan

The LIC Jeevan Umang Plan is a versatile and robust financial product designed to cater to a variety of financial needs. This plan offers a unique blend of insurance, investment, tax planning, and pension benefits, making it an all-in-one solution for long-term financial security. In this article, we will delve into the key features, benefits, and aspects of the LIC Jeevan Umang Plan.

Key Features of LIC Jeevan Umang Plan

1. Lifetime Coverage:

   • The plan provides life insurance coverage up to the age of 100 years, ensuring long-term financial protection for the policyholder’s family.

2. Regular Payouts:

   • After the premium payment term, the policyholder receives annual survival benefits equivalent to 8% of the Basic Sum Assured until the age of 100 or the policyholder’s death, whichever is earlier.

3. Maturity Benefit:

   • Upon reaching 100 years of age, the policyholder receives the Basic Sum Assured along with any applicable bonuses as the maturity benefit.

4. Death Benefit:

   • In the event of the policyholder’s death before the age of 100, the nominee receives the Death Sum Assured, which includes the sum assured on death and any vested bonuses.

5. Premium Payment Terms:

   • Flexible premium payment options are available, with terms of 15, 20, 25, and 30 years, catering to different financial capabilities and planning horizons.

Benefits of LIC Jeevan Umang Plan

1. Lifetime Tax-Free Returns:

   • The survival benefits received from the policy are tax-free under Section 10(10D) of the Income Tax Act, providing a tax-efficient income stream for the policyholder.

2. All-in-One Financial Solution:

   • The plan seamlessly integrates insurance, investment, tax planning, and pension benefits, making it a comprehensive financial product for individuals seeking holistic financial security.

3. Insurance Coverage:

   • Provides substantial life insurance coverage, ensuring that the policyholder’s family is financially protected in case of an untimely demise.

4. Investment Growth:

   • The plan participates in the corporation’s profit through bonuses, enhancing the overall returns on investment.

5. Tax Planning:

   • Premiums paid towards the policy qualify for tax deductions under Section 80C of the Income Tax Act, up to the prescribed limit, aiding in effective tax planning.

6. Pension Benefits:

   • The regular annual payouts act as a steady source of income post-retirement, akin to a pension, helping maintain financial independence in the later years.

7. Whole Life Assurance:

   • The policy’s whole life coverage up to the age of 100 ensures that the benefits extend well beyond typical retirement age, providing financial security throughout the policyholder’s life.

Example Scenario: Mr. Sharma's Investment in LIC Jeevan Umang Plan

To illustrate the benefits of the LIC Jeevan Umang Plan, consider the example of Mr. Sharma, a 35-year-old IT professional. Mr. Sharma opts for a Basic Sum Assured of Rs. 10 lakhs with a premium payment term of 20 years.

• Premium Payment: Mr. Sharma pays an annual premium of approximately Rs. 50,000 for 20 years.
• Survival Benefits: Starting from the 21st year, he receives an annual payout of Rs. 80,000 (8% of Rs. 10 lakhs) until he turns 100 or passes away.
• Maturity Benefit: If Mr. Sharma lives to the age of 100, he receives the Basic Sum Assured of Rs. 10 lakhs along with any accrued bonuses.
• Death Benefit: In case of Mr. Sharma’s death before 100 years, his nominee receives the sum assured on death along with bonuses, ensuring financial support for his family.

Frequently Asked Questions (FAQs)

Q1: Who is eligible to buy the LIC Jeevan Umang Plan? A: Individuals aged between 90 days to 55 years are eligible to purchase this plan, with various premium payment term options to suit different age groups.

Q2: Can I take a loan against the LIC Jeevan Umang policy? A: Yes, policyholders can avail of a loan against the policy once it acquires a surrender value, subject to terms and conditions.

Q3: What are the surrender benefits? A: If the policyholder decides to surrender the policy after it has acquired a surrender value, they receive the guaranteed surrender value plus any applicable bonuses.

Q4: Are the survival benefits guaranteed? A: Yes, the annual survival benefits of 8% of the Basic Sum Assured are guaranteed, providing a predictable income stream.

Q5: How does the bonus component work? A: The policy participates in LIC’s profit through bonuses declared by the corporation. These bonuses enhance the overall returns and are paid out upon maturity or death.

Q6: Is there any risk coverage during the premium payment term? A: Yes, the policy provides life insurance coverage during the premium payment term. In case of the policyholder’s demise, the death benefit is paid to the nominee.

Q7: What happens if I miss a premium payment? A: If premiums are not paid within the grace period, the policy lapses. However, it can be revived within a specified period by paying the due premiums along with interest.

Q8: Can I customize the policy with riders? A: Yes, LIC offers optional riders that can be added to the policy for enhanced coverage, such as accidental death and disability benefit riders.

Q9: What is the minimum and maximum sum assured under this plan? A: The minimum Basic Sum Assured is Rs. 2 lakhs, with no upper limit, subject to underwriting guidelines.

Q10: How can I purchase the LIC Jeevan Umang Plan? A: The plan can be purchased through LIC’s official website, authorized agents, or by visiting an LIC branch office.

Conclusion

The LIC Jeevan Umang Plan stands out as a versatile financial product that caters to various needs, including insurance, investment, tax planning, and pension. Its unique structure offers lifetime coverage, guaranteed annual payouts, and tax-efficient returns, making it an ideal choice for individuals seeking long-term financial security. By integrating multiple financial benefits into one plan, LIC Jeevan Umang ensures comprehensive protection and stability for policyholders and their families. Whether for retirement planning or providing financial security to loved ones, this plan offers a reliable and robust solution in an increasingly uncertain economic environment.

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LIC Jeevan Umang Plan - All in one LIC Plan - LIC buy policy 9886568000

LIC Jeevan Umang Plan - All in one LIC Plan

LIC Buy policy: 9886568000

In today's fast-paced world, securing the financial future of your loved ones is of utmost importance. With numerous options available, choosing the right plan can often be overwhelming. However, LIC Jeevan Umang emerges as a beacon of financial security, offering a multifaceted solution that encompasses life insurance, investment, tax savings, pension, and whole life coverage.

LIC's Jeevan Umang is a non-linked, participating, individual, whole life assurance plan which offers a combination of income and protect on to your family. This plan provides for annual survival benefits from the end of the premium paying term ll maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Understanding LIC Jeevan Umang:

LIC Jeevan Umang is a unique plan designed to cater to the diverse financial needs of individuals and their families. It combines the benefits of life insurance with the advantages of a long-term investment, ensuring financial stability throughout your lifetime and beyond.

Life Insurance Protection:

At its core, LIC Jeevan Umang provides comprehensive life insurance coverage, offering financial protection to your family in the unfortunate event of your demise. The plan assures a guaranteed death benefit to the nominee, providing them with the necessary financial support to cope with the loss and maintain their standard of living.

Investment Opportunity:

Apart from serving as a life insurance policy, LIC Jeevan Umang also functions as a long-term investment vehicle. The premiums paid accumulate over the policy term, generating substantial returns over time. These returns are accrued at a predetermined rate of interest, ensuring steady growth of your investment corpus.

Tax Savings:

One of the most attractive features of LIC Jeevan Umang is its ability to help individuals save on taxes. The premiums paid towards the policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to a specified limit. Additionally, the maturity proceeds and death benefits received under the plan are exempt from tax under Section 10(10D), making it a tax-efficient investment option.

Pension Benefits:

In addition to life insurance and investment benefits, LIC Jeevan Umang offers a unique pension component, ensuring financial security during your retirement years. The plan provides for a regular stream of income post-retirement, allowing you to maintain your lifestyle and meet your financial obligations without any worries.

Whole Life Coverage:

Unlike traditional insurance plans that have a limited term, LIC Jeevan Umang offers coverage for the entire duration of your life. This means that your loved ones are guaranteed financial protection irrespective of when the unfortunate event occurs. The plan provides peace of mind, knowing that your family's financial future is secure, regardless of the uncertainties of life.

Tax-Free Returns:

One of the key benefits of LIC Jeevan Umang is the tax-free nature of its returns. The maturity proceeds received at the end of the policy term or the death benefits paid to the nominee are exempt from tax, ensuring that your loved ones receive the entire sum assured without any deductions.

LIC Jeevan Umang emerges as a comprehensive solution for every family's financial security needs. By offering a perfect blend of life insurance, investment, tax savings, pension, and whole life coverage, it ensures that your loved ones are well taken care of in every aspect. With tax-free returns and guaranteed benefits, it stands as a beacon of financial stability, providing peace of mind to policyholders and their families alike. Consider investing in LIC Jeevan Umang today and secure a brighter tomorrow for your loved ones.

LIC Jeevan Umang is the best plan to gift on birthdays to children, grand children, spouse, sister etc. Lifetime tax-free returns make a rememberable gift.

Best LIC plan for age 40 pension planning

There are many plans in LIC of India for those aged 40 and above to plan for a regular Income in the future.

Endowment plans like

LIC Endowment plan 814,

LIC Jeevan Anand Plan 815,

LIC Jeevan lakshya,

LIC Jeevan Labh,

LIC Jeevan Umang plan, etc

can be converted to a monthly pension for a guaranteed Pension in the future.

LIC Branches in Nagpur - LIC Nagpur - Buy LIC new plans - LIC Jeevan Umang plan

 

City	LIC LIC Branch Office	LIC LIC Branch Code	LIC LIC Branch Address	Pin code
Nagpur	LIC Branch Office	972	Oriental Bldg., 1st Flr, SV Patel Marg, Nagpur	440001
Nagpur	LIC Branch Office	973	Indian Mutual Bldg. 2nd/3rd Flr, Mount Rd. Extn, Sadar, Nagpur	440001
Nagpur	LIC Branch Office	970	National Ins. Bldg.,2nd Flr., SV Patel Marg, Nagpur	440001
Nagpur	LIC Branch Office	971	National Ins. Bldg., SV Patel Marg, Nagpur	440001
Nagpur	LIC Branch Office	990	Carrer Agent Br. National Indian Bldg., Mount Rd. Extn, Nagpur	440001
Nagpur	LIC Branch Office	993	Oriental Bldg. 1st Flr, SV Patel Marg, Nagpur	440001
Nagpur	LIC Branch Office	99F	BSNL Building, 1st Floor, Telephone Exchange Chowk, Nagpur	440008
Nagpur	LIC Branch Office	99G	Ambika House, Shankar Nagar Chowk, Nagpur	440010
Nagpur	LIC Branch Office	97F	1st Flr. Above SBI Medical Square, Unt Khana Rd., Nagpur	440009
Nagpur	Divisional Office	D097	National Ins. Bldg.,, Sardar Vallabhbhai Patel Marg, Nagpur	440001
Nagpur	LIC P&GS Unit	G707	National Ins. Bldg., Sardar Vallabhbhai Marg,POBoxNo.63, Nagpur	440001
Nagpur	LIC Satellite Office	971T001	Main Road,, Mauda, Dt. Nagpur	441104
Nagpur	LIC Satellite Office	990C001	Indian Mutual Bldg., Mount Road, Sardar City, Nagpur	440001

 

LIC LIFE CERTIFICATE - Certificate of Existence

In LIC Annuity and Pension plans Life Certificate/ Certificate of Existence has to be submitted as requested by LIC of India. This form can be downloaded online or can be collected from any LIC Branch.The signed in certificate has to be submitted at the base branch or any LIC branches in India,

For speedy process it is advised to submit a the base branch as it would be updated immediately.

LIC's Pensioner's Page

Existence Certificate

Any further information, please contact your Agent or LIC Branch.

LIC Jeevan Umang plan 845

LIC Jeevan Umang Plan 845

           LIC Jeevan Umang is non-linked, whole life assurance plan with profits. This plan provides annual survival benefits at the end of the completion of premium payment up to 100 years of age and a maturity lump sum amount at maturity of term or death of the policyholder during the term.

           LIC Jeevan Umang Plan 845 was recently launched in the market and came into effect from 16th May, 2017. This plan is similar to Jeevan Tarang Plan.

           LIC Jeevan Umang is a whole life product i.e. it provides life coverage up to 100 years of age. A whole life plan is a life insurance plan which remains throughout the lifetime of the policyholder. There are various companies which have offered maturity and death benefits under such a policy,LIC is one of them.

Features 

• It is whole life insurance plan i.e. for 100 years
• 8% of the Sum Assured is paid as money back at the end of the term
• Large Sum Assured available under this plan.
• Benefits like LIC Accidental Death Disability Benefit Rider and Term Rider are available under this plan.
• Simple reversionary bonus is payable on maturity or early death.
• Suitable plan for pension.
• Premiums paid are exempted from income tax under 80c.
• Maturity amount is tax free under 10 (10D).

Eligibility Conditions

Age at Entry	90 Days (Completed)
Premium Paying Term (PPT)	15, 20, 25, & 30 Years
Maximum Age at Entry in Years (As per Nearest Birthday)	55 for 15 PPT
	50 for 20 PPT
	45 for 25 PPT
	40 for 30 PPT
Age at Maturity	100 Years (Nearest Birthday)
Policy Term	100 - Age at Entry
Basic Sum Assured	2,00,000 and above in multiples of 25,000
Premium Paying Mode	Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
Premium Mode Rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Benefits 

Death benefits

           On death before commencement of risk an amount equal to total amount of premium paid is given without any interest. On death after the commencement of risk a definite sum of Sum Assured on Death and vested Simple reversionary bonuses along with final additional bonus are given. Sum Assured on death is highest as it is 10 times of annualised premium or sum assured on maturity or absolute amount assured to be paid on death i.e. Basic Sum Assured. Premiums paid are tax free and free from any extra chargeable amount or rider premium.

Survival addition

           On the completion of the premium paying term (PPT), provided that all the due premiums have been cleared, an amount equal to 8% of basic sum assured is paid to the policyholder every year till maturity. The survival benefit payment is paid at the end of the premium paying term and on successful completion of every subsequent year till the policyholder survives or policy anniversary prior to the date of maturity.

Maturity Benefit

           On the successful completion of the term policy i.e. when all the due premiums have been paid, Sum Assured on Maturity along with vested reversionary bonuses and final additional bonus is paid. Here the sum assured on maturity is equal to basic sum assured.

Accidental and Disability benefit rider

           LIC’s accidental death and disability benefit rider is an optional rider available on payment of extra premium. This benefit can be availed any time during the premium paying term provided that the outstanding premium paying term is at least 5 years. Here the age nearer birthday of life assured should be 70 years and benefit is payable on the policy anniversary. If this benefit is chosen, an additional amount equal to accidental benefit sum insured is payable on death due to accident, provided that the rider is inforce at the time of accident. In case of permanent accidental disability an amount equal to Accident benefit sum is paid if the form of equal monthly installments spread over a period of 10 years and future premiums for Accident benefit sum assured along with premium for the portion of Basic sum assured is also given. If the assured dies before the expiry of the given period of 10 years, then in this case disability benefit installments which have not fallen due are paid along the claim amount.

Date of commencement of risk

           If the entry age of assured is less than 8 years of, then the risk under this plan will begin either one day before the completion of 2 years from the date of inception or one day before the policy anniversary, immediately following the completion of 8 years of age. For those aged 8 years and above, risk will start immediately.

Additional Information

• Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
• Risk Coverage: This option is available until the end of the Policy Term.
• Riders: The LIC Jeevan Umang has rider option facility.
• Cooling off period: The Policy can be returned within 15 days if the Life Insured is not satisfied with the Terms and Conditions of the policy.
• Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
• Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
• Nominations/Assignments: The LIC Jeevan Umang provides Assignments and Nominations in this plan.