Jeevan Umang from LIC is a popular and amazing curated non-linked endowment plan that has the life insurance coverage benefits along with many other perks that are exclusive to the plan. With the regular payout through the lifespan, LIC Jeevan Umang is a great investment that users can opt for if you are looking to invest your money in a safe policy with better ROI and trust.
The best thing about the Jeevan Umang policy is the entire life coverage that is often a rare case with such endowment policies. The numerous other benefits and additional rider benefits make Jeevan Umang a worthy investment policy for the young and needy investors. SO, if you are also looking for a perfect endowment policy for yourself, you should once try on the details of LIC Jeevan Umang.
Highlights of LIC Jeevan Umang
Like many other policies from LIC, Jeevan Umang also has numerous project highlights that make it easier to understand to the buyers. The investors can easily understand the key benefits of the policy just by going through the highlights. So, here are a few highlights of LIC’s Jeevan Umang that will help you make a better choice.
- Full life cover for the investor. LIC Umang covers the investor for 100 years. This makes it a worthy choice for the investors who are looking for a policy that covers them for long and acts as a perfect policy.
- Guaranteed 8% sum assured every year (money back for the end-year term of the policy)
- Numerous policy riders like accidental death, disability, and others. This makes it a perfect plan for the new investors who are not willing to invest in different policies and are looking for a perfect plan that keeps them covered for long and has different perks.
- Different premium paying terms to add more benefits to the users
- Users can opt for a fixed monthly income or a fixed lump sum amount on policy completion.
- It is an ideal choice for users who are looking for a pension plan
- Users can get a tax rebate under section 10D.
Benefits of choosing LIC Jeevan Umang
Now, once you are aware of the different highlights of the policy, let’s talk about a few exclusive benefits of LIC Jeevan Umang. These perks make Jeevan Umang a perfect choice for the users who are looking for a good investment as well as a policy that can help them save the taxes and get a guaranteed income after their retirement.
Brilliant risk commencement
The policy allows the users with an entry age of 8 years and it starts immediately once the assured person is 8 years. In case the assured person is less than 8 years, the risk commencement will start on the one day before the policy anniversary
Jeevan Umang can also be treated as a great policy for death benefits. In case of death before the policy’s commencement, the amount of premium paid in the policy is paid to the nominee. IF the policyholder dies after the policy commencement, the assured amount along with the other bonuses and add-ons is provided to the nominee.
8% guaranteed bonus every year
Another plus point about Jeevan Umang is the 8% survival bonus that the policyholder gets every year till maturity. So, apart from getting great returns and death cover, you are also getting an additional bonus that makes it a worthy policy to opt for.
Added tax benefits
Jeevan Umang is a policy that you can use for numerous purposes. You can take it as a death benefit policy, pension policy, and also as a tax saver. By investing in the policy, you can get a tax rebate under section 10D of the Income Tax Act, 1961. So, whatever your reason is, LIC Jeevan Umang is one of the best policies to opt for.
Different add-ons to choose from
Jeevan Umang, apart from providing numerous benefits and perks, also offers users to choose from a variety of add-ons or riders. So, if you were looking to add more benefits to the policy by taking the help of these add-ons, you can easily make it more worthy for you.
Added Benefits of LIC Jeevan Umang
Along with the perks listed above, there are a few more added benefits that you can have by choosing Jeevan Umang for yourself. Some of these points are discussed here. Have a look at them and decide how beneficial this policy can be.
Free Look Period
The best part of the Jeevan Umang policy is the Free lock period. Here, you can easily check your returns and other details of the policy and how it is performing. This is an ideal choice for the users who aren’t too keen to invest money in a policy that is not getting enough returns to them.
Jeevan Umang also offers a loan facility to the policyholder. So, if you are looking for a brilliant policy that can be used in various ways. The loan amount is up to 90% of the surrender value and you can avail of it by paying LIC premiums regularly for 3 years.
Monthly amount after policy commencement
The amount can be dispersed in two different ways. In a lumpsum amount after commencement, and as a monthly income format till the policyholder lives. So, you can choose how to get the money according to your needs and financial condition after retirement.
Critical Illness benefit
You can also opt for the critical illness cover by opting for a suitable add-on/rider. You can consult the company official or the LIC agent for the critical illnesses covered in the policy and add-ons.
New term assurance rider
The user can opt for the added term assurance rider by raising the death advantage of the policy and paying an extra premium. With a single extra premium, you can get a brilliant advantage and get the best returns and riders.
Details you need to know about LIC Jeevan Umang
Now, let’s talk about the detailed specifications of the LIC Jeevan Umang policy that can help you decide whether this is the right policy for you, or not. By knowing the details of the policy, you can easily compare the policy with numerous other plans from other policy firms and LIC itself.
Minimum Entry Age: 90 Days (8-year risk commencement)
Maximum entry age: 70 years
Maturity age: 100 years
Policy Term: 100 years
Minimum sum assured for the policy: 2,00,000
Maximum sum assured: No Limit
Mode of LIC premium payment: Monthly, Quarterly, half-yearly, and yearly
This information can help you decide whether you should invest your money in the policy, or not. Try it, and believe us, you are going to love the policy and the benefits it provides to you.
Options for premium payment: 15, 20, 25, and 30 years
So, this was all information related to the LIC Jeevan Umang that you should know about before enrolling. Along with the benefits and popularity of the policy, LIC Jeevan Umang is one of the most versatile policies and is known by different names by the agents like the policy with pension benefits, a policy with death cover, and many others. If you are looking for such a policy that offers brilliant returns and better addons, Jeevan Umang is the right policy for you.