Whole life plan

Jeevan UmangPlan 945

LIC Jeevan Umang Plan is a Whole Life Endowment Plan which provides risk cover up to age of 100 years of policyholder and maturity at the end of term or death of policyholder (Claim to the nominee) whichever is earlier. Along with whole life risk cover and maturity, this plan also provides guaranteed money back of 8% of sum assured every year after completion of premium paying term & till the time of maturity.

LIC Jeevan Umang Plan – USP’s

Let’s check some unique selling points of Jeevan Umang Plan

• Lifetime guaranteed money back of 8% of sum assured.
• Guaranteed for lifetime in the scenario of decreasing interest rates.
• It works like a lifelong guaranteed pension plan.
• Lifelong risk cover up to age of 100 years.
• Paid up value after 3 years ensures all benefits like money back, whole life risk cover and maturity even if policyholder does not pay the premium after 3 years .
• It works like a 4G plan if grandfather proposed the policy for their grandchild.
• Jeevan Umang Plan is available with helpful add-on riders like accidental rider and term rider for extra benefits to the policyholder.
• 100% tax free money back and maturity.
• Income tax benefit of section 80C for premium payment.

LIC Jeevan Umang Plan – Key Features

• LIC Jeevan Umang Plan Provides Lifelong Guaranteed Return of 8% In Scenario of Decreasing Interest Rates.
• Ideal Gift from Parents/Grandparents.
• Plan can be gifted on DOB of Child/Parent/Grand parent or on Marriage anniversaries.
• LIC Jeevan Umang Plan can be sold as GUARANTEED Deferred Annuity Pension Plan.
• Child will get SB throughout his/her life.

Survival Benefits:

On the life assured surviving the end of premium paying term(PPT) provided all due premiums have been paid: Survival benefit will be equal to 8% of basic sum assured will be paid each year till the life assured survives or till the policy.

Maturity Benefits:

On the life assured surviving the end of policy term (100- Age at entry) provided all premiums have been paid Sum Assured along with vested simple reversionary bonus and FAB(if any) shall be payable.

Death Benefits:

Commencement of Risk:

• In case, the Policy Holder is less than 8 year old, then, Life Cover will start 2 year after Date of Commencement of Policy or completion of 8 year of age, whichever is earlier.
• If policy holder is 8 year old at the time of buying policy then, risk will start immediately

Eligibility Conditions in LIC Jeevan Umang Plan: