Life Insurance Corporation of India is the biggest and oldest insurance provider in the nation. India’s Life Insurance Corporation has millions of customers nationwide. Every now and again, LIC creates new programs for all regions of the nation. so that residents might be given life security. if you wish to safeguard your senior years. And LIC Jeevan Umang Plan will be a great policy for you if you desire to invest in a life insurance policy. In the LIC Jeevan Umang Plan, you are eligible for benefits up to age 100. You might invest in a LIC Jeevan Umang Policy if you want to receive Rs 36,000 annually for a small sum of money. which will help you up until the age of 100 years. Today we will provide you information related to LIC Jeevan Umang Plan through this article.
LIC Jeevan Umang Plan 2023
A unique endowment strategy called the Jeevan Umang Policy was introduced by LIC. In which, after a few years, you begin receiving a set income in addition to the insurance coverage. The LIC Jeevan Umang Plan is open to investors aged 90 days to 55 years. This policy provides the policyholder with 100 years of life insurance coverage. Following maturity, this insurance will continue to deposit a set amount into your account each year. And if the policyholder passes away prior to the policy’s maturity, his designated beneficiary will get a lump sum payment. You can receive an old age pension thanks to this policy. In accordance with Section 80C of the Income Tax, you are exempt from paying income tax. This regulation’s policy holder gets a sum assured of Rs 2 lakh. You can buy LIC Jeevan Umang policy for 15 years, 20 years, 25 years and 30 years.
In this way you will get a pension of Rs 36,000
By making an investment in the LIC Jeevan Umang Plan, you may ensure your old age. This offers you advantages until the age of 100. Let us explain that you purchase this coverage for the duration that best suits your needs. You then receive an annual fixed income. You will receive this income in accordance with the chosen plan until you are 100 years old. Every year, 8% of the plan is yours to keep. If a person purchases this plan at the age of 26 for a sum assured of Rs. 4.5 lakh for 30 years, the policyholder will begin receiving an income equal to Rs. 36,000 per year, or 8% of the invested amount, beginning in the third year. Looks like The insurance company can get this return in the form of a pension till the age of 100 years. Apart from this, every year’s premium is received in lump sum in the 30th year.
Key Features of LIC Jeevan Umang Policy
- A complete life insurance policy, or one that lasts 100 years, is the LIC Jeevan Umang policy.
- At the conclusion of this policy, 8% of the money assured is paid.
- A good pension plan is the LIC Jeevan Umang Plan.
- The premium paid by the policyholder is exempt from income tax under Section 80C.
- On maturity or an untimely death, the policyholder receives a straightforward reversionary bonus.
- Under this plan, you can also get benefits like accidental death insurance, disability benefits, riders, and tom riders.
Benefits of LIC Jeevan Umang Plan
- LIC Jeevan Umang Policy (Table No.945) is a whole life insurance policy that provides life cover for 100 years to the policy holder.
- The policy holder receives risk cover from the very first day i.e. when the policy is purchased.
- This facility is also provided to the policy holders in this plan.
- LIC Jeevan Umang Plan provides risk coverage till the end of the policy term.
- To reduce income tax, the income premium paid under the policy is exempted from taxes under Section 80C and maturity return under Section 10D.
- The policy can be revived up to 2 years from the date of first unpaid premium of this policy.
- If the policy holder is not satisfied with the terms and conditions of the policy, he can return the policy within 15 days from the date of taking the policy.
- If the policy holder commits suicide before 1 year then 80% of the amount paid is returned to the policy holder’s family.
- Premium payment under the policy can be made annually, half-yearly, quarterly and monthly.
- Premium payment modes are 2% discount on annual, 1% discount on half yearly, zero discount on quarterly and monthly.
- The payment term under this policy is 15, 20, 25 and 30 years.
Documents required to buy LIC Jeevan Umang Plan
- Aadhar card
- age certificate
- Address proof
- medical history
- PAN card
- application form
- driving license
- Ration card
- voter card
- passport size photo