LIC Jeevan Umang is non-linked whole life with profits endowment assurance plan, which provides a guaranteed fixed Tax-free income @ 8% of Sum assured every year after completion of premium paying term till 100 years of age. On maturity or Death, a full Sum assured along with bonus is paid.
Key Features of LIC New Jeevan Umang
- LIC Jeevan Umang offers 8% of SA per year as survival benefits
- It is an investment plan which offers whole life cover along with Pension.
- It is a plan which offers whole life cover (upto 100 years).
- Policy is available for a term of 15, 20, 25 or 30 years.
- Survival Benefit (Pension) is paid from the end of premium paying term.
- Lumpsum payment at time of maturity or at policyholder death during policy term.
If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim. If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.
Premiums paid towards New Jeevan Umang is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 90 Days Completed
- Maximum Age : 55 years for 15 years policy term
50 years for 20 years policy term
45 years for 25 years policy term
40 years for 30 years policy term
- Premium Paying Term : 15 years / 20 years / 25 years / 30 years
- Policy Term / Maturity : 100 - [age at entry]
- Minimum Sum Assured : Rs.2,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3years
- After Premium paying term: 8% of Sum Assured every year for wholelife (tax free)
- On Maturity: Sum Assured + Bonus Payable