Benefits Of LIC Jeevan Umang Money Back Plan

LIC Jeevan Umang is a whole life insurance plan that focuses on generating profits. The policy provides both financial security and return on investment. The coverage period of this life insurance policy extends up to 100 years. It offers a survival benefit at the end of the premium-paying term, a lump sum payment at the end of the policy term, or a cash payout in case of the policyholder's demise while the policy is active. 

What is LIC Jeevan Umang?

LIC Jeevan Umang is a type of life insurance policy that offers term insurance or we say whole-life endowment plan. It provides a monthly payout from the end of the premium payment term until the policyholder's death. This plan is eligible for both the Simple Reversionary Bonus and the Final Addition Bonus, making it a participant plan.

Key Features of LIC Jeevan Umang

The following are the essential aspects of the LIC Jeevan Umang Plan:

• Jeevan Umang is made up of both monthly earnings and a one-time payment.
• Choose a premium-paying term of 15 years, 20 years, 25 years, or 30 years.
• It's a non-linked life insurance plan with a profit motive.
• Coverage is available until the insured reaches the age of 100.
• The corporation will lend up to 90% of the surrender value if the policyholder has paid premiums on time for three years and the plan has reached a Surrender Value.
• A baseline reversionary bonus and, if appropriate, a final addition bonus is included in the LIC Jeevan Umang Plan.

LIC Jeevan Umang Plan Benefits

The following are some of the benefits of the LIC Jeevan Umang Plan:

LIC will return all premiums paid to the nominee without interest if the life insured dies before the risk begins. If the policyholder dies after the risk begins, LIC will pay the cash pledged to the nominee. A basic reversionary bonus and, if applicable, a last supplementary bonus will also be included.

• Maturity benefit: The insurance company will pay the cash guaranteed, plus the simple reversionary bonus and any final supplementary bonus if all premiums have been paid on time.
• Survival benefits: If the insured lives to the end of the policy payment period, he or she will receive an annual guaranteed survival benefit of 8% of the value assured. This benefit is available until the plan matures or the insured passes away, whichever occurs first.
• Incentives: LIC Jeevan Umang offers two types of incentives. The first is the premium payment mode rebate, and the second is the high basic sum guaranteed rebate. The premium payment option is reimbursed at a rate of 2% annually and 1% half-yearly. Under the high basic sum assured method, a 2% refund is given on a basic amount promised of Rs.25 lakh and above. A 1.75 per cent refund on the base value insured is available on quantities ranging from Rs.10 lakh to Rs.24.75 lakh.
• Loans: Jeevan Umang will give you a loan for up to 90% of the surrender value after you've completed three years of insurance and paid your payments on time. The policy must have acquired a surrender value in order to be eligible for a loan.

Conclusion

The Jeevan Umang Policy of the Life Insurance Corporation of India (LIC of India) offers a selection of reasonably priced life insurance policies. This plan was created just for you to shield you from increasing financial commitments after you pass away. The large choice of riders included in this plan would add value to your base plan at a moderate cost.

LIC is one of the best term insurance companies which is trusted by the people. This plan also has the added benefit of being available to anyone aged 90 days to 55 years. This is why the newly implemented plan has gained so much traction.

Also Read: What All Is Not Covered Under A Money Back Policy

What Are The Key Benefits Of the LIC Money Back Plan?

Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.