LIC Jeevan Umang Policy Details

LIC Jeevan Umang is a classic non-profit whole-life insurance plan. It's a trade-off between money and security. LIC Jeevan Umang is a life insurance firm that offers up to 100 years of coverage. It is a whole life insurance policy that provides a survival benefit after the premium-paying period, a lump sum payment at the end of the policy term, or a cash payout if the policyholder dies while the policy is active. 

LIC Jeevan Umang 945 Policy

LIC Jeevan Umang policy is a whole-life endowment plan that pays out monthly from the end of the premium payment term till your death. As a participant plan, this plan is eligible for the Simple Reversionary Bonus and the Final Addition Bonus.

Why LIC Jeevan Umang?

The Jeevan Umang insurance plan provides a monthly income and a one-time payout. You can choose to pay premiums for 15, 20, 25, or 30 years. This plan is a non-linked life insurance policy that generates profits.

The coverage is valid until the policyholder turns 100 years old. Additionally, if you've paid premiums on time for three years and the plan has accumulated a Surrender Value, the corporation will lend up to 90% of the Surrender Value.

Furthermore, the LIC Jeevan Umang Plan includes a baseline reversionary bonus, and a final addition bonus, if applicable.

Note: The LIC Jeevan Umang Plan Calculator can be a handy tool to calculate the premiums and time period before making any decision.

LIC Jeevan Umang Plan Benefits

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

• Maturity benefit: The insurance company will pay the cash guaranteed, plus the simple reversionary bonus and any final supplemental bonus if all premiums have been paid on time.
• Survival benefits: If the insured survives to the end of the policy payment period, he or she will receive an annual guaranteed survival benefit of 8% of the amount 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: After three years of insurance and timely payment of premiums, Jeevan Umang will give you a loan for up to 90% of the surrender value. The policy must have acquired a surrender value in order to be eligible for a loan.

LIC Jeevan Umang Benefits

Following are the benefits of LIC Jeevan Umang 945 policy:

• The LIC of India's Jeevan Umang Policy provides a range of low-cost life insurance products.
• Also, It is specifically designed to shield you from escalating financial liabilities following your death.
• The diverse set of riders in this plan would offer value to your basic plan at a moderate cost.
• It has the added benefit of being available to anybody aged 90 days to 55 years.
• 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 appropriate, a final supplemental bonus will also be included.

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