LIC Jeevan Umang Plan is a traditional, non-linked, with-profit, whole life assurance plan offered by Life Insurance Corporation of India (LIC). This plan provides life insurance coverage for the entire life of the policyholder and also offers a regular income after the premium payment term is over.
Key features of LIC Jeevan Umang Plan:
Whole life coverage: The policy provides life insurance coverage for the entire life of the policyholder.
Regular income: The policy provides a regular income in the form of survival benefits after the premium payment term is over. The payouts are made annually and continue until the death of the policyholder.
Guaranteed additions: The policy offers guaranteed additions during the premium payment term, which are added to the sum assured and paid out at the time of maturity or death of the policyholder.
Bonus: The policy is eligible for bonuses declared by LIC, which are added to the sum assured and paid out at the time of maturity or death of the policyholder.
Optional riders: The policyholder can enhance the coverage of the policy by opting for additional riders such as accidental death and disability benefit rider, critical illness rider, and term rider.
Loan facility: The policy offers the facility of taking a loan against the policy after it acquires a surrender value.
Tax benefits: The premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, and the maturity/death benefits are tax-free under Section 10(10D) of the Income Tax Act.
Why Choose LIC Jeevan Umang?
- Tax-free Benefits: All payouts from LIC Jeevan Umang, including death and maturity benefits, as well as annual survival benefits, are completely tax-free under Section 10(10D) of the Income Tax Act, 1961.
- Life-long Coverage: The policy provides life coverage against the risk of the policyholder’s death from the date of issuance until they reach the age of 100.
- Guaranteed Annual Income: Policyholders can purchase this policy for themselves or their children and receive an annual income for their entire lifetime until the age of 100. This annual income is paid as survival benefits for every year that the policyholder survives until the end of the coverage term.
