LIC Policy Jeevan Umang

Jeevan Umang Life Insurance Policy 

Jeevan Umang is a popular life insurance policy offered by LIC (Life Insurance Corporation of India), designed to provide a combination of life coverage and guaranteed returns. It is a non-linked, participating, whole life insurance plan that offers financial protection to the policyholder and ensures a regular income during their lifetime. This policy is ideal for individuals seeking long-term financial security and a steady income stream

1. Lifelong Coverage:- As a whole life insurance policy, Jeevan Umang provides coverage for the entire lifetime of the policyholder, ensuring that their family is financially protected even after their demise.

2. Guaranteed Survival Benefit:-:The policyholder receives a guaranteed survival benefit in the form of annual payouts after the completion of the premium payment term. These payouts continue until the life insured is alive or up to a specified age, providing a stable source of income during retirement or post-retirement years.

3. Bonus Declaration:- Jeevan Umang is a participating plan, which means it participates in the profits of LIC. The policyholders are entitled to receive bonuses that are declared annually, adding to the maturity value of the policy.

4. Maturity Benefit::- In addition to the regular survival benefits, the policyholder is eligible to receive a lump sum maturity benefit at the end of the policy term or upon reaching a specified age. This lump sum can be utilized to meet various financial needs or secure the policyholder's retirement.

5. Death Benefit:-In the unfortunate event of the policyholder's demise during the policy term, the sum assured along with accrued bonuses (if any) is paid to the nominee as a death benefit, ensuring financial support to the family in times of distress.

6. Optional Riders::- Jeevan Umang offers optional riders that can be added to the base policy to enhance coverage. These riders may include accidental death and disability benefit riders, critical illness rider, etc.

7. Loan Facility:- Policyholders can avail loans against the Jeevan Umang policy after it acquires a surrender value, providing them with a financial backup during emergencies.

8. Tax Benefits:-The premiums paid towards Jeevan Umang are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity/death benefits are tax-exempt under Section 10(10D) of the Act, subject to prevailing tax laws.

Overall, Jeevan Umang is a comprehensive life insurance plan that offers the dual benefits of life coverage and guaranteed returns, making it a preferred choice for individuals seeking financial security and a stable income source throughout their life.