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Investment Plans 6873 views July 30, 2020
Most of the individuals prefer accumulating funds for their future so that their family doesn’t face any kind of financial crises. But it is necessary that your savings are going into safe hands. Therefore you must invest your money in LIC because it is a trusted organization and helps you boost up your wealth through loyalty additions. One such plan is the LIC Jeevan Umang Plan in which the company gives you protection for life and provides a lump sum amount at maturity. If the insured dies during the policy term, the company will pay the death benefit to the family. So, you can look at all the key features of this plan.
Table of Contents
|Minimum Age of Entry||90 Days|
|Maximum Age of Entry||55 Years|
|Maximum Age of Maturity||100 Years|
|Minimum Age at the End of Premium Paying Term||30 Years|
|Maximum Age at the End of Premium Paying Term||70 Years|
|Minimum Amount of the Sum Assured||Rs.200000|
|Maximum Amount of the Sum Assured||No Limit|
|Premium Paying Term||10 Years, 20 Years, 25 Years, and 30 Years|
|Policy Term||100 Years minus Age of Entry|
Now you must go through the key benefits of this insurance plan and see how it can be helpful for you in the long run. On the other hand, this plan has some unique benefits that might amaze you.
The company will give you a rebate on the premium amount if you choose a high sum assured amount. On the other hand, your premium will also be reduced if you have chosen yearly or half-yearly payment of your premium. In the table given below, you can see the rebates available on the premium amount.
|Sum Assured and Payment Frequency||Rebates|
|Yearly Payment of Premium||2% of Tabular Premium|
|Half-Yearly Payment of Premium||1% of Tabular Premium|
|Sum Assured is Between Rs.500000 to Rs.975000||1.25% of the Basic Sum Assured|
|Sum Assured for Life is Rs.1000000 to Rs.2475000||1.75% of the Basic Sum Assured|
|Sum Assured for Life is Rs.2500000 and above||2% of the Basic Sum Assured|
You will receive survival benefits if you have completed the premium paying term successfully. The company will give you 8% of the Basic Sum Assured as survival benefits. The survival benefit will be given every year after the completion of the premium paying term and it continues until the policy matures.
If the insured dies an unfortunate death, the nominee is entitled to receive the death benefit and they depend on the following conditions.
The value of the Death Benefit will be the highest of the following:-
The death benefit will never be less than 105% of the total premiums paid up to the time of death.
The nominee can take the death benefits in installments and you are free to choose the time span of 5 years, 10 years and 15 years. It is not necessary to take the death benefit as a lump sum. Here are the different minimum amounts for different payment modes.
If the insured successfully survives the policy term, he/she is entitled to receive the following:-
You will get different payment frequency modes – yearly, half-yearly, quarterly and monthly – for paying the premium. You can pay the premium amount through NACH Facility in which it will deduct the same automatically from your account on the due date.
You will get a grace period of 30 days in LIC Jeevan Umang Plan for paying the premium in case you fail to do so on the due date. If you are paying yearly, quarterly and half-yearly premiums, you will get a grace period of 30 days, otherwise, you will get a grace period of 15 days for a monthly premium payment mode.
LIC allows you to revive this policy if it has lapsed due to the non-payment of the premium during the grace period. The company gives you a time of 5 consecutive years to pay all the arrears including the interest and revive the lapsed plan.
After paying the premium for 2 years regularly, if you discontinue paying it, you will get the paid-up benefits where your death benefit and maturity benefit will be reduced. And at the time of death or maturity, you will receive reduced benefits.
You can surrender the Jeevan Umang policy and take the surrender value. But you’ll only get the surrender benefits if you have paid all the premiums for 2 years without missing any premium. You will get the highest of the following:-
You can take a loan against the policy from the company if you don’t want to surrender it. But you are allowed to take a loan against the policy only if your policy has acquired a surrender value. Life Insurance Corporation of India (LIC) will charge the applicable interest on the loan borrowed against the policy.
If the loan is taken during the premium paying term, the maximum loan amount will be:-
You will get a free-look period of 15 days in this plan, which means that you can return the policy within 15 days if you don’t find it interesting. If you have purchased the policy online, you will get a grace period of 30 days.
You can cover some extra risks related to your life by adding riders to this plan. The only rider that can be added to this plan is given below.
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