Term Insurance 927 views April 9, 2020

Whole Life Plan of LIC

Life Insurances can be a crucial part of building one’s financial corpus. This is because they help provide financial security to the insured individual and their family members in their absence. Such insurance plans are not only financial legacies to your heirs but are also good investment tools. They are claimed to be good investment tools because investments in whole life insurance policies apart from insuring also help build cash value against which loans can be obtained.

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LIC’s Jeevan Umang plan is a suitable example for a whole life assurance policy that offers a combination of income and financial security to your family. Under this whole life plan of LIC annual survival benefits from the last premium paying term till maturity is provided and a lump sum pay-out in case of death or maturity of the policy is also promised.

What is LIC’s Jeevan Umang Plan?

LIC’s Jeevan Umang is essentially a non-linked and with profit whole life assurance plan. They, in addition, also take care of liquidity needs through loan facilities. More about this plan such as the coverage provided, riders available, and some features and benefits are also mentioned.

The coverage provided by the whole life plan of LIC is as follows

  1. Death Benefit
  2. Survival Benefit
  3. Maturity Benefit
  4. On death before the commencement Risk
  5. On death after the commencement of risk

Riders offered for additional coverage-

  1. LIC’s Accidental Death and Disability Benefit Rider
  2. LIC’s New Term Assurance Rider
  3. LIC’s New Critical Illness Benefit Rider
  4. LIC’s Accident Benefit Rider

Features of whole life plan of LIC

  1. LIC’s Jeevan Umang Plan offers a minimum basic sum assured of Rs. 2,00,000 and a maximum depending on the premium payable.
  2. The premium paying terms can be chosen between 15, 20, 25, and 30 years. A minimum and maximum entry age of 90 days and 55 years respectively. The age at maturity, however, can be of 100 years of age.
  3. Premiums can be paid regularly according to the plan paying interval chosen: yearly, half-yearly, quarterly, or monthly intervals. In addition, Jeevan Umang Whole Assurance Plan offers salary deduction payments accessible during the Premium Paying Term of the policy.
  4. This plan also provides a month’s grace period, and assured 30-day period, for the payment of yearly or half-yearly or quarterly mode of payments. However, for monthly mode of premium, a period of 15 days will be provided for payment clearance.

Benefits of this plan

  1. LIC’s Jeevan Umang Plan is much preferred because of its coverage. This plan aids participation in the profits depending on the Corporation’s experience with the policy issued under this plan; it shall participate in profits during the policy tenure.
  2. On top of that, loans too can be availed during the policy tenure provided the policy has attained a surrender value as specified in the revising terms and conditions of the Corporation.
  3. In case of dissatisfaction with the chosen plan and its ‘Terms and Conditions’,  the policy can be returned back to the Life Insurance Corporation of India within 15 days: known as the Free Look period. The calculated fifteen days would be from the date of receipt of the policy bond stating the unsatisfactory reasons.
  4. And if you wish to surrender the plan afterwards, LIC offers a minimum time period of three years to do so, i.e., three consecutive years of having regularly paid the premiums. In such cases, the Corporation shall provide you with the Surrender Value equivalent to higher Guaranteed Surrender Value and Special Surrender Value.

Conclusion-

LIC Jeevan Umang plan can be easily purchased through LIC’s official website. It is important to compare various life insurance plans and premiums using their free premium calculator tool before picking the suitable plan.

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