LIC Jeevan Umang

LIC Jeevan Umang pension plan is the best plan so far which gives non taxable pension for life time. This plan offers a combination of income and protection to your family. Jeevan Umang plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Key Features

  • Life time 8% of Sum Assured every year after maturity survival benefits
  • Suitable plan for from 18 years to 55 years
  • Whole Life Plan which gives Pension as well as any time lumpsum payment
  • With best riders like Accidental benefit Rider, Term Rider and Critical Illness riders.
  • All premium paid to LIC Jeevan Umang are exempted from income tax under 80C
  • All returns from this plan like yearly pension, withdrawal before maturity, any claim or Maturity tax free under 10 (10D)

lic pension plans. lic jeevan umang
Conditions for LIc Jeevan Umang plan :

  • Age at Entry 90 Days (Completed)
  • Premium Paying Term (PPT) 15, 20, 25, & 30 Years
  • Maximum Age at Entry in Years) (As per Nearest Birthday)
  • 55 for 15 PPT
  • 50 for 20 PPT
  • 45 for 25 PPT
  • 40 for 30 PPT
  • Age at Maturity 100 Years (Nearest Birthday)
  • Policy Term 100 – Age at Entry
  • Basic Sum Assured 2,00,000 and above in multiples of 25,000
  • Premium Paying Mode Yearly, Half Yearly, Quarterly & Monthly (SSS and NACH Only)
  • Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly

Survival & Maturity Benefits :

  • On successful completion of premium paying term(PPT), 8% of Basic Sum Assured per year will be paid as survival benefits up to a year prior to Maturity, and
    on completion of policy term, Basic Sum Assured + Simple Reversionary Bonus +FAB will paid as maturity claim.

Death Benefits

  • If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
  • If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.

Commencement of Risk

  • In case, the policy holder is less than 8 year old, then, life cover will start 2 year after policy purchase or completion of 8 year of age, whichever is earlier.