LIC Jeevan Umang is a creative way to secure tax-free income for the rest of your life. The plan’s rising lifetime insurance coverage with age is another benefit. Due to its early surrender option and lack of surrender fees, the plan has significant liquidity.
The Jeevan Umang entire life insurance plan from LIC protects the insured up to age 100. The key advantage of this strategy is that it gives the policyholder’s family financial and insurance protection while they are away.
Which life insurance is the least expensive?
The cheapest LIC plan is the Jeevan Umang Policy. Only a 44 rupee premium each day is required, and upon maturity, you would receive 28 lakh rupees. This implies that you must make a monthly payment of 1302 rupees, or 15298 rupees annually.
Can I cancel the policy with LIC Jeevan Umang?
You can cancel your LIC Jeevan Umang coverage at any time if you have paid premiums on time for at least three years.
How is the premium for the Jeevan Umang policy determined?
[(Number of premiums paid / Total number of premiums due) x Sum Assured] is equivalent to the maturity amount. A paid-up policy will have its maturity sum promised lowered. The phrase “Maturity Paid-up Sum Assured” shall be used to refer to this amount, which is equal to [(Premium due / Total premiums paid) x Maturity Sum Assured].
Why is Jeevan Umang from LIC the best?
The Jeevan Umang plan from LIC provides risk protection to the end of the policy term. It offers exclusions on maturity returns under section 10D and income tax deductions for premiums paid toward the policy under section 80C.
What is the Jeevan Umang maturity amount?
You have a choice of 15, 20, 25, or 30 years to invest in this policy. You can amass a lump sum of 27 lakh rupees by setting aside just 45 rupees every day for your future. The Jeevan Umang policy provides you fantastic returns on investment.
What age requirement exists for LIC Jeevan Umang?
The minimum and maximum entry ages for the LIC Jeevan Umang Whole Life Insurance Policy are 90 days and 55 years, respectively. At the conclusion of the premium payment term, the policyholder’s age must be at least thirty.
What does Umang's entire name mean?
Umang’s official name is “Unified Mobile Application for New-age Governance.” In order to advance mobile governance in India, the National e-Governance Division (NeGD) and the Ministry of Electronics and Information Technology (MeitY) created the Umang app.
What does Umang's name mean?
Umang is a Sanskrit word that denotes eagerness, aspiration, and enthusiasm. It denotes a keen interest in and desire to engage in a project or activity.
Here we discuss the plan Jeevan Umang’s. Mr Rohit Sharma is a Client, his birth date is (24/11/1996), Age – 27, Sum Assured : 2000000, Term : 73 years, Premium payment : 20 years. See this plane in below.
Jeevan Umang
( Plan No: 945)
Mr. Rohit Sharma
Age: 27 (24/11/1996)
Sum Assured : 2000000
Term : 73 years.
Premium payment : 20 years.
AD and DB Rider Cover : 2000000
Critical Illness Rider Cover : 2000000
Term Rider Cover : 2000000
The Jeevan Umang product from LIC is a ground-breaking way to guarantee tax-free income for the duration of your life. The life long insurance coverage of the plan grows with age, which is another benefit. As the plan can be abandoned earlier and incur no surrender fees, it offers significant liquidity.
The plan provides accident death and disability benefits of Rs. 20,000 and insurance coverage of Rs. 20,000. If an accident results in a permanent handicap, a monthly disability payment of Rs. 16667 will be provided until the end of the term or ten years, whichever comes first. There will also be a Rs. 2000000 Critical Illness Coverage option. A term rider with additional insurance coverage worth Rs. 2000000 has been introduced.
The plan also offers a tax benefit of Rs.39,187 per annum on the premium paid. The maturity/survival benefit shall be taxfree u/s 10(10D) of income tax act.
How the Plan works...
Mr. Rohit sharma pays an annual premium of Rs.123231 for 20 years.
Guaranteed, tax free survival benefit of Rs.160000 shall be paid up to age 100 after the period of 20 years.
Expected Maturity amount as per the current bonus rates comes to around Rs. 25294000.
Normal Insurance coverage and accidental insurance coverage is available during the term of the policy.
Loan and surrender facility is available after two years and at least two full-year premium payment.
Income tax rebate available on premium u/s 80C and the maturity/survival benefit shall be tax free under section 10(10D)
Benefit Pattern Illustration
Maturitiy Benefit
Benefits
Amount
Life long survival benefit (after 20 years)
1,60,000
Sum Assured
20,00,000
Bonus* (118000 X 20)+(58000 X 53)
54,34,000
Final Addition Bonus* (8930 per 1000 SA)
1,78,60,000
Expected Maturity Amount after 73 years.
2,52,94,000
Total Premium Paid
24,64,620
Tax benefit
Amount
Tax benefit on premium (@30 % Slab)
39187
Total tax benefit in 20 years.
783740
Nett premium paid
1680880
*Bonus rates shown as per the latest declared rates and differential bonus rates and final addition bonus rates as per the benefit illustration provided by the Corporation.
Critical Illness Rider-CIR
Premium Chart
First Year Premium
Subsequent Year Premiums
Mode
Basic Premium
GST @ 0.0%
Total Premium
Yearly
123231
0
123231
Half Yearly
62247
0
62247
Quarterly
31440
0
31440
Monthly
10480
0
10480
Mode
Basic Premium
GST @ 0.0%
Total Premium
Yearly
123231
0
123231
Half Yearly
62247
0
62247
Quarterly
31440
0
31440
Monthly
10480
0
10480
Critical Illness Rider-CIR
Critical Illness Rider Sum Assured:
1. Cancer of Specified Severity
2. Open Chest CABG
3. Myocardial Infraction
4. Kidney Failure (Requiring dialysis)
5. Major organ/Bone marrow transplant
6. Stroke with permanent symptoms
7. Permanent paralysis of limbs
8. Multiple sclerosis
2000000
9. Aortic Surgery
10. Alzheimer's Disease /Dementia
11. Blindness
12. Third degree burns
13. Heart valve repair /replacement
14. Benign Brain Tumor
15. Primary (Idiopathic) Pulmonary Hypertension
If any of the above mentioned diseases occurs during the coverage period a lump- sum amount equal to Rs. 2000000 will be paid
Benefit and Coverage Table
Conclusion
Here we discuss the plan Jeevan Umang. LIC Jeevan Umang Plan is a good plan for investor to invest their money in LIC.
Pingback: LIC New Endowment Plan : Plans, Features Bonus & Commission Details - LICMDRT
Pingback: LIC Money Back Policy: Want to Buy Money Back Plan, Plan Details & Features - LICMDRT