Life Insurance Corporation (LIC) of India regularly launches various insurance products according to the need and demand of customers. LIC Jeevan Umang is a whole-life insurance plan. It provides financial stability and income protection to the policyholder and people dependent on the individual. Among the many benefits it promises are the annual survival benefits after the end of premium paying term till maturity, and a lump sum amount after.
Minimum and Maximum age for LIC Jeevan Umang
-The minimum age required for this policy is 90 days while the maximum is 55 years, but can vary depending on the plan. Therefore, parents take this policy for their newborn since it promises better returns when they grow up. The minimum sum assured is Rs 2 lakh with no upward limit.
-There are four premium terms for Jeevan Umang – 15 years, 20 years, 25 years and 30 years. Accordingly, the minimum and maximum age also depends on the policy’s term. If a person wants to Jeevan Umang for 30 years, then the individual should be at least 40 years old since the premium paying term ends at 70 years. Likewise, a person taking the term of 15 years should not be older than 55 years.
-While LIC has also set the maximum age at 70 when the premium paying terms ends, the minimum age for the same is 30 years. So if parents are buying the policy for their new born kid, then they must go for the 30-year plan.
Maturity and benefits of LIC Jeevan Umang
The government insurance company has set the maturity date at 100 years. According to the Jeevan Umang plan, LIC will annually pay 8 percent of the sum insured amount after the premium paying period ends till the time of maturity.
So, if a policyholder is 70 years old when their premium paying term ends, then the individual will receive yearly survival benefits till they turn 100. If the policyholder dies before 100, then the nominee will be straight up paid the lump sum amount.
Since Jeevan Umang is a non-linked insurance policy, customers can be assured of guaranteed returns, and that their money will not be invested into equity markets. The policy holders are also eligible for Simple Reversionary Bonus and Final Additional Bonus. These bonuses will be added to the lump sum amount after maturity if the customer has duly paid all the premiums.