'Jeevan Umang' (LIC Jeevan Umang – Plan 945) policy of Life Insurance Corporation of India (LIC) is one of the most popular and trusted whole life insurance plans in the country. The biggest feature of this plan is that the policyholder has to pay the premium only for a limited number of years, after which a fixed guaranteed pension (Survival Benefit) is received every year along with financial security (life cover) for the family till the age of 100 years. Key Features and Eligibility Rules of Jeevan Umang Plan This plan is available for individuals ranging from a child of 90 days to 55 years of age. In this, the minimum sum assured (sum assured) is fixed at ₹ 2 lakh, while there is no limit on the maximum amount. Policyholders can choose from four different premium payment terms (PPT) as per their convenience: 15 Years Premium Term: (Entry Age: 90 days to 55 years) 20 Years Premium Term: (Entry Age: 90 days to 50 years) 25 Years Premium Term: (Entry Age: 90 days to 45 years) 30 Years Premium Term: (Entry Age: 90 days to 40 years) Premium Guaranteed lifetime pension of 8% starts as soon as it ends. The most attractive aspect of this scheme is its 'Survival Benefit'. LIC starts paying a guaranteed amount of 8% of the Basic Sum Assured every year once the premium payment term chosen by the policyholder is completed. For example, if a person has taken a policy with a sum assured of ₹10 lakh and has completed 15 years of premium payments, then from the 16th year onwards, he will continue to receive ₹80,000 (8% of 10 lakh) every year for life or till he turns 100 years of age. This amount can be used after retirement for regular expenses or children's education. Bumper Maturity and Death Benefit at 100 years of age Maturity Benefit (on completion of 100 years): If the policyholder survives till the age of 100 years, he is paid a lump sum along with the Basic Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus (FAB) accumulated during the policy term. Protection against unfortunate death: If the life assured dies during the policy term, the entire Sum Assured and bonuses accrued till the date of death are immediately paid to the nominee, providing a strong financial cushion to the family. Loan facility, benefit of tax exemption and additional riders Loan facility: The facility of taking loan against the policy in case of emergency is also available after the stipulated time of inception of the policy (after paying continuous premium). Tax exemption: The premium paid for the policy is tax exempt under Section 80C of the Income Tax Act and the returns and maturity amount received are also tax-free as per the rules under Section 10(10D). Optional Riders: Policyholders can add Accidental Death and Disability Benefit Rider, Critical Illness Rider and Term Assurance Rider for additional protection.
