LIC Jeevan Umang is non-linked whole life with profits endowment assurance plan, which provides a guaranteed fixed Tax-free income @ 8% of Sum assured every year after completion of premium paying term till 100 years of age. On maturity or Death, a full Sum assured along with bonus is paid.
Premium paids with interest on survival of policyholder till maturity then 8% sum assured is paid till 100 years of each.
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.
|Eligibility Conditions & Restrictions|
|Minimum Age||90 days (Completed)|
|Maximum Age||55 years for Premium paying term 15 years
50 years for Premium paying term 20 years
45 years for Premium paying term 25 years
40 years for Premium paying term 30 years
|Minimum age at PPT||30 years|
|Maximum age at PPT||70 years|
|Premium paying term||15, 20, 25 and 30 years|
|Policy Term/ Maturity||100 (-) minus Age at entry|
|Minimum Sum Assured||Rs.2,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (Thru bank)|
|Loan||Eligible After 3years|
|Surrender||Eligible After 3 Years|
|After Premium paying term||8% of Sum Assured (Tax-free) is paid every year for whole life|
|On Maturity/Death||Sum Assured + Bonus is payable|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non taxable u/s 10(10d)