Jeevan Umang: A Comprehensive Overview
Life Insurance Corporation of India (LIC) offers Jeevan Umang, an endowment plan that provides a guaranteed survival benefit and a guaranteed monthly income for life after maturity. This plan aims to provide financial security and a steady income stream during retirement.
Key Features of Jeevan Umang:
- Guaranteed Survival Benefit: This benefit is payable to the policyholder on surviving to the end of the policy term. The guaranteed survival benefit is a fixed percentage of the sum assured.
- Guaranteed Monthly Income for Life: Upon maturity, the policyholder receives a guaranteed monthly income for life. They calculate this income based on the sum assured and the policy term.
- In the event of the policyholder’s death during the policy term, the nominee receives the sum assured as a death benefit.
- Flexibility: The plan offers flexibility in terms of premium payment options and policy term.
- Loan Facility: Policyholders can avail of loans against the policy after a certain period.
Benefits of Jeevan Umang:
- Regular Income Stream: The guaranteed monthly income can help meet regular expenses and provide a comfortable lifestyle.
- Tax Benefits: Under certain conditions, the premiums paid and the death benefit received may be eligible for tax benefits.
Eligibility Criteria:
- Age: The minimum entry age is 5 years, and the maximum entry age varies based on the policy term.
- Sum Assured: The minimum sum assured is subject to change.