Here’s a brief description of two popular LIC whole-life insurance plans—Jeevan Umang Plan (Table No. 745) and Jeevan Utsav Plan (Table No. 771). Both plans are structured to offer lifelong protection along with financial security for families through bonuses, guaranteed benefits, and long-term coverage.
Type: Whole Life Plan
Objective: Designed for individuals seeking lifelong coverage along with a survival benefit.
Key Features:
• Maturity Benefit: The sum assured is paid at the end of the policy term or upon the policyholder’s death.
• Premium Payment: Premiums are paid for a limited term, while benefits continue for a lifetime.
• Survival Benefit: After completing the premium-paying term, an annual income is paid to the policyholder.
• Death Benefit: Nominee receives the sum assured + accrued bonuses.
• Loan Facility: Loan available after the policy acquires surrender value.
• Tax Benefits: Premiums eligible under Section 80C; payouts exempt under 10(10D).
Type: Whole Life Plan
Objective: Provides long-term protection along with an endowment-style maturity benefit.
Key Features:
• Limited Premium Payment: Pay premiums for a short duration and enjoy lifetime coverage.
• Sum Assured: Paid at the end of the policy term along with bonuses.
• Death Benefit: Nominee receives the sum assured + all accrued bonuses.
• Survival Benefits: Not applicable—this plan focuses on lifetime coverage and maturity value.
• Bonus Facility: Participates in LIC’s profit-sharing; bonuses added periodically.
• Loan Facility: Loan available after acquiring surrender value.
• Tax Benefits: Eligible under Sections 80C and 10(10D).
• Both plans ensure lifelong financial protection for your family.
• Ideal for long-term goals such as savings, children’s future, and retirement income.
• Evaluate your objectives carefully—choose Umang if you want annual income; choose Utsav if you want lump-sum maturity benefit.
• For detailed terms, benefits, and premium illustrations, consult an authorized LIC advisor.