LIC Jeevan Umang (Plan 745) is a whole life insurance plan offered by the Life Insurance Corporation of India (LIC). Here are the key features and benefits of LIC Jeevan Umang:
Whole Life Coverage: Jeevan Umang provides coverage for the entire lifetime of the insured individual, ensuring financial protection for their loved ones even after the policyholder's demise.
Guaranteed Survival Benefits: The policy offers guaranteed survival benefits in the form of annual payouts after the premium payment term ends and continues throughout the lifetime of the policyholder.
Maturity Benefit: On survival of the life assured till the end of the policy term, a lump sum amount, which includes the basic sum assured along with any bonuses accrued, is paid out as the maturity benefit.
Death Benefit: In the unfortunate event of the demise of the life assured during the policy term, the nominee receives the death benefit, which includes the sum assured on death along with any bonuses accrued till the time of death.
Bonus: The policy participates in the profits of the Corporation and is eligible for bonuses declared by LIC. These bonuses, if any, are added to the policy and paid out at maturity or death.
Premium Payment Term: The premium payment term is shorter than the policy term, making it suitable for those who want to plan for their financial security with a limited premium payment period.
Guaranteed Additions: The policy provides guaranteed additions at the rate of 8% of the basic sum assured for the first five policy years. These additions enhance the policy's corpus over time.
Loan Facility: Policyholders can avail of loan facilities against the policy, subject to the terms and conditions specified by LIC.
Tax Benefits: Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Additionally, the proceeds received under the policy are also eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the conditions specified therein.
Age: 0 (30days)-55
LIC Jeevan Umang is designed to provide financial security, regular income, and long-term savings, ensuring that policyholders and their families are protected against life's uncertainties while building a corpus for the future. It's essential to carefully review the policy documents and consult with an LIC agent or financial advisor to understand the plan's features, benefits, and suitability to your financial goals and requirements.
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