Here’s a brief description of the LIC Whole Life Plans, focusing on the Jeevan Umang Plan (Table No. 745) and the Jeevan Utsav Plan (Table No. 771):
1. LIC Jeevan Umang Plan (Table No. 745)
Type: Whole Life Plan
Objective: Designed for individuals seeking lifelong coverage with the addition of a survival benefit.
Key Features:
Maturity Benefit: The sum assured is payable at the end of the policy term or upon the death of the policyholder.
Premium Payment: The policyholder can pay premiums for a limited term while enjoying benefits throughout their lifetime.
Survival Benefit: After the selected premium payment term, the policyholder receives an annual income for a specific period.
Death Benefit: In the event of the policyholder's death, the nominee receives the death benefit, including any bonuses accrued.
Loan Facility: Policyholders can avail of loans against the policy.
Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C and the benefits received are tax-free under Section 10(10D) of the Income Tax Act.
2. LIC Jeevan Utsav Plan (Table No. 771)
Type: Whole Life Plan
Objective: Aimed at providing long-term protection along with an endowment benefit.
Key Features:
Limited Premium Payment: Policies typically have a limited premium payment term, but the coverage lasts for the entire lifetime of the insured.
Sum Assured: At the end of the policy term, the sum assured along with bonuses is paid.
Death Benefit: In the event of the policyholder's demise, the nominee receives the total of sum assured and bonuses.
Survival Benefits: N/A for this plan, as it is primarily focused on lifelong coverage.
Bonus Facility: Participation in LIC's profit-sharing, with bonuses added periodically.
Loan Facility: Loans can be availed on the policy.
Tax Benefits: Similar tax benefits as other LIC policies under Sections 80C and 10(10D).
Key Considerations
Both plans are excellent options for ensuring financial security for your loved ones while also providing life coverage.
It’s essential to assess your financial needs and choose a plan that aligns with your objectives, whether it’s for savings, education, or protection.
If you need detailed policy conditions, benefits, and features, it’s advisable to refer to the official LIC documents or consult a LIC agent for personalized information. Let me know if you have further questions or need additional information!
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