Jeevan Umang is a non-linked, with-profits, whole life assurance plan offered by the Life Insurance Corporation of India (LIC). Under this plan, the policyholder receives a fixed amount as an annual survival benefit after the premium payment term ends, until the policyholder’s death. Additionally, the policy provides for a lump sum amount on the policyholder’s death or maturity of the policy, whichever is earlier.
Let’s take an example to understand the plan. Suppose a 35-year-old individual buys a Jeevan Umang policy with a sum assured of Rs. 10 lakhs and a premium payment term of 20 years. The premium payable annually would be Rs. 56,572. After the premium payment term ends, the policyholder would start receiving Rs. 50,000 annually as survival benefit for the rest of their life. In case of the policyholder’s unfortunate demise during the premium payment term, their nominee would receive the sum assured of Rs. 10 lakhs. If the policyholder survives beyond the premium payment term, they would receive the sum assured plus accrued bonuses at the time of maturity.
Some of the key features of Jeevan Umang policy are:
- Whole life coverage
- Fixed annual survival benefit after the premium payment term ends until death
- Lump sum amount on the policyholder’s death or maturity of the policy
- Premium payment term options of 15, 20, 25 and 30 years
- Loan facility available after the policy acquires surrender value
- Tax benefits as per prevailing tax laws
Here is a table that shows the premium rates for Jeevan Umang policy for a sum assured of Rs. 1 lakh:
|Entry Age (in years)||Premium Paying Term (in years)||Yearly Premium (in Rs.)||Half-Yearly Premium (in Rs.)||Quarterly Premium (in Rs.)||Monthly Premium (in Rs.)|
Please note that these are indicative rates and the actual premium may vary based on age, sum assured, and other factors. It is always advisable to check with the LIC agent or visit the LIC website for the latest premium rates