New Delhi: The Life Insurance Corporation of India (LIC) regularly introduces new insurance products in response to customer demand. Jeevan Umang is a whole-life insurance plan offered by LIC. It gives the insured and those who rely on him or her financial security and income protection. Annual survival benefits after the end of the premium-paying term until maturity, as well as a lump sum payment, are among the various benefits it guarantees.
Minimum and Maximum age for LIC Jeevan Umang
-The lowest age to purchase this coverage is 90 days, with a maximum age of 55 years depending on the plan. As a result, parents choose this policy for their newborn since it offers higher returns as they grow older. There is no upper limit on the minimum sum assured, which is Rs 2 lakh. Also Read: Amazon Great Indian Festival Finale Days: Best Diwali 2021 deals
-Jeevan Umang has four premium terms: 15 years, 20 years, 25 years, and 30 years. As a result, the policy's minimum and maximum ages are likewise determined by the policy's duration. Because the premium-paying period stops at 70 years, if a person wants to Jeevan Umang for 30 years, he or she must be at least 40 years old. A person taking the 15-year term should not be older than 55 years old.
-While LIC has set the maximum age at 70 when the premium-paying period expires, the minimum age is 30 years. If parents are purchasing insurance for their newborn child, they should choose a 30-year plan.
Maturity and benefits of LIC Jeevan Umang
The maturity date has been set at 100 years by the government insurance firm. According to the Jeevan Umang plan, LIC will pay 8% of the sum insured each year after the premium payment term has ended until the maturity date. Also Read: THIS iPhone 13 Pro bug fixed; macOS Monterey update, Apple iOS 15.1 available now
So, if a policyholder is 70 years old when their premium paying term ends, then the individual will receive yearly survival benefits till they turn 100. If the policyholder dies before 100, then the nominee will be straight up paid the lump sum amount.
Since Jeevan Umang is a non-linked insurance policy, customers can be assured of guaranteed returns, and that their money will not be invested into equity markets. The policyholders are also eligible for Simple Reversionary Bonus and Final Additional Bonus. These bonuses will be added to the lump sum amount after maturity if the customer has duly paid all the premiums.
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