LIC Jeevan Umang Money Back Plan

LIC Jeevan Umang is a traditional whole-life insurance plan that is not profit-oriented. It's a combination of money and safety. LIC Jeevan Umang is a life insurance company that offers coverage for up to 100 years. It's a whole life insurance policy that pays out a survival benefit at the end of the premium-paying term, a lump sum payment at the end of the policy term, or a cash payout if the policyholder dies while the policy is active. LIC Jeevan Umang is an endowment cum whole-life plan that pays out on a monthly basis from the end of the premium payment period till your death. This plan qualifies for the Simple Reversionary Bonus and the Final Addition Bonus as a participating plan.

LIC Jeevan Umang Benefits and Details

The essential characteristics of the 945 LIC Jeevan Umang policy details are listed below:

• Jeevan Umang 945 Policy consists of both monthly income and a lump sum payment.
• Choose from 15 years, 20 years, 25 years, or 30 years as a premium-paying term.
• It's a profit-generating non-linked life insurance plan.
• Provides life insurance coverage until the insured reaches the age of 100.
• If the policyholder has paid premiums on time for three years and the plan has attained a Surrender Value, the company will lend up to 90% of the surrender value.
• The LIC Jeevan Umang Plan includes a basic reversionary bonus and, if applicable, a final addition bonus.

Note: Always check the premium and time period before selecting the policy via the LIC Premium Calculator.

Benefits of LIC Jeevan Umang Plan

The LIC Jeevan Umang Plan has a number of advantages, which are listed below:

• Death benefit: If the life insured dies before the risk commences, LIC will refund all premiums paid to the nominee without interest. However, LIC will pay the sum promised to the nominee if the policyholder dies after the risk beginning date. There will also be a basic reversionary bonus and, if applicable, a last supplementary bonus.
• Maturity benefit: If all premiums have been paid on time, the insurance company will pay the sum promised, plus the simple reversionary bonus and any final supplementary bonus.
• Survival benefits: If the insured lives the policy payment period, an annual guaranteed survival benefit of 8% of the value assured is given. This benefit is provided until the plan matures or the insured dies, whichever comes first.
• Rebates: LIC Jeevan Umang provides two different sorts of incentives. The premium payment mode rebate is the first, and the high basic sum guaranteed rebate is the second. The premium payment option receives a 2% annual and 1% half-yearly reimbursement. On a basic amount assured of Rs.25 lakh and above, a 2% rebate is granted under the high basic sum assured manner. On sums ranging from Rs.10 lakh to Rs.24.75 lakh, a 1.75 per cent rebate on the base sum insured is provided.
• Loans: Once you've completed three years of the insurance duration and paid your premiums on time, Jeevan Umang will provide you with a loan for up to 90% of the surrender value. To be eligible for a loan, the policy must have accumulated a surrender value.

Conclusion

LIC of India's Jeevan Umang Policy offers a variety of moderately cost life insurance policies. This plan is tailor-made to protect you from rising financial obligations after your death. This plan's wide range of riders would add value to your base plan at a low cost.

LIC 945 plan details are shared above and can be concluded that it has the extra benefit of being available to anybody between the ages of 90 days and 55 years. This is why this newly introduced strategy has gotten a lot of traction in such a short period of time.

Also read- What Is The Money-Back Plan And How Does It Work?

Reasons to Purchase A Money-Back Policy!