What Is LIC Umang MB Plan

LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Features of the LIC Jeevan Umang

Mentioned below are the key features of the LIC Jeevan Umang Plan:

• It is a combination of both regular income and Lump Sum payment.
• Offers an option to choose a premium paying term of 15 years, 20 years, 25 years or 30 years.
• It is a non-linked life insurance plan with profits.
• Offers life cover till the policyholder turns 100 years.
• Offers a loan facility up to 90% of the surrender value if the policy holder has paid the premiums for 3 years regularly and if the plan has reached a Surrender Value.
• The LIC Jeevan Umang Plan offers a simple reversionary bonus as well as final addition bonus if any.

Benefits of LIC Jeevan Umang Plan

• Jeevan Umang is a whole life risk coverage plan that will offer an annualized 8% of Sum Assured after the premium payment term - till the survival which is counted by LIC till the age of 100, along with tax benefits on premiums, death benefit, and maturity benefits. The maturity benefit will be a total of sum assured, simple reversionary bonus, and final additional bonus. In case of death before 100 years, the death benefits will be given to the nominee, the amount will again be a total of sum assured, simple reversionary bonus, and final additional bonus. Hence, the death benefit will be more than 105% of all premiums paid. The death benefits can be received in a lump sum or the regular payout. In the latter case, in 5, 10, 10, and 15 years terms, the benefit can be obtained in the monthly, quarter, half-yearly, and yearly frequencies.
• As it is a non-linked plan, your money will not be traded in the equity market to keep the money secured, and would not affect the returns. Another benefit of this participating plan in LIC will be sharing a part of the company's yearly profit with the subscriber, which is called Simple Reversionary Bonus and Final Addition Bonus. The minimum sum assured of this policy is Rs. 2,00,000.
• A loan facility is also available in Jeevan Umang, after 2 years of premium payment, the policyholder can take a loan against the plan. Tax deduction benefits will come under section 80(c), and maturity and the tax benefit will be exempted under section 10(D).
• There are 5 additional rider options available in the plan with additional premium, namely - accidental death and disability benefit rider, accidental benefit rider, new term assurance rider, new critical illness benefit rider, and premium waiver benefit rider.

Conclusion

Jeevan Umang is a money back policy. Choose depending upon your requirement. Jeevan Umang takes care of oneself with lifetime survival benefits and finally benefits are payable to the nominee.

Also read: How Can You Increase Coverage For MB Plans?

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