LIC Jeevan Umang (Plan No. 745) is a popular whole-life income plan that provides life cover up to 100 years and offers annual survival benefits after the premium payment term, along with a lump sum maturity benefit.
- Whole-Life Cover: Coverage up to 100 years of age.
- Guaranteed Annual Survival Benefits: After the premium payment term ends, you receive 8% of the Basic Sum Assured annually.
- Maturity Benefit: On survival till the end of the policy term (100 years), a lump sum is paid
- Death Benefit:In case of the policyholder’s demise, a lump sum is paid to the nominee.
- Loan Facility: You can avail of a loan after paying premiums for 3 years.
- Tax Benefits: Premiums and payouts are eligible for tax benefits under Sections 80C and 10(10D).
- Survival Benefit: After completing the premium payment term, 8% of the Basic Sum Assured is paid annually as long as the policyholder survives.
- Maturity Benefit:On survival till 100 years, the policyholder receives: 1. Basic Sum Assured + 2. Bonuses (Simple Reversionary Bonus + Final Additional Bonus).
- Death Benefit: If the policyholder passes away during the policy term, the nominee receives: 1. Sum Assured on Death + 2. Accrued Bonuses (if any). 3. The death benefit is at least 105% of the total premiums paid up to the date of death.
- Premium Payment Modes Yearly, Half-yearly, Quarterly, Monthly (ECS/Salary Deduction).
