Many people want an insurance plan that not only protects their family but also provides regular income later in life.
If you are looking for such a policy, LIC Jeevan Umang could be worth considering.
LIC Jeevan Umang is a whole-life insurance plan from the Life Insurance Corporation of India (LIC).
The policy offers life insurance cover up to the age of 100 while also providing annual income benefits after the premium payment period ends.
Insurance Cover Till 100 Years
One of the biggest highlights of the LIC Jeevan Umang Plan is its long-term protection. The policy keeps your life insured up to the age of 100, making it suitable for those looking for lifelong financial security.
Since LIC is a government-owned insurance company, many investors consider its plans to be a trusted option.
Flexible Premium Payment Options
You don’t have to pay premiums for your entire life. LIC allows policyholders to choose a premium payment term of 15, 20, 25 or 30 years.
The plan is also a participating policy, which means policyholders may receive bonuses declared by LIC based on the policy’s performance.
Tax Benefits Available
The plan also offers tax benefits. Premiums paid for the policy are eligible for deduction under Section 80C of the Income Tax Act, subject to applicable rules.
The amount received on death or maturity may also qualify for tax exemption under the applicable provisions of Section 10(10D) of the Income Tax Act.
Option to Receive Death Benefit in Installments
Instead of receiving the entire death claim as a lump sum, nominees can choose to receive the amount in installments.
The payout can be spread over 5, 10 or 15 years, helping the family receive a regular income after the policyholder’s death.
Premium Payment Modes
Policyholders can pay premiums in the mode that suits them best. The available options are monthly, quarterly, half-yearly and yearly.
The minimum premium limits are:
Monthly: ₹5,000
Quarterly: ₹15,000
Half-yearly: ₹25,000
Yearly: ₹50,000
Before buying any insurance policy, compare its features, benefits and premium with your financial goals to ensure it meets your long-term needs.
