Jeevan Umang (945)

Jeevan Umang is a life insurance product of LIC (Life Insurance Corporation of India). This is an endowment or traditional plan- which means it is not linked to stock market. The return on investment will be based on the profit of LIC and thereafter the declaration of bonus rate for the particular product. This is a limited premium endowment- which means you pay less in number of years than the term of policy. To know about this policy let us start with its features:

 This policy is available in four variant:

 Premium paying term: 15,20, 25, 30 years

 Policy term (time until your policy matures): 100 years - age at entry

 Minimum Sum Assured: 200000

 Maximum Sum Assured: unlimited (with special medical reports and income proof)

 Minimum Entry Level Age: 90 days completed

 Maximum Entry Level Age: 55 years in nearest birthday

 Maximum Maturity Age: 100 years

                 Due to the above clause maximum entry level age for all the four variant of this policy

  Maximum Accidental Death and Disability benefit rider applicable up to age of 70 years

 Maturity Benefit: Sum assured + Bonus  (for illustration keep on reading)

 Minimum years to pay premium: 2years (after paying premium for 2 years one can stop paying premium; your money will be safe to withdraw or for loan

 Loan and Surrender: after 2 years of policy period considering there is no unpaid premium in first 2 years of policy period.

 Revival: Policy can be revived within 5 years of lapsation.

 Benefit illustration:

Atul Sharma a professional in a private company has purchased Jeevan Umang of Sum assured 1000000 INR at the age of 30 years for 25 years term after considering following benefit illustration:-

All of these maturity is tax free under income tax act 10 (D)

*all maturity projection is based on current rate of bonus paid by LIC.