If you are looking for a life insurance policy that offers long-term protection along with regular benefits, LIC Jeevan Umang could be worth considering.
This whole-life insurance plan from the Life Insurance Corporation of India (LIC) provides insurance coverage up to the age of 100 while also offering annual income benefits after the premium payment term ends.
Since LIC is a government-owned insurance company, many people prefer its policies for their reliability and long-term security.
Insurance Cover Up to 100 Years
LIC Jeevan Umang is designed for people who want financial protection for their family over the long term. The policy provides life insurance cover until the policyholder turns 100 years old.
Apart from life cover, the plan also offers annual survival benefits after the premium payment period, making it suitable for those looking for regular income in later years.
Flexible Premium Payment Options
The policy gives customers multiple choices for paying premiums. You can choose a premium payment term of 15, 20, 25, or 30 years, depending on your financial planning.
It is also a participating plan, which means policyholders may receive bonuses declared by LIC based on the policy’s performance.
Tax Benefits Available
The policy also offers tax benefits under the Income Tax Act. Premiums paid may qualify for tax deductions under Section 80C, subject to applicable rules.
In addition, the death or maturity benefit may be tax-exempt under Section 10(10D), provided the policy meets the prescribed conditions under tax laws.
Option to Receive Death Benefit in Installments
One of the useful features of LIC Jeevan Umang is the flexible death benefit payout option.
Instead of receiving the entire insurance amount at once, the nominee can choose to receive it in installments over 5, 10, or 15 years. This can help provide a steady source of income for the family after the policyholder’s death.
Premium Payment Modes
Customers can pay premiums in the mode that suits them best. Payments can be made monthly, quarterly, half-yearly, or yearly.
The minimum premium amount is ₹5,000 for monthly payments, ₹15,000 for quarterly payments, ₹25,000 for half-yearly payments, and ₹50,000 for annual payments.