LIC jeevan umang policy: Public insurance company LIC is constantly slowing down with new schemes aimed at the common man. The Jeevan Umang project, which was brought in as part of it, is gaining huge popularity. This includes financial security for the family members of the policyholder. Also, if the policy premiums are paid in full, you will also get the benefits for the period specified in the policy in the form of a pension.
Policy details
- Minimum guarantee amount for the claim: Rs. 2 lakhs
- Maximum Guaranteed Amount: No limit
- Time limit for payment of premium (in years): 15, 20, 25, 30
- Policy Scope: (100 – Age at the time of entry into the policy) years
- Minimum age: 90 days
- Maximum age: 55 years
- Minimum age for completion of premium payment: 30 years
- Maximum age required to complete premium payment: 70 years
- Maximum age for policy maturity: 100 years
When it comes to maturity, for example, if a person takes out a policy with a 30-year term to pay premiums, they have to be 40. That is, 70 years of age when the premium payments are completed. Since there is no possibility of paying the premium after the age of 70, the policy will be completed and the benefits will begin to accrue. You must be under 55 years of age to take out a policy to pay the premium for 15 years. If the child takes out this policy after three months of birth, he must pay a 30-year premium. This means that they will start receiving benefits every year when they reach the age of 30.
If the policyholder dies
In case of death within the first five years of purchase of the policy .. The policy guarantee amount will be given to the nominee. In case of death after five years .. Loyalty bonus along with the sum assured.
Benefits of paying all premiums
If the policyholders pay all the premiums .. 8% of the annual guaranteed amount will be paid till the maturity of the policy by the end of the premium payment date. If the policyholder dies before maturity, the sum assured goes to the nominee or family members.
Premium, Guaranteed Total Details
According to the details given on the LIC website .. Suppose the policyholder takes out a policy at the age of 25 with a guaranteed amount of Rs. 5 lakhs and pays the premium for 30 years. The person has to pay a premium of Rs 14,758 per annum to the 55-year-old. From there he receives 8 per cent of the annual sum assured until he reaches the age of 100. If still alive, the sum assured will be Rs.63,08,250 plus benefits. Loyalty bonus will be given to the nominee along with the sum assured in case of death.
