LIC’s Jeevan Umang: Lifetime cover and guaranteed annual income till 100
LIC’s Jeevan Umang: Lifetime cover and guaranteed annual income till 100
The policy offers survival benefits, flexible premium options, and financial security for families along with tax advantages
The Life Insurance Corporation of India (LIC) has policy Jeevan Umang, a unique endowment-based life insurance plan designed to ensure lifetime financial protection and regular income. The standout feature of this policy is that it provides life cover up to the age of 100 years along with guaranteed annual survival benefits.
Under this plan, policyholders begin receiving an annual payout of 8 per cent of the Basic Sum Assured (or the paid-up sum assured) at the end of the premium-paying term. This survival benefit continues every year until maturity or death, whichever occurs earlier. On maturity or the policyholder’s death during the policy term, a lump sum is paid to secure the family’s financial needs.
Key features of LIC Jeevan Umang:
– Lifetime risk cover till 100 years of age
– Guaranteed annual survival benefits after premium-paying term
– Minimum sum assured: ₹2,00,000, no maximum limit
– Flexible premium payment options: 15, 20, 25, or 30 years
– Premium suspension option after 3 years, policy continues as paid-up
– Premium payment modes: yearly, half-yearly, quarterly, or monthly (through NACH)
– Tax benefits under Section 80C, and death benefits fully tax-free
Policyholders can purchase the plan for themselves or their children, ensuring a lifetime of guaranteed income till 100.
LIC Jeevan Umang can be purchased both online and offline, either from LIC’s official website or through licensed agents and brokers, offering easy access across India.
