life insurance corporation LIC of India regularly launches various insurance products as per the requirement and demand of the customers. LIC Jeevan Umang is a whole life insurance plan. It provides financial stability and income security to the policyholder and dependents of the individual. Among the many benefits it promises is an annual survival benefit after the end of the premium paying term till maturity, and a lump sum amount thereafter.
Minimum and Maximum Age for LIC Jeevan Umang
The minimum age required for this policy is 90 days while the maximum is 55 years, but may vary depending on the plan. Hence, parents take this policy for their newborn as it promises better returns when they grow up. The minimum sum assured is Rs 2 lakh, with no upper limit.
There are four premium terms for Jeevan Umang- 15 years, 20 years, 25 years and 30 years. Accordingly, the minimum and maximum age also depends on the term of the policy. If a person wants Jeevan Umang for 30 years, then the age of the person should be at least 40 years as the premium paying term ends at 70 years. Similarly the age of the person taking the period of 15 years should not be more than 55 years.
-While LIC has fixed the maximum age at 70 years at the end of premium payment terms, the minimum age for the same is 30 years. So if parents are buying a policy for their newborn child, they must go for the 30-year plan.
LIC Jeevan Umang Maturity and Benefits
The government insurance company has fixed the maturity date as 100 years. As per Jeevan Umang plan, LIC will pay 8 percent of the annual sum assured till the time of maturity after the end of the premium paying term.
Therefore, if a policyholder is 70 years old when their premium paying term ends, the individual will receive annual survival benefit till the age of 100 years. If the policyholder dies before 100, the lump sum amount will be paid directly to the nominee.
Since Jeevan Umang is a non-linked insurance policy, customers can be assured of guaranteed returns, and that their money will not be invested in equity markets. Policy holders are also eligible for Simple Reversionary Bonus and Final Additional Bonus. If the subscriber has duly paid all the premiums, these bonuses will be added to the lump sum amount after maturity.
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