New Delhi: Life Insurance Corporation of India (LIC) regularly introduces new insurance products in response to customer demand. Jeevan Umang is a whole life insurance plan offered by LIC. It depends on the insured and those who provide his financial security and income security. Annual survival benefit till maturity after the end of the premium paying term, as well as lump sum payouts, are among the various benefits that the guarantee guarantees.
Minimum and Maximum Age for LIC Jeevan Umang
The minimum age to purchase this coverage is 90 days, with a maximum age of 55 years depending on the plan. As a result, parents opt for this policy for their newborn as it offers higher returns as they grow up. There is no upper limit for the minimum sum assured, which is Rs 2 lakh. Also Read: Amazon Great Indian Festival Finale Days: Best Diwali 2021 Deals
Jeevan Umang has four premium terms: 15 years, 20 years, 25 years and 30 years. Consequently, the minimum and maximum age of the policy is likewise determined by the term of the policy. Because the premium paying term stops at 70 years, if a person wants to live for 30 years, he should be at least 40 years old. The age of the person taking the tenure 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 paying term, the minimum age is 30 years. If parents are buying insurance for their newborn child, they should opt for a 30-year plan.
LIC Jeevan Umang Maturity and Benefits
The maturity date has been fixed at 100 years by the government insurance firm. As per Jeevan Umang plan, LIC will pay 8% of Sum Assured every year after the end of premium paying term till maturity date. Also Read: iPhone 13 Pro Bug Fixes; macOS Monterey Update, Apple iOS 15.1 Available Now
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. Policyholders are also eligible for Simple Reversionary Bonus and Final Additional Bonus. If the subscriber has duly paid all the premiums, then these bonuses will be added to the lump sum amount after maturity.
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