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Are you looking for a life insurance plan that offers both protection and savings throughout your lifetime? Look no further than LIC Jeevan Umang. As the best LIC agent in Kolkata, I’m excited to share everything you need to know about this versatile whole life insurance plan.
Table of Contents
Key Takeaways
- LIC Jeevan Umang offers lifelong protection and regular income
- Choose from flexible premium paying terms of 15, 20, 25, or 30 years
- Receive annual survival benefits of 8% of Sum Assured after premium paying term
- Enhance protection with optional riders
- Start early to benefit from lower premiums and longer coverage
- Consult with a trusted LIC agent for personalized advice
What is LIC Jeevan Umang?
LIC Jeevan Umang is a non-linked, participating, individual, whole life assurance plan that provides a unique combination of income and protection for your family. Let’s break down what that means:
- Non-linked: Your policy’s value isn’t tied to market performance
- Participating: You’re eligible for bonuses based on LIC’s profits
- Individual: The policy covers a single person
- Whole life: Coverage lasts your entire lifetime (up to age 100)
This plan offers annual survival benefits after the premium paying term ends, a lump sum payment at maturity, and a death benefit to protect your loved ones. Plus, it includes a loan facility for those unexpected financial needs.
Key Features of LIC Jeevan Umang
- Flexible Premium Paying Terms: Choose from 15, 20, 25, or 30 years
- Lifelong Coverage: Policy term extends to age 100
- Survival Benefits: Receive 8% of the Basic Sum Assured annually after premium paying term
- Maturity Benefit: Get full Sum Assured plus bonuses at age 100
- Death Benefit: Higher of 7 times the annual premium or Basic Sum Assured, plus bonuses
- Tax Benefits: Premiums and benefits may be eligible for tax deductions (consult your tax advisor)
How LIC Jeevan Umang Works
Let’s walk through an example to see how this policy might work for you:
Scenario: Rahul, age 30, takes a LIC Jeevan Umang policy with a Basic Sum Assured of ₹10,00,000 and a 30-year premium paying term.
- Rahul pays premiums for 30 years (until age 60)
- From age 61 to 99, Rahul receives ₹80,000 (8% of ₹10,00,000) annually as survival benefit
- At age 100, Rahul receives ₹10,00,000 plus accrued bonuses as maturity benefit
- If Rahul passes away at any time after policy inception, his nominees receive the death benefit
Eligibility and Premium Details
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 90 days |
| Maximum Age at Entry | 55 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No limit (subject to underwriting) |
Premiums vary based on age, sum assured, and premium paying term. For example, a 30-year-old opting for a ₹10,00,000 sum assured with a 30-year premium paying term might pay around ₹30,000 annually (excluding taxes).
Why Choose LIC Jeevan Umang?
- Lifetime Security: Coverage until age 100 ensures lifelong protection
- Regular Income: Annual survival benefits provide a steady income stream in later years
- Flexibility: Multiple premium paying terms to suit your financial planning
- Bonuses: Participate in LIC’s profits through regular bonuses
- Loan Facility: Access to policy loans for financial emergencies
Additional Riders for Enhanced Protection
LIC Jeevan Umang allows you to customize your coverage with optional riders:
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
- Premium Waiver Benefit Rider
These riders can provide extra protection against accidents, critical illnesses, or premature death.
How to Buy LIC Jeevan Umang
As the best LIC agent in Kolkata, I’m here to make your insurance journey smooth and hassle-free. Here’s how we can get started:
- Consultation: Let’s discuss your financial goals and protection needs
- Customization: I’ll help you choose the right sum assured and premium paying term
- Documentation: We’ll complete the necessary paperwork together
- Medical Check-up: If required, I’ll arrange a convenient medical examination
- Policy Issuance: Once approved, you’ll receive your policy document
Remember, you can reach me directly at 7980031260 for personalized assistance.
Tips for Maximizing Your LIC Jeevan Umang Benefits
- Start Early: The younger you are, the lower your premiums
- Choose the Right Sum Assured: Balance protection and affordability
- Opt for Yearly Premiums: Save on premium loading charges
- Consider Riders: Enhance your protection based on your specific needs
- Stay Informed: Keep track of bonuses and policy performance
As your dedicated LIC agent in Kolkata, I’m here to guide you through every step of your insurance journey. LIC Jeevan Umang can be a powerful tool for your financial planning, providing both protection and savings. Ready to secure your family’s future? Give me a call at 7980031260, and let’s craft the perfect insurance solution for you!
Remember, in the world of life insurance, it’s not just about buying a policy – it’s about building a secure future for you and your loved ones. Let’s embark on this journey together with LIC Jeevan Umang!
FAQ: LIC Jeevan Umang
Can I surrender my LIC Jeevan Umang policy?
Yes, you can surrender the policy after paying premiums for at least two years. However, it’s generally advisable to continue the policy for maximum benefits.
Are the survival benefits taxable?
As per current tax laws, survival benefits are tax-free. However, tax laws may change, so consult a tax advisor for the latest information.
What happens if I miss a premium payment?
There’s a grace period of 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly mode. If you don’t pay within this period, the policy may lapse.
Can I revive a lapsed policy?
Yes, you can revive a lapsed policy within 5 years from the date of first unpaid premium, subject to certain conditions.
How are bonuses calculated in LIC Jeevan Umang?
LIC declares bonuses annually based on its performance. These bonuses are added to your policy and paid out at maturity or death, whichever is earlier.
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