LIC Jeevan Umang Policy Life Insurance Benefits

There are multiple reasons why you should consider buying the LIC Jeevan Umang Plan. Here are some of the benefits of the LIC Jeevan Umang Plan:

• Death Benefits: With LIC Jeevan Umang Plan, the beneficiaries of the policyholder can get death benefits if the policyholder dies during the policy tenure. The death benefit is offered only if all the premiums till the death of the policyholder have been paid out. If the policyholder dies within the first five years of buying the LIC Jeevan Umang Plan, then, a sum assured on death is provided. Otherwise, if the policy has completed 5 years, then along with the sum assured on death, the loyalty benefit is also paid out.
• Survival Benefits: This is the benefit that is paid out when the policyholder survives the tenure of the LIC Jeevan Umang Plan. As a part of survival benefits, policyholders are given 8% of the sum assured on an annual basis. However, this benefit is only offered if the premiums are paid on time.
• Maturity Benefits: Once the policyholder survives the entire tenure and has successfully paid all the premiums, the maturity benefit is paid out. Along with a lump-sum maturity amount, additional bonuses are also paid out to the policyholder.
• Tax Benefits: With the LIC Jeevan Umang Plan, policyholders can also tax benefits. All the different kinds of benefits such as maturity benefits, survival benefits, and even benefits are exempted from tax liability as specified in Section 10D of the Income Tax Act.
• Provides Guaranteed Income: If due for any reason, you are facing financial hardship, then the Jeevan Umang LIC Policy can prove to be extremely beneficial. As the annual survival benefit amount paid out can be used for sustaining the finances.
• Life Cover Till 100: The LIC Jeevan Umang Policy offers complete life coverage till the age of 100 years. The life insurance coverage starts as soon as the policy is issued.
• Paid-up Value and Grace Period: In case you fail to pay the premium of LIC Jeevan Umang Plan on time due to any reasons, then a grace period of 15 days is provided. Moreover, a paid-up value benefit is also provided. This means that if the policyholder pays the premium for 2 years and stops doing so after that, then the policy will still continue as a paid-up policy, however, the sum assured benefits shall decrease with each year.
• Loan Option: In case of any emergency, policyholders also get the option of getting loans with the LIC Jeevan Umang Plan.
• Surrender Benefit: If the policyholder has paid the premium for LIC Jeevan Umang Plan for 2 years and later decides to surrender the policy, then a surrender value benefit is provided.