New Delhi: The Life Insurance Corporation of India (LIC) regularly launches new insurance products in response to customer demand. Jeevan Umang is a whole life insurance plan offered by LIC. It offers the insured and those who rely on him financial security and income protection. Annual survival benefits after the end of the premium payment period until maturity, as well as a lump sum payment, are among the various benefits it 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 depending on the plan. As a result, parents choose this policy for their newborn baby because it offers higher returns as they get older. There is no upper limit to the minimum sum insured, which is Rs 2 lakh. Also Read: Amazon Great Indian Festival Finale Days: Best Diwali 2021 Deals
-Jeevan Umang has four premium durations: 15 years, 20 years, 25 years and 30 years. Therefore, the minimum and maximum contract ages are also determined by the length of the contract. Because the premium payment period stops at 70, if a person wants Jeevan Umang for 30 years, they must be at least 40 years old. A person who takes the 15-year term must not be over 55 years old.
-While LIC has set the maximum age at 70 when the premium payment period expires, the minimum age is 30. If parents buy insurance for their newborn baby, they should choose a 30-year plan.
Maturity and benefits of LIC Jeevan Umang
The maturity date has been set at 100 years by the government insurance company. According to the Jeevan Umang plan, LIC will pay 8% of the sum insured each year after the end of the premium payment term until the due date. Also read: THIS iPhone 13 Pro bug is fixed; MacOS Monterey Update, Apple iOS 15.1 Available Now
Thus, if a policyholder turns 70 at the end of the premium payment period, the individual will receive annual survivor benefits until he or she turns 100. If the policyholder dies before age 100, the candidate will receive the lump sum.
Since Jeevan Umang is an unrelated insurance policy, clients can be assured of guaranteed returns and their money will not be invested in the stock markets. Policyholders are also eligible for the simple reversion premium and the final additional premium. These bonuses will be added to the lump sum after maturity if the customer has duly paid all bonuses.