Under this policy, premiums can be paid monthly, quarterly, half yearly and annually. After paying the premium for 2 years, you can also take a loan on it. The loan amount depends on the number of years the policy has run and the premium paid.
In some special policies of LIC, the name of Jeevan Umang policy is there. Its table number is 945. LIC’s Jeevan Umang is one of the best selling policies. Under this, the insured gets whole life coverage. The benefit of the insurance cover continues till the age the policyholder survives.
While taking this policy, the insured chooses the sum assured and premium payment term. That is, for how many years the premium has to be paid and how many lakhs will be insured, it is decided in advance. As soon as the premium payment term of the policy is over, the insured gets 8% of the sum assured as yearly pension. This pension is available for whole life. When the policyholder reaches 100 years of age, the pension ceases and the policy reaches maturity. This means that the pension of the policy is used for the insured and the maturity money is used for the next generation.
For whom is the policy special?
This policy is for those people who want to take pension during the policy and want to give a large amount to their family on the go. It is a limited premium payment plan in which the policyholder has to pay premiums for less than the chosen policy term. In this policy, the insured gets Vested Revisionary Bonus and Final Additional Bonus. There are 4 options available to take this policy in which one can take the policy for 15 years, 20, 25 and 30 years. People from 90 days to 55 years can take this policy. That is, if a child is 90 days old, then you can buy Jeevan Umang policy in his name also. This policy will get maturity when the age of the insured is 100 years. Sum assured policy of at least Rs 2 lakh has to be taken. There is no limit on the maximum sum assured.
When will the premium be paid?
Under this policy, premiums can be paid monthly, quarterly, half yearly and annually. After paying the premium for 2 years, you can also take a loan on it. The loan amount depends on the number of years the policy has run and the premium paid. There are 5 riders available under this policy, which provides protection against accident or other risk. It has a premium waiver benefit rider that must be taken for your child. Unfortunately, if the premium payer leaves the world prematurely, then the child gets the benefit of premium waiver rider and his entire premium is waived off. In this policy, the facility of tax benefit is available under Section 80C of Income Tax.
How much will you get on maturity
Let us understand this with an example. Suppose 30 year old Ramesh has taken a policy of sum assured of Rs 10 lakh. He has chosen 30 years as the premium payment term. Accordingly, the policy period will be 100-30 ie 70 years. If Ramesh pays monthly premium, then he will have to pay Rs 2582 every month or Rs 30,326 if he pays annual premium. Accordingly, Ramesh will have to pay Rs 9,10,448 in his entire policy period. This policy will stop paying premium after 30 years and Ramesh will be 60 years old at that time.
When Ramesh turns 60, he will now get a pension of Rs 80,000 every year or Rs 6.5 thousand per month. This pension will be available till Ramesh survives. This policy will get maturity when Ramesh is 100 years old. On the maturity of the policy, Ramesh will get Rs 10,000 of Sum Assured, Rs 89,20,000 as bonus. In this way, Ramesh will get Rs 99,20,000 on the maturity of the policy. Ramesh had paid Rs 9,10,448 as premium but got around Rs 1 crore on maturity.
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