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LIC Jeevan Umang

LIC Jeevan Umang Policy:

It is an annuity + full life cover policy. It provides coverage after maturity till the death of insured. It is combination of annuity and protection.

Key Features:
  1. This is a whole life plan.
  2. It provides insurance cover up to 100 years. 
  3. After premium paying terms over, the survivor gets annuity at 8% of sum assured till 100 years or death of the insured. 
  4. Death benefit: At the time of death of the insured, nominee gets sum assured + accrued bonus.  
  5. On survival till maturity, benefits are paid.  
  6. Accidental death, term and other riders can be added at nominal top up. 
  7. Plan is tax exempted under 80(C) and 10(D).


Policy benefits:
  • Simple Reversionary bonus as declared by LIC. 
  • Death Benefits as below: 
    • payable to the nominee. Sum assured on death is defined as higher of 
      • Sum assured on maturity
      • 10 x Annualized premium
      • Basic sum assured is paid to the nominee. 
      • This death benefit shall not be less than 105% of all the premiums paid as on date of death
  • Maturity benefit:
    • Basic sum assured amount + accrued bonus
  • Accidental death and disability benefit:
    • Rider can be bought with the policy at nominal top up. 
    • on accidental death, the nominee gets extra sum over basic sum assured. 
  • Tax benefit:
    • Premium is exempted from tax under 80(C)
    • Maturity and sum assured is exempted from tax under 10(D)
To know more about the policy and any other details regarding LIC, mail us at tinytopic@gmail.com

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