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Jeevan Umang Plan
LIC Jeevan Umang is non-linked whole life with profits endowment assurance plan, which provides a guaranteed fixed Tax-free income @ 8% of Sum assured every year after completion of premium paying term till 100 years of age. On maturity or Death, a full Sum assured along with bonus is paid.
Key Features of LIC Jeevan Anand:
- 8% of SA per year as survival benefits
- Suitable plan for pension
- Whole Life Plan
- Availability of Accidental benefit Rider, Term Rider and Critical Illness riders.
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
Survival and Maturity Benefits :
Premium paids with interest on survival of policyholder till maturity then 8% sum assured is paid till 100 years of each.
Death Benefits :
If death happens before commencement of risk, all premiums paid excluding taxes will be paid to nominee as death claim.
If death happens after commencement of risk, then Basic Sum Assured + Bonus + FAB will be paid to nominee as death claim.
| Eligibility Conditions & Restrictions | |
|---|---|
| Minimum age | 90 days (Completed) |
| Maximum age | 55 years for Premium paying term 15 years 50 years for Premium paying term 20 years 45 years for Premium paying term 25 years 40 years for Premium paying term 30 years |
| Minimum age at PPT | 30 years |
| Maximum age at PPT | 70 years |
| Premium paying term | 15, 20, 25 and 30 years |
| Policy Term/ Maturity | 100 (-) minus Age at entry |
| Minimum Sum Assured | Rs.2,00,000 |
| Maximum Sum Assured | No limit |
| Premium Payment | Yearly / Half yearly / Quarterly / Monthly (Thru Bank) |
| Loan | Eligible after 3years |
| Surrender | Eligible after 3years |
| After Premium paying term | 8% of Sum Assured (Tax-free) is paid every year for whole life |
| On Maturity/Death | Sum Assured + Bonus is payable |
| Income Tax Benefits | (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is Non-taxable u/s 10(10d) |
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