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LIC Policy: Invest Rs 4166 per month in this plan and get up to Rs 10,00,000 guaranteed returns
LIC policy offers life insurance coverage and investment options with guaranteed returns.
Updated : Feb 07, 2023, 11:21 AM IST | Edited by : Raunak Jain
 "Jeevan Umang Policy, Life Insurance, Life Insurance Corporation, Life Insurance Cover, Life Insurance Policy, life Insurance")
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LIC Jeevan Umang Plan is a life insurance plan offered by Life Insurance Corporation of India (LIC) that provides comprehensive life coverage and the opportunity to earn decent returns on investment. The plan offers a range of benefits and advantages that make it an attractive option for individuals looking for a long-term investment plan.
Benefits and advantages of LIC Jeevan Umang Plan:
Life Coverage: The plan provides life coverage in the event of the policyholder's death, ensuring financial security for the policyholder's family.
Guaranteed Additions: The plan provides guaranteed additions on the sum assured, which help in increasing the overall sum assured of the policy and enhance the returns on investment.
Loyalty Additions: The plan provides loyalty additions, which are declared by LIC from time to time, and help in increasing the overall sum assured of the policy.
Tax Benefits: The premium paid towards LIC Jeevan Umang Plan is eligible for tax deductions under section 80C of the Income Tax Act.
Loan Facility: Policyholders have the option to avail of a loan against the policy, subject to terms and conditions.
Who can apply for LIC Jeevan Umang Plan?
Individuals between the age of 8 years and 55 years are eligible to apply for the plan. The minimum sum assured for the policy is Rs. 1,00,000, and there is no maximum limit.
How to apply for LIC Jeevan Umang Plan?
Applying for LIC Jeevan Umang Plan is simple and convenient. Individuals can apply for the plan online through LIC's official website or visit the nearest LIC branch. The process involves filling out the application form, submitting the necessary documents and making the premium payment.
Example: Consider an individual named Sarah who is 40 years old and is looking for a long-term investment plan. She decides to opt for LIC Jeevan Umang Plan with a sum assured of Rs. 10,00,000 and a premium paying term of 20 years. She pays an annual premium of Rs. 50,000, which is eligible for tax deductions under section 80C of the Income Tax Act.
In the event of Sarah's death during the policy term, her family would receive the sum assured of Rs. 10,00,000 along with the guaranteed additions and loyalty additions declared by LIC. The policy also provides Sarah with the option to avail of a loan against the policy in case of an emergency.
Read more: LIC Policy: Restart your closed insurance policy with ease, here's how
