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:
- This is a whole life plan.
- It provides insurance cover up to 100 years.
- After premium paying terms over, the survivor gets annuity at 8% of sum assured till 100 years or death of the insured.
- Death benefit: At the time of death of the insured, nominee gets sum assured + accrued bonus.
- On survival till maturity, benefits are paid.
- Accidental death, term and other riders can be added at nominal top up.
- 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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