LIC Jeevan Umang Policy: Eligibility, Premium, Benefits and Tax Savings


LIC offers excellent life insurance plans, but people cannot utilize them to their full extent due to a lack of proper information. One of these plans is the LIC Jeevan Umang Plan, which provides long-term financial security and stability.

In this policy, if you pay an average premium of Rs. 110 per day, you can receive Rs. 40,000 annually. You can receive even more yearly benefits by paying a slightly higher premium.

However, only individuals below 55 are eligible for this scheme, and the premium must be paid for at least 15 years.

Children enrolled in this LIC scheme right after birth can achieve complete financial independence as they grow up. The LIC Jeevan Umang Bima policy requires a minimum insurance of Rs. 2 lakh.

Here are some details about the Jeevan Umang Policy: It can be taken out in the child’s name immediately after birth, and individuals with a maximum age of 55 can avail of this insurance plan.

The LIC Jeevan Umang Plan offers investment flexibility, with a minimum investment of 2 lakhs and no maximum limit. This empowers you to tailor your insurance plan to your financial needs and goals.

After maturity, you will receive a fixed amount (8 percent of the sum assured) every year for life (up to 100 years). For example, if you take a 5 lakh policy for 15 years, from the 16th year, you will receive Rs. 40,000 annually, which will continue for 100 years. A lump sum is paid to the nominee after the policyholder’s death. This is one of the LIC endowment plans.

Regarding premiums and benefits: If you take the LIC Jeevan Umang Bima Scheme at the age of 15 for Rs. 5 lakh, you will have to pay the premium until age 30.

For a 5 lakh insurance policy, the annual premium is Rs. 38,722, and the monthly premium is Rs. 3,294, which amounts to Rs. 110 per day. The company also offers the option of paying monthly insurance premiums.

After making the premium mentioned above payments in the LIC Jeevan Umang Insurance Plan, you will receive Rs. 40,000 every year from 30 to 100, totaling more than Rs. 28 lakhs over 100 years.

Additionally, with the inclusion of the ‘maturity benefit ‘, which is the amount the policyholder receives at the end of the policy term, there is a possibility of receiving more than Rs. 1 crore.

Other benefits of the Jeevan Umang Policy include tax exemption under section 80C of the income tax, making it a financially savvy and responsible choice for long-term financial planning.

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