LIC Jeevan Umang Offers Life Cover Till 100

Mumbai residents looking for a long-term life insurance plan can consider LIC's Jeevan Umang policy. This whole-life insurance plan provides life cover up to the age of 100 years, subject to its terms and conditions.

The policy allows policyholders to choose a premium-paying term of 15, 20, 25, or 30 years. After completing the premium-paying term, the policy provides an annual survival benefit equal to 8% of the Basic Sum Assured.

For example, a person buying the policy at age 30 and selecting a 20-year premium-paying term with a monthly premium of around ₹5,000 would translate into approximately ₹60,000 annually. If the Basic Sum Assured is ₹10 lakh, the annual survival benefit at 8% would work out to ₹80,000.

The policy also provides death and maturity benefits, subject to LIC's applicable conditions. If the policyholder survives to the maturity age specified under the plan, the maturity benefit includes the Basic Sum Assured along with applicable vested bonuses and Final Additional Bonus, if any.

In case of death during the policy term, the nominee receives the applicable death benefit along with eligible bonuses, subject to policy rules. The plan may also provide a loan facility after prescribed conditions are fulfilled.

Tax benefits, if available, depend on prevailing provisions of the Income Tax Act. Actual premiums and benefits can differ depending on age, Basic Sum Assured, premium mode, and other policy factors.

LIC's Jeevan Umang policy is designed to provide long-term life cover along with annual survival benefits after the premium-paying term ends. This policy can be a good option for those looking for a combination of insurance protection and regular income after completing premium payments.

The policy's features and benefits make it an attractive option for individuals seeking a secure financial future. With its whole-life insurance coverage and annual survival benefits, LIC's Jeevan Umang policy can provide peace of mind for policyholders and their families.

In conclusion, LIC's Jeevan Umang policy is a comprehensive life insurance plan that offers life cover till the age of 100 years, along with annual survival benefits and other benefits. Mumbai residents can consider this policy as a part of their financial planning to secure their future and provide for their loved ones.