Insurance plans are one of the most shielded and secured plans to ensure that your family is protected against monetary emergencies in case of any unforeseen circumstances. A Life insurance policy is a contract between an insurance company and a policyholder. Life insurance plan Jeevan Umang – 845 is one such insurance policy which offers complete protection and income to your loved ones.
LIC Jeevan Umang plan 845 is an established non-linked premium funding plan that comes with complete life insurance. This policy will keep providing annual benefits from the point of premium paying terms until its maturity. Once the policy matures or if the policyholder expires, a lump sum payment is made.
The eligible age criterion for this plan is 90 days (infant) to 55 years old. The premium payment terms are eligible at 15, 20, 25 or 30 years. The minimum assured amount is 2Lakhs and there is no cap on the maximum assured amount. It offers a life long cover-up to 100years.
Benefits of the Plan
- Death Benefit
In case of death of the policyholder before the commencement of risk, LIC will give the entire premium amount paid to the nominee without any interest. In case the death of the policyholder happens after the commencement date, LIC will provide the sum guaranteed to the nominee inclusive of simple reversionary bonus & final additional bonus if any.
- Maturity Benefit
Once the policy matures, and if all premiums have been paid regularly LIC will provide the sum guaranteed to the policyholder inclusive of simple reversionary bonus & final additional bonus if any.
- Tax Benefit
This policy is exempted from tax under Section 80C, so the premiums paid and the death benefit amount & maturity amount are also exempted from tax under section 10D (D) of the 1961 Act of Income Tax.
- Accident Death Benefit & Disability Rider
This benefit can be availed by paying an extra amount (which is more than the basic amount) during the terms of the policy. If the insured suffers accidental death during the period of the policy, then an additional sum is given to the nominee.
- Critical Illness Benefit Rider
This benefit can be opted at the time of the policy period by paying an extra amount. Once this benefit is availed, and if the policyholder is diagnosed with any of the 15 critical diseases mentioned in the policy, rider then the sum assured for that critical disease will be paid to the policyholder.
Life insurance plans are ideally required to lead a debt-free & tension-free life. It provides protection and cover to you & your loved ones at the time of emergencies.