What is Whole Life Insurance Plan, Benefits of Investing in LIC Jeevan Umang Whole Life Plan
Eligibility criteria and purchase price
The minimum basic sum insured under this policy is Rs. 2,00,000, while there is no limit on the maximum basic sum insured. However, the basic sum insured must be in multiples of rupees. 25,000.
The term of premium payment, as mentioned by LIC, is 15 years, 20 years and 30 years, and the term of the policy will be 100 – (age at entry) years of the investor. The minimum entry age is 90 days and the maximum entry age is 55 years. On the other hand, the minimum age at the end of the premium payment period is 30 years. The maximum age at the end of the premium payment period should be 70 years. The age of maturity will be 100 years.
The LIC Jeevan Umang plan provides an annual survivor benefit from the end of the premium payment term until maturity, as well as a lump sum payment upon maturity or death of the policyholder during the term. of the font.
If the age of the investor is less than 8 years, the risk under the Jeevan Umang plan will start either one day before the end of 2 years from the effective date of the policy, or one day before the policy anniversary coinciding with or immediately after the completion of the 8 year anniversary, whichever occurs first. However, for other investors, the risk will begin immediately from the policy issue date.
Payment option for death benefits
The investor can receive the death benefit in installments over the chosen period of 5 or 10 or 15 years. However, you may also qualify for a lump sum under an in-force or paid-up policy. This option can be exercised during the lifetime of the investor; for all or part of the death benefits payable under the policy. LIC informs: “Payments must be made in advance at annual, semi-annual, quarterly or monthly intervals, as chosen, subject to a minimum down payment amount for the various payment methods.”
|Installment payment method||Minimum payment amount|
LIC Jeevan Umang – Freed Police Survivor Benefits
If the sum paid at maturity of the insured investor is less than the minimum basic sum insured (Rs. 2 lakhs). He or she will not receive survivor benefits. On the other hand, if the sum paid up at maturity insured is equal to or more than the minimum basic sum insured of Rs. deadline. In addition, LIC said: “The first payment of the survivor’s benefit is payable at the end of the premium payment period and thereafter at the end of each subsequent year until the insured survives or until ‘on the policy anniversary before the maturity date, whichever comes first.
In the context of a paid-up policy, in the event of the death of the investor during the term of the policy, the sum paid up on death insured as well as the acquired simple reversion bonuses will be paid by LIC. On the other hand, if the investor survives until the end of the term of the policy, the sum insured at maturity paid together with the vested simple reversion bonuses will be paid by LIC.
LIC will also allow you to redeem the plan at any time provided two full years’ premiums have been paid.