Are you seeking a life insurance plan offering protection and regular income? 

The LIC Jeevan Umang Plan is a unique whole-life insurance policy that provides guaranteed annual payouts, a lump sum maturity benefit, and financial security for your family. 

Whether you want a reliable source of income after retirement or a long-term savings plan with life cover, this policy is designed to meet your needs.

In this blog, we’ll break down the key features, benefits, and eligibility criteria of LIC Jeevan Umang, helping you understand how it works and whether it’s the right choice. Let’s dive in!

How the “Jeevan Umang Plan” Video Can Help You?

Everyone wants to be secure financially so that when bad times arrive, they are stable and secure. But sometimes, people do not do this and face a financial crisis. 

But this will not happen now. Today, we are going to tell you about a government LIC plan using which you will get 40,000 rupees every year. 

Therefore, watch this video till the end and secure your future. So, welcome to Seekho’s official show Sarkari Schemes. 

Today, we will talk about the Jeevan Umang Plan, which will provide you with a lifetime insurance plan and will not only provide you with insurance but also help you financially. 

Now you must be wondering who can benefit from this plan and how can you apply for it. We will tell you all this and more in this video. 

The LIC Jeevan Umang Plan benefits individuals seeking long-term financial security with life protection and regular income. 

People ranging from the age of 90 days to 55 years can apply for this plan. It is ideal for those who want a steady annual income post-retirement, making it a great choice for salaried professionals and self-employed individuals. 

The LIC Jeevan Umang Plan offers four premium payment term options, allowing policyholders to choose based on their financial goals and convenience. 

The available premium terms are 15 years, 20 years, 25 years, and 30 years. Policyholders need to pay premiums only for the selected term, after which they start receiving annual survival benefits while enjoying life coverage up to 100 years of age. 

This flexibility suits individuals with different financial planning needs, whether they prefer a shorter or longer payment period. Keep in mind if you’re 55 years old, then you can only apply for the 15-year plan. 

The minimum sum assured is ₹2 lakh, and premiums vary based on the insured amount and the policyholder’s age. Premiums can start from a few thousand rupees annually and increase with higher coverage.

So, for example, if I have taken a plan of 5 lakh to be paid over a period of 15 years, then I will have to pay 17 thousand per year or whatever the LIC agent decides the amount. 

And after paying this premium for 15 years, the benefit you will get is 40,000 rupees every year after your plan period of 15 years ends. 

Now, to apply for this, you just have to go to the LIC office and someone will aid you in the process. 

I hope you liked this video. Let us know your thoughts in the feedback section. 

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How Can The LIC Jeevan Umang Plan Benefit You?

1. Regular Annual Income

After the premium payment term ends, you receive 8% of the sum assured annually as a survival benefit until you turn 100, ensuring a steady income stream.

2. Financial Security for Your Family

In case of the policyholder’s demise, the nominee receives a lump sum death benefit, which includes the sum assured + bonuses, securing your loved ones’ future.

3. Lump Sum Maturity Benefit

If you survive till 100 years of age, you receive a lump sum maturity amount, including all accrued bonuses, providing financial stability in later years.

4. Limited Premium Payment

You only need to pay premiums for a fixed term of 15, 20, 25, or 30 years, while the benefits continue for a lifetime.

5. Loan Facility for Financial Flexibility

Once your policy acquires surrender value (after 2 years of premium payment), you can take a loan against the policy in case of urgent financial needs.

6. Tax Benefits

Enjoy tax deductions on premiums paid under Section 80C and tax-free maturity/death benefits under Section 10(10D) of the Income Tax Act.

Things to Keep in Mind When Applying for the LIC Jeevan Umang Plan

1. Premium Payment Term – Choose a suitable premium paying term (15, 20, 25, or 30 years) based on your financial goals and affordability.
2. Minimum Sum Assured – The plan requires a minimum sum assured of ₹2 lakh, but you can opt for a higher amount for better benefits.
3. Age Eligibility – The entry age ranges from 90 days to 55 years, ensuring flexibility for different age groups.
4. Survival & Maturity Benefits – After completing the premium payment term, you receive 8% of the sum assured annually, and a lump sum maturity benefit at 100 years of age.
5. Death Benefit for Nominee – In case of your demise, your nominee receives the sum assured along with accrued bonuses, ensuring family security.
6. Tax Benefits – Premiums qualify for deductions under Section 80C, and the maturity/death benefits are tax-free under Section 10(10D) of the Income Tax Act.
7. Loan Facility – You can avail a loan against the policy once it acquires a surrender value, offering financial flexibility in emergencies.

Know More About Sarkari Schemes With these Helpful Videos:

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→ PM Aasha

→ Nps : Har Mahine Milenge 3000

→ Suraksha Bima Se 2 Lakh Sahay

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FAQs

1. What is the LIC Jeevan Umang Plan?

LIC Jeevan Umang is a participating whole life insurance plan that provides regular annual survival benefits and a lump sum payout on maturity or death. It offers both protection and savings by ensuring lifelong income after the premium payment term while securing the financial future of the policyholder’s family in case of an unfortunate event. The survival benefits start after the premium payment term and continue until the insured reaches 100 years of age.

2. What is the minimum and maximum entry age for this plan?

• Minimum Entry Age: 90 days (applicable for children)
• Maximum Entry Age: 55 years
• The policyholder can choose a suitable policy term based on their financial goals and coverage needs. The plan is ideal for individuals looking for a long-term income source along with life cover.

3. What are the premium payment options for Jeevan Umang?

LIC Jeevan Umang follows a limited premium payment structure, meaning premiums are paid only for a fixed period, after which annual payouts begin. The available premium payment terms are:

• 15 years
• 20 years
• 25 years
• 30 years

After completing the premium payment term, the policyholder receives 8% of the Basic Sum Assured annually as a survival benefit for life (or until 100 years of age).

4. What happens if the policyholder dies during the policy term?

Suppose the policyholder passes away before the policy matures. In that case, the nominee receives a death benefit, which includes:

• Sum Assured on Death (higher of 10 times the annual premium or Basic Sum Assured)
• Accrued bonuses and final additional bonus (if any)
• This ensures the family gets a substantial financial payout to support their needs.

5. Is there a loan facility available under this plan?

Yes, policy loans can be availed under LIC Jeevan Umang once the policy acquires a surrender value after paying at least two full years' premiums. The loan amount depends on the policy’s surrender value at the time of application, offering liquidity in case of urgent financial requirements.