Excelsior Correspondent
JAMMU, May 16: LIC of India introduced new product namely Jeevan Umang thereby increasing its number of available products to 26. Jeevan Umang policy is Non Linked, With Profit Whole Life Plan.
Age Eligibility under Jeevan Umang Policy is 90 Days minimum to 55 years maximum and premium paying term is 15 to 30 years, maximum to 100 years. Minimum Sum Assured under policy is 2 Lakh and Maximum is No Limit.
Money back (Survival benefit) under the said policy will be at the rate of 8% of basic sum assured and SB will be paid each year till the life assured survives or till the policy matures whichever is earlier.
On the life assured surviving the end of policy Term (100 Age at entry) provided all premiums have been paid, Sum Assured. On Maturity along with Vested simple reversionary Bonus and FAB (If any) shall be payable.
Speaking on the occasion LIC officials told that Jeeavan Umang Policy is one of the best policies of LIC of India as, It is as good as the long awaited “Deferred Annuity Plan” and the return of purchase price keeps on increasing by every year with accumulation of bonus and enhancement in FAB moreover it can be seen as Tax free Annuities in the form of Survival Benefits.
8% guaranteed return on basic sum assured for life long is a very good selling point. And Young professionals can go for 15/20 years term and can enjoy the survival benefits for a life time with adequate coverage from day one.
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