LIC Jeevan Umang Plan 2024: Apply Online & Benefits

LIC Jeevan Umang Plan Apply Online & Application Form | LIC Jeevan Umang Plan Check Beneficiary Category & Last Date | LIC Jeevan Umang Plan Check Benefits & Features | LIC Jeevan Umang Plan Check Selection & Implementation Procedure | LIC Jeevan Umang Plan Check Eligibility & All Details | 

The LIC Jeevan Umang Plan is a non-linked, participation whole life insurance policy provided by the Life Insurance Corporation of India (LIC). It offers the policyholder with both life insurance and a monthly income throughout their lives. This plan is intended to provide financial security for both the policyholder and their family. It provides financial security, consistent income, and other advantages to the policyholder and their family.

This article will provide all types of information about the LIC Jeevan Umang Plan 2024 like purpose, Eligibility Criteria, Benefits, Features, important documents, etc. We will also share the process to apply online for this scheme. To get complete information about this scheme, read this article till the end.

LIC Jeevan Umang Plan          

The LIC Jeevan Umang Plan aims to provide financial security and stability to individuals and their families with its wide coverage and appealing advantages. This plan offers yearly benefits to the policyholder’s survivors once the premium payment term ends, and these benefits continue until maturity. If the policyholder passes away unexpectedly during the term, a one-time payment is made to the nominee.

The LIC Jeevan Umang Plan is a whole life insurance policy offered by the Life Insurance Corporation of India (LIC). It covers the insured individual for the rest of their life, providing financial security for their family members in the event of an unanticipated disaster. This plan also provides an excellent option for those seeking long-term financial security.

Highlights of LIC Jeevan Umang Plan 2024

The highlights of this scheme are as follows:- 

Objectives of LIC Jeevan Umang Plan 2024

The LIC Jeevan Umang Plan aims to fulfil multiple objectives for policyholders:-

• Provides financial protection: The plan ensures that the policyholder’s family is financially protected in case of the policyholder’s untimely demise.
• Offers regular income: The policyholder receives annual survival benefits from the end of the premium payment term until maturity, ensuring a steady income stream.

Beneficiary Category 

The LIC Jeevan Umang Plan is available to individuals between the ages of 90 days and 55 years. The policyholder can also include their spouse and children as beneficiaries under the plan.

Application Enrollment Last Dates

The application enrollment for the LIC Jeevan Umang Plan is open throughout the year. Interested individuals can apply for the plan at any LIC branch or through the LIC website.

Selection Procedure 

The selection procedure for the LIC Jeevan Umang Plan involves a simple process:-

• Submission of application: The applicant needs to fill out the application form and submit it along with the required documents.
• Medical examination: Depending on the age and sum assured, the applicant may need to undergo a medical examination.
• Underwriting process: The LIC underwriters assess the applicant’s risk profile based on the provided information and medical reports.
• Policy issuance: Upon successful completion of the underwriting process, the policy is issued to the applicant.

Implementation Procedure 

The implementation procedure for the LIC Jeevan Umang Plan is as follows:-

• Payment of premiums: The policyholder needs to pay the premiums regularly as per the chosen frequency (monthly, quarterly, half-yearly, or yearly).
• Survival benefits: From the end of the premium payment term until maturity, the policyholder receives annual survival benefits.
• Death benefit: In case of the policyholder’s demise during the policy term, the nominee receives the sum assured as a lump sum amount.

Supervision Body 

The LIC Jeevan Umang Plan is supervised by the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI ensures that the plan complies with the necessary regulations and safeguards the interests of policyholders.

Policy Term Options

The policy term options for the Scheme range from 15 years to 35 years. The policyholder can choose the term that best suits their needs and financial goals.

Premium Payment Term Options

The premium payment term options for the Scheme are 15 years, 20 years, 25 years, and 30 years. The policyholder can select the premium payment term that aligns with their financial capabilities.

Minimum Entry Age

The minimum entry age for the Scheme is 90 days. This means that a child as young as 90 days old can be covered under this policy.

Maximum Entry Age

The maximum entry age for the Scheme is 55 years. This means that individuals up to the age of 55 years can apply for this policy and avail of its benefits.

Guaranteed Additions

The scheme offers guaranteed additions to the policyholder’s account. These additions are added to the sum assured every year during the premium payment term and continue until the policyholder reaches the age of 100 years or until the policy matures, whichever is earlier.

Premium Payment Modes

The scheme provides flexible premium payment modes. Policyholders can choose to pay their premiums on an annual, semi-annual, quarterly, or monthly basis, depending on their convenience.

Sum Assured Options

The sum assured options for the Scheme start from a minimum of Rs. 2,00,000. The maximum sum assured depends on the age of the policyholder and the premium payment term chosen.

Grace Period

The scheme offers a grace period of 30 days for premium payment. If the policyholder fails to pay the premium within the due date, they can still make the payment within the grace period without any penalty or loss of benefits.

Premium Waiver Benefit

The scheme provides a premium waiver benefit. In the unfortunate event of the policyholder becoming permanently disabled due to an accident, all future premiums will be waived off, and the policy will continue with all its benefits.

Surrender Value

The Scheme acquires a surrender value after the completion of three years of the policy term. The policyholder can surrender the policy and receive the surrender value, which is a percentage of the premiums paid, depending on the policy’s duration.

Key Guidelines 

The key guidelines are as follows:- 

• Choose the appropriate sum assured based on your financial needs and obligations.
• Understand the premium payment terms and frequency options available.
• Review the policy document carefully to understand the terms and conditions.
• Ensure timely payment of premiums to keep the policy active.
• Consider the tax benefits available under the plan.
• Regularly update your contact details with LIC to receive important communication.
• Review your insurance needs periodically and make necessary adjustments to the policy.
• Seek professional advice if needed to make an informed decision.
• Compare the LIC Jeevan Umang Plan with other insurance options available in the market.
• Read customer reviews and feedback to gain insights into the plan’s performance.

Important Instructions 

Some important instructions issued for applicants are as follows:- 

• Provide accurate and complete information in the application form.
• Keep the policy document in a safe place and share the details with the nominee.
• Inform LIC about any change in personal or contact details.
• Pay the premiums on time to avoid policy lapses.
• Keep track of the policy’s maturity date and survival benefit payouts.
• Notify LIC in case of the policyholder’s demise to initiate the claim process.
• Follow the claim settlement process as guided by LIC.
• Keep all the necessary documents ready while making a claim.
• Read and understand the policy’s terms and conditions thoroughly.
• Seek clarification from LIC in case of any doubts or queries.

Tips & Tricks

Some tips and tricks are as follows:-

• Start early: The earlier you start the policy, the longer the premium payment term and the higher the survival benefits.
• Review your coverage periodically: Assess your financial needs and obligations regularly to ensure that the sum assured is adequate.
• Opt for additional riders: Explore the available riders to enhance the coverage of your policy.
• Utilize the policy’s flexibility: The plan offers various premium payment frequencies and options to suit your financial situation.
• Keep track of survival benefits: Plan your finances considering the annual survival benefits you will receive.
• Consider inflation: Factor in the impact of inflation while choosing the sum assured and premium payment term.
• Stay informed: Keep yourself updated with the latest information and developments regarding the LIC Jeevan Umang Plan.
• Review other insurance options: Compare the LIC Jeevan Umang Plan with other insurance products to make an informed decision.
• Seek professional advice: Consult a financial advisor to understand the plan’s suitability for your specific needs.
• Read customer reviews: Gain insights from existing policyholders to understand their experiences with the plan.

General Points to Remember

Some general points to remember are as follows:-

• Read the policy brochure and terms and conditions carefully before making a decision.
• Assess your financial goals and risk appetite before choosing the sum assured.
• Keep all the necessary documents handy while applying for the policy.
• Ensure regular premium payments to keep the policy active.
• Review your insurance needs periodically and make necessary adjustments to the policy.
• Consider the tax benefits available under the plan.
• Keep LIC updated with any changes in personal or contact details.
• Seek professional advice if needed to make an informed decision.
• Stay informed about the plan’s performance and any updates from LIC.
• Keep the policy document in a safe place and share the details with the nominee.

Benefits of LIC Jeevan Umang Plan 2024

The benefits of this scheme are as follows:-

• Life coverage: The plan offers life coverage for the entire policy term, ensuring financial security for your loved ones in case of your unfortunate demise.
• Maturity benefit: On surviving the policy term, the plan provides a maturity benefit which includes the sum assured along with any bonuses accrued during the policy term.
• Survival benefit: The plan also offers periodic income in the form of survival benefit payouts, starting from the end of the premium paying term until the policy term.
• Death benefit: In the event of the policyholder’s death during the policy term, the plan pays the sum assured along with any bonuses to the nominee as a death benefit.
• Loan facility: Policyholders can avail of a loan against the policy after a certain period, providing them with much-needed liquidity in times of emergency.
• Tax benefits: The premiums paid towards the LIC Jeevan Umang Plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the proceeds received on maturity or death are also tax-exempt under Section 10(10D).
• Bonus accumulation: The plan participates in the profits of the corporation, and the policyholder is eligible to receive bonuses declared by LIC, further enhancing the overall returns.
• Flexible premium payment term: The plan offers flexible premium payment terms ranging from 15 to 35 years, allowing policyholders to choose a payment term that suits their financial capability.
• Limited premium payment term: The premium payment term is limited to a shorter duration than the overall policy term, ensuring that policyholders can enjoy the benefits of the plan without having to pay premiums for the entire policy term.
• Life coverage for a lifetime: The plan provides life coverage until the death of the policyholder, ensuring ongoing financial protection for the family.

Features Of LIC Jeevan Umang Plan 2024

The features of this scheme are as follows:-

• Policy term options: Policyholders can choose a policy term of 15, 20, 25, or 30 years, depending on their financial goals and requirements.
• Premium payment term options: The plan offers premium payment term options of 10, 15, 20, or 25 years, allowing policyholders to choose a term that aligns with their financial capability.
• Minimum entry age: The minimum entry age for the plan is 90 days, ensuring early coverage for individuals.
• Maximum entry age: The maximum entry age for the plan is 55 years, allowing individuals to secure life coverage even at a slightly older age.
• Guaranteed additions: The plan provides guaranteed additions at a rate of Rs. 50 per thousand sum assured for each year during the premium paying term.
• Premium payment modes: Policyholders can choose to pay their premiums annually, half-yearly, quarterly, or monthly, depending on their convenience.
• Sum assured options: The plan offers sum assured options starting from Rs. 2 lakhs, allowing policyholders to choose an amount that suits their financial requirements.
• Grace period: The plan provides a grace period of 30 days for payment of premiums after the due date, ensuring policyholders have sufficient time to make the payment without any penalty.
• Premium waiver benefit: The plan offers a premium waiver benefit rider, which waives off future premiums in case of the policyholder’s death or disability.
• Surrender value: The plan provides a surrender value if the policy is surrendered after a certain period, allowing policyholders to discontinue the plan if needed and receive a payout.

LIC Jeevan Umang Plan Eligibility Criteria 

The applicants will need to follow the below-mentioned points to apply online for this scheme:-

• Minimum entry age: 90 days
• Maximum entry age: 55 years
• Policy term options: 15, 20, 25, or 30 years
• Premium payment term options: 10, 15, 20, or 25 years
• Minimum sum assured: Rs. 2 lakhs
• Premium payment modes: Annual, half-yearly, quarterly, or monthly
• Grace period: 30 days for premium payment
• Surrender value: Available after a certain period
• Premium waiver benefit: Available as an optional rider
• Loan facility: Available after a certain period.

Important Documents 

Some of the important documents required to apply online for this scheme are as follows:-

• Aadhar Card
• Residence Certificate
• Income Certificate 
• Educational Certificates 
• Bank Account Details 
• Latest Passport Size Photos 
• Mobile No
• Email ID 

LIC Jeevan Umang Plan Apply Online 2024

The applicants will need to follow the below-mentioned points to apply online:- 

• Visit the Official Website of LIC (Life Insurance Corporation of India).
• On the homepage, navigate to the “Products” section and click on “LIC Jeevan Umang Plan“.
• Read all the details and benefits of the plan carefully.
• Click on the “Apply Now” button to proceed with the application.
• Fill in the required personal and policy-related details in the application form.
• Double-check all the information entered to ensure accuracy.
• Choose the premium payment mode and frequency that suits your needs.
• Review the terms and conditions of the plan before applying.
• Make the premium payment through the available online payment options.
• Once the payment is successful, you will receive a confirmation message or email.
• Keep a copy of the application form and payment receipt for future reference.