In order to buy some certainty in this uncertain life, insurance is a subject matter of solicitation. Non-Resident Indians or NRIs who spend their lives abroad to ensure a bright future for their kids sometimes fail to realize what they had planned for because of the growing cost of living. Therefore, it is advisable to invest in the most suitable life insurance scheme and keep investing on the go so that their saving would also grow along with their age and gets matured when they really need it. LIC's Jeevan Umang Plan is an ideal investment plan .
Jeevan Umang Insurance policy offers two-way advantages to its buyers. One is better to return on their investment and other is whole life protection. This endowment plan of LIC offers to ensure a regular income to the buyer till the age of 100 years. This payout starts immediately after completion of the premium payment term (PPT. It comes with four PPT options eg. 15, 20, 25 and 30 years. This inflow of payment would discontinue only in three conditions – once the policy buyer becomes 100 years old or in case of death of the buyer or the buyer decides to surrender value the policy and take the maturity amount. This policy is not linked with the market hence is free from any risk that the market might undergo ever.
Survival Benefits: Policy holder is eligible to avail of survival benefits up to the age of hundred years after completion of the premium payment period. The same will terminate on his death or his/her age of 100 years; whatever is earlier. The benefits include an annual return at the rate of 8% on the sum assured amount.
Survival Benefits: Policy holder is eligible to avail of survival benefits up to the age of hundred years after completion of the premium payment period. The same will terminate on his death or his/her age of 100 years; whatever is earlier. The benefits include an annual return at the rate of 8% on the sum assured amount.Survival Benefits: Policy holder is eligible to avail of survival benefits up to the age of hundred years after completion of the premium payment period. The same will terminate on his death or his/her age of 100 years; whatever is earlier. The benefits include an annual return at the rate of 8% on the sum assured amount.
Maturity Benefits: The policy holder, on the maturity of the policy, is eligible to receive a lump-sum amount comprising of amount assured + Simple Reversionary Bonus + any other benefit.
Death Benefit: In case of death of policy holder before the maturity of the policy, his/her nominee is eligible to receive the value of the policy + Simple Reversionary Bonuses + any other benefit.
Income Tax Benefits: The policy holder can avail of deduction under Section 80C of the Income Tax Act 1961. Also, any benefit availed on the death of the policy holder is also exempted under Section 10(10D) of Income Tax. NRIs are also eligible to avail tax exemption under Section 10(10D).
Accidental Death: Death benefits are provided even in case of accidental death of the policy holder.
Premium Waiver: Another great advantage of LIC Jeevan Umang Plan for NRIs is a premium waiver in case of death of the proposer. This rider is available only to children. If Jeevan Umang is bought for a child, and father or mother is a proposer and during the term of policy if something happens to the proposer, all the future premiums are waived and child get the benefits as planned by his proposer.
Other Riders: Plan also offers accidental disability and the company even offers New Term Assurance Rider, Critical Illness Benefit Rider at an extra cost.
Surrender Value: LIC pays the surrender value of the policy if a minimum of 3 annual premiums has been paid by the holder.
Loan: Policy holder can avail of a loan on the policy if she/he has paid at least 3 annual premiums of the policy.