How to Buy LIC Jeevan Umang Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC Jeevan Umang Plan
There are various benefits to buying the LIC Jeevan Umang Plan. Let’s understand each of them in detail:
Death Benefit
On death during the first five policy years: Benefit is payable in case of death of an insured person before the maturity time. Before the date of commencement of risk: Refund of premium(s) paid without interest will be payable.
Maturity Benefits
In the case where the insured survives till the end of the policy period, provided all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition, will be payable.
Participation in Profits
In case where the insured has completed five years and paid all premiums, then depending upon the Corporation's experience, the policies under this plan will be liable for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity.
Additional Rider Options
You can avail of additional riders with your term plan as per your requirement.
Key Features of LIC Jeevan Umang Plan
Grace Period
A grace period of 30 days is allowed for yearly, half-yearly, or quarterly premium payments, and 15 days for monthly premiums, from the date of the first unpaid premium.
Loan Facility
You can avail of a loan against your LIC Jeevan Umang Plan for a certain period at the prevailing interest rate.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC Jeevan Umang Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC Jeevan Umang Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Umang Plan'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
- If the life insured dies by suicide within 12 months of reviving the policy, Max Life will pay the higher of 80% of the premiums paid (excluding applicable charges) or the policy's surrender value. No other death benefit will be payable under the policy.
Documents Required to Buy LIC Jeevan Umang Plan
Here is the list of documents required to buy the LIC Jeevan Umang Plan:
- Photo ID Proof
- Age Proof
- Address Proof
- Medical Records
- Income Proof
Detailed Document Requirements
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical Records (if requested).
- Income Proof: Bank statement, last three months' salary slips (for salaried individuals).
Plan At a Glance
| What’s Good Here |
What’s Missing |
| Death Benefits |
Premium Offset |
| Maturity Benefits |
High sum assured rebate |
| Survival Addition |
Auto cover continuance |
| Profit Participation |
Top-up premium |
In a Nutshell
If you are looking for an endowment plan that provides death benefits to your family in case of your uncertain demise along with maturity benefits, you should buy the LIC Jeevan Umang Plan. If you are still unsure whether this plan is right for you, please contact us at PolicyX.com.
For more information about this plan, visit PolicyX.com or call us at 1800-420-0269. Our insurance experts will understand your unique needs and suggest the best possible solution.
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