The LIC Jeevan Umang Plan offers host of benefits as mentioned below:
Death benefit: In case of death of life insured before the risk commencement date, LIC will return all the premiums paid without interest to the nominee. However, in case the policyholder suffers a death after the risk commencement date, LIC will offer the sum assured to the nominee. This will also include simple reversionary bonus as well as final additional bonus if any.
Maturity benefit: In case of maturity of the policy, if all the premiums have been paid regularly, the insurance company pays the sum assured with addition to the simple reversionary bonus as well as final additional bonus if any.
Survival benefits: In case the insured survives the policy payment term, then 8% of the sum assured is paid every year as a guaranteed survival benefit. This benefit is paid till the maturity of the plan or the death of the insured, whichever is earlier.
Rebates: LIC Jeevan Umang offers two types of rebates. The first rebate is the premium payment mode rebate and the other is high basic sum assured rebate.For the premium payment mode, 2% on yearly and 1% on half yearly rebate is paid.For the high basic sum assured mode, 2% rebate is paid on basic sum assured of Rs.25 lakh and above. 1.75% rebate on the basic sum assured is paid on Rs.10 lakh to Rs.24.75 lakh. 1.25% rebate on the basic sum assured is paid on Rs.5 lakh to Rs.9.75 lakh.
Loans: LIC Jeevan Umang offers a loan facility up to 90% of the surrender value once you complete 3 years of the policy period and if the premiums were paid regularly. The policy also should have acquired a surrender value to be eligible for a loan facility.
