What are the Benefits of Jeevan Umang policy?

Jeevan Umang Policy Q & A

Q) When was launched the Jeevan Umang policy?
A) 20th April 2017

Q) Is Jeevan Umang policy a good one?
A) Yes, Absolutely the best policy. It offers coverage for the entire life i.e. for 100 years.

Q) Is Jeevan Umang policy tax-free?
A) Yes it’s tax-free Incom tax act 1961 under section 80C and Section 10(10)

Q) Is there any Bonus for the Jeevan Umang policy?
A) Yes

Q) Is there a term rider option on Jeevan Umang policy?
A) Yes

Q) Is there ADDB benefit on Jeevan Umang policy?
A) Yes there is accidental death disability benefit ADDB

Q) How much do I get the survival benefit from Jeevan Umang policy?
A) Jeevan Umang policy survival benefit is equal to 8% of basic sum assured shall be payable each year.

Q) What is the minimum basic sum assured for Jeevan Umang policy?
A) 2,00,000 two lakhs

Q) What is the premium paying term for Jeevan Umang policy?
A) There are 4 terms 15 Years, 20 Years, 25 Years and 30 Years

Q) Is Jeevan Umang policy lifetime policy?
A) Yes, it is lifetime policy 100 years

Q) What is the minimum age entry for Jeevan Umang policy?
A) 90 Days (completed)

Q) What is the maximum age for Jeevan Umang policy?
A) 55 Years (completed)

Q) Is there any Rebate for Jeevan Umang policy?
A) Yes there is a rebate for Jeevan umang policy from 5lkh basic sum assured

Q) Can I change nominee’s name in Jeevan Umang policy?
A) Yes you can change.

Q) Can I get the loan on Jeevan Umang policy?
A) Yes you can get the Loan.

Q) Which is better Jeevan Shanti or Jeevan Umang?
A) Both are good plans in LIC. As your personal needs and goals, you can select any one of those.

Q) Can I surrender Jeevan Umang policy?
A) Yes, you can surrender. As per the paid duration, your surrender value will be calculated

Q) Still exists Jeevan Umang policy?
A) Yes it is available

Q) Is there a death benefit tax-free on Jeevan Umang policy?
A) Yes, it’s tax-free

Q) Is there maturity benefit tax-free on Jeevan Umang policy?
A) Yes, it’s tax-free

Q) What are the rider benefits in the Jeevan Umag policy?
A) ADDB, AB, New Term Assurance Rider, New Critical Illness benefit riders

Q) Is there a policy revival in Jeevan Umang policy?
A) Yes, within 2 consecutive years from the date of 1st unpaid premium but before the date of maturity.

Q) Is there a free look period in Jeevan Umang policy?
A) Yes, within 15 days

Q) Can I take the Jeevan Umang policy at age of 50 years?
A) Yes, Please check with below

Age 55 for 15 years PPT
Age 50 for 20 years PPT
Age 45 for 25 years PPT
Age 40 for 30 years PPT

Q) Is there NACH mode in Jeevan Umang policy?
A) Yes

Q) Still exists Jeevan Umang policy?
A) Yes it is available

Q) What is the maximum sum assured limit for the Jeevan Umang policy?
A) No Limit

Q) What is the premium paying modes in Jeevan Umang policy?
A) Yearly, Half-yearly, Quarterly and Monthly (SSS and NACH only)

Q) What are the required documents for Jeevan Umang policy?
A) Proposal form, Age proof, Address proof, Medical history, Income proof, Icom tax proof (if you are a taxpayer)

Q) Still exists Jeevan Umang policy?
A) Yes it is available