17,000 new credit cards issued by ICICI linked to wrong users

The policy can be surrendered at any time provided premium has been paid for three full years.

If you want lifelong coverage, whole life insurance might be worthy investment for you. LIC’s Jeevan Umang is a long-term endowment policy that covers one up to 100 years of age and offers a combination of income and protection. It is the only whole life insurance plan of LIC.

Under Jeevan Umang plan, Life Insurance Corporation of India (LIC) offers an assured 8% annual return.

Features

LIC’s Jeevan Umang plan offers a combination of income and protection. It is a non-linked, with-profit, whole life assurance plan. Take a look at the main features.

Minimum age at entry: 90 days

Maximum age at entry: 55 years

Minimum basic sum assured: Rs 2,00,000

Maximum basic sum assured: No limit

Premium paying term: 15, 20, 25 and 30 years

Policy Term: (100 – age at entry) years

Minimum age at the end of premium-paying term: 30 years

Maximum age at the end of premium-paying term: 70 years

Age at maturity: 100 years

Surrender

The policy can be surrendered at any time provided premium has been paid for three full years. On surrender of the policy, the policyholder will get the surrender value equal to higher of guaranteed surrender value and special surrender value.

Loan

A loan can be taken under the policy. If loan is taken during the premium-paying term, the maximum loan shall be up to 90% of surrender value.

Maturity benefit

By the time the policy is ready for payment, the policyholder would receive:

Basic sum assured

Simple reversionary bonus

Final addition bonus if declared

Death benefit

In the case of death of the policyholder during the policy term, the nominee will receive all of the following:

On death during the first five policy years, sum assured on death shall be payable.

On death after completion of five policy years but before the date of maturity, sum assured on death and loyalty addition shall be payable.

Survival benefit

The USP of the plan is that guaranteed survival benefit. On the life assured surviving to the end of the premium-paying term, provided all due premiums have been paid, a survival benefit equal to 8% of basic sum assured shall be payable each year.

The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the life assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.