LIC Jeevan Umang Policy: Invest Rs 1302 per month, get returns up to Rs 28 lakh

The Life Insurance Corporation of India (LIC) regularly introduces new insurance products in response to customer demand. Jeevan Umang is a whole-life insurance plan offered by LIC.

It gives the insured and those who rely on him or her financial security and income protection. Annual survival benefits after the end of the premium-paying term until maturity, as well as a lump sum payment, are among the various benefits it guarantees.

The lowest age to purchase this coverage is 90 days, with a maximum age of 55 years depending on the plan. As a result, parents choose this policy for their newborn since it offers higher returns as they grow older

There is no upper limit on the minimum sum assured, which is Rs 2 lakh.

Jeevan Umang has four premium terms: 15 years, 20 years, 25 years, and 30 years. As a result, the policy's minimum and maximum ages are likewise determined by the policy's duration.

Because the premium-paying period stops at 70 years, if a person wants to Jeevan Umang for 30 years, he or she must be at least 40 years old. A person taking the 15-year term should not be older than 55 years old.-While LIC has set the maximum age at 70 when the premium-paying period expires, the minimum age is 30 years. If parents are purchasing insurance for their newborn child, they should choose a 30-year plan.The maturity date has been set at 100 years by the government insurance firm. According to the Jeevan Umang plan, LIC will pay 8% of the sum insured each year after the premium payment term has ended until the maturity date