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LIC Jeevan Umang is a whole-life insurance plan that provides income + protection + lump-sum maturity benefit.
It offers annual survival benefits after the premium payment term and a lump sum at maturity or on death during the policy term.
In short, it’s a lifetime income plan with life cover — a mix of insurance and long-term savings.
| Feature | Details |
|---|---|
| Plan Type | Non-linked, Participating, Whole Life Assurance |
| Policy Term | Up to age 100 years |
| Premium Paying Term (PPT) | 15, 20, 25, or 30 years |
| Minimum Age at Entry | 90 days |
| Maximum Age at Entry | 55 years (depending on PPT) |
| Maximum Maturity Age | 100 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No Limit (multiples of ₹25,000) |
| Modes of Premium | Yearly, Half-yearly, Quarterly, Monthly |
| Loan Facility | Available after 2 years of full premium payment |
| Participation | Eligible for bonuses declared by LIC |
Let’s assume:
You pay premiums regularly for 20 years.
From the end of 20th year, LIC starts paying you:
👉 8% of ₹10,00,000 = ₹80,000 every year
You receive this ₹80,000 every year till age 100, or till death (whichever is earlier).
You get:
✅ Sum Assured (₹10,00,000)
+
✅ Simple Reversionary Bonus (declared every year by LIC)
+
✅ Final Additional Bonus (if any)
That’s your Maturity Benefit.
Your nominee gets:
| Type | Description |
|---|---|
| Death Benefit | Before age 100, nominee gets Sum Assured on Death + Bonuses. |
| Survival Benefit | 8% of Sum Assured every year after PPT till age 100 or death. |
| Maturity Benefit | Sum Assured + Bonuses on survival till 100 years. |
| Loan Facility | Loan available after 2 years of full premium payment. |
| Tax Benefits | Premiums eligible under Sec 80C; benefits under Sec 10(10D). |
✅ Regular yearly income after premium payment term
✅ Lifetime protection till age 100
✅ Lump sum maturity with bonuses
✅ Family security even after death
✅ Participating plan (eligible for LIC’s bonuses)
✅ Option to take survival benefit as yearly payout or accumulate it
You pay for 20 years, then every year LIC pays you 8% of your Sum Assured as income.
If you live till 100, you get a big lump sum (Sum Assured + Bonuses).
If you pass away anytime, your family gets full death benefits — you never lose.
| Category | LIC Jeevan Umang Offers |
|---|---|
| Type | Life + Income + Savings |
| Income | 8% every year after PPT |
| Coverage | Lifetime till 100 years |
| Best For | Retirement planning, pension-like income, and lifelong cover |
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