Explore the LIC Jeevan Umang Calculator: Your Pathway to Financial Security

Understanding the LIC Jeevan Umang Calculator: Your Pathway to Financial Security

Are you looking for a guaranteed and reliable plan that not only provides financial security, and insurance protection but also guarantees regular payouts for a lifetime?

Look no further anymore. I hereby bring you a super plan that does all these jobs and that is none other than the LIC Jeevan Umang plan (Also called LIC Plan No. 845).

In this article, we'll discuss more details of this unique insurance policy given by LIC and explore the benefits. Moreover, we'll also look at the LIC Jeevan Umang calculator – a powerful tool that helps you understand the plan better and make informed decisions about your financial future.

Introduction to LIC Jeevan Umang Plan
Key Features and Benefits
Understanding the Premium Payment Structure
How the Jeevan Umang Calculator Works
Steps to Calculate Premium and Benefits
Flexibility and Customization Options
Factors to Consider Before Opting for Jeevan Umang
Comparing Jeevan Umang with Other LIC Plans
Who Should Consider Jeevan Umang?
How to Apply for Jeevan Umang Policy
Case Study: Mr. XYZ's Financial Security with Jeevan Umang
Common Misconceptions
Jeevan Umang FAQ
Conclusion

Introduction to LIC Jeevan Umang Plan

LIC Jeevan Umang is a whole life insurance plan offered by the Life Insurance Corporation of India (LIC). This is normally for everyone, but it is mostly for those individuals who seek comprehensive financial protection that provides policyholders with both life cover and a source of regular income, making it an attractive option for long-term financial planning.

Key Features and Benefits

LIC Jeevan Umang Policy offers a lot of benefits that ensure you and your loved ones are taken care of:

Guaranteed Returns and Income

With Jeevan Umang, you enjoy the dual advantage of life insurance and guaranteed returns from LIC. The policy offers survival benefits in the form of annual payouts after the premium payment term ends, ensuring a steady income stream throughout your life.

Financial Security for Your Family

In the unfortunate event of your demise, the plan provides a death benefit to your family, safeguarding their financial well-being even in your absence. I also strongly believe that you would never think that your loved ones should not face a financial crisis even in your absence. If you are a young person between 25 years to 35 years, you should definitely take this policy for financial stability.

Maturity Benefit

Upon surviving to the end of the premium paying term, you will get a survival benefit equal to 8% of the Basic Sum Assured which shall be payable each year. And if you survive till the maturity of the policy term, you receive a lump-sum maturity benefit. This is “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. You can use this plan to fulfill your long-term goals, such as retirement planning or your child's education, etc.

Understanding the Premium Payment Structure

The premium for LIC Jeevan Umang is designed to be affordable and flexible, giving you the freedom to choose the premium payment term based on your financial capabilities.

To calculate the premium or benefits of the LIC Jeevan Umang plan, you would typically need to consider factors such as the policyholder's age, sum assured, policy term, and premium payment term.

How the Jeevan Umang Calculator Works

The Jeevan Umang calculator is a user-friendly tool provided by LIC to assist potential policyholders in understanding the plan better.

Before using the calculator, you need to fill in your personal details and then use the calculator. I would say you can enter any random details first to play with the calculator. This online calculator takes your inputs, such as age, desired sum assured, and premium payment term, to provide you with an estimate of the premium amount and the benefits you can expect.

Steps to Calculate Premium and Benefits

Visit the LIC Official Website: Access the Jeevan Umang calculator on LIC's official website.

Enter Your Details: Input your age, name, gender, etc as personal details first.

Next, after clicking on "Next", click on "Quick Quote".

After that, select Jeevan Umang plan under "Whole Life" and click on the check box and click on "Coverage".

Next, enter your desired sum assured, policy term into the calculator.

Receive Instant Estimates: The calculator will generate instant estimates of the premium amount you would need to pay and the benefits you would receive after clicking on "Quote" and it will show the basic premium amount as per premium payment frequency in 4 tabs.

Adjust Inputs: You can tweak the inputs to explore different scenarios and find the premium and benefits combination that best suits your needs.

Flexibility and Customization Options

One of the standout features of Jeevan Umang is its flexibility. You can customize the policy according to your choice, such as choosing the premium payment term, Sum Assured, or annual pension amount you wish.

Factors to Consider Before Opting for Jeevan Umang

It's important to consider various other factors such as your financial goals, income stability, current expenses, and long-term plans before making a decision even though LIC Jeevan Umang offers a lot of benefits or even planning for buying any plan. I recommend you to consult with a financial advisor or you can even contact me so that we can go over the requirement and I can help you make an informed decision.

Comparing Jeevan Umang with Other LIC Plans

It's important to compare it with other insurance plans offered by LIC to truly understand the value of Jeevan Umang policy. Each plan has its unique features, benefits, clauses, and when you do a thorough comparison that ensures you choose the plan that aligns best with your requirements. You can also contact me for knowing other plans or you can go through other plans on this blog website.

Who Should Consider Jeevan Umang?

Jeevan Umang is suitable for individuals who seek regular income after retirement, or regular income by planning early retirement, lifelong financial stability, and a comprehensive life cover. If you're looking for a plan that combines guaranteed returns with insurance protection, Jeevan Umang might be the perfect fit for you.

How to Apply for Jeevan Umang Policy

Applying for Jeevan Umang is a straightforward process. You can reach out to me or other LIC agents for assistance. They will surely help you in making the choice.

Case Study: Mr. XYZ's Financial Security with Jeevan Umang Plan

Consider the case of Mr. XYZ, a 30-year-old IT professional. He got married and thought of planning a secure life for his newly wedded wife. So he opted for the Jeevan Umang plan by thinking he would need at least 50 thousand rupees per month (6 lakhs per annum) to survive after 20 years and if that will come for a lifetime, then he or his family can be financially free. So he selected the policy premium paying term of 20 years.

So, for this, he would be paying ₹413891 rupees in the first year inclusive of 4.5% GST and ₹404980 rupees every year inclusive of 2.25% of GST from the 2nd year till the 20th year.

After the premium payment term of 20 years from the age of 50 years till 100 (or till survives), he will start receiving an annual pension of ₹6,00,000. This additional income ensured his family's financial stability and supported his future plans. This also makes the Sum Assured 75 lakhs rupees.

If we consider at the time of maturity (At age 100), if you survive, you will receive ₹61425000 rupees (6.14 crores), which includes your sum assured of 75 lakhs, Bonus as ₹27300000 (2.73 crores) and Final Addition Bonus (FAB) as ₹26625000 (2.66 Crores). But, just remember you only would have paid a total of ₹8108511 rupees (81 lakhs) in the paying term of 20 years.

You can download the same sample illustration from here: Click Me

The exact premium amount can be a little different based on the date of birth.

Common Misconceptions

There might be some misconceptions surrounding the Jeevan Umang plan. It's important to address these misconceptions and provide clarity to potential policyholders. Please contact me and ask your questions, or concerns so that I can help you in answering those.

Jeevan Umang FAQ

Is the premium amount fixed for the entire policy term?

No, the premium amount varies based on factors like age, sum assured, and policy term. But yes, the premium amount remains fixed once you opt for the policy. It slightly changes based on the GST/taxes applied by govt. of India during that premium paying year.

Can I surrender the policy before the maturity term?

Yes, you can surrender the policy after 3 years of consecutive premium payments, but it's advisable to continue for the long-term benefits.

What happens if I miss a premium payment?

You will have a grace period to make the payment. You will get a grace period of one month for payment in yearly or half-yearly or quarterly mode and 15 days for monthly mode of premium payment. Failing to do so within the grace period will lead to policy lapse and you can revive the policy within a period of 2 consecutive years from the date of the first unpaid premium by paying all the arrears of premium together with interest.

Are the payouts from Jeevan Umang taxable?

The payouts are generally tax-free under Section 10(10D) of the Income Tax Act, subject to conditions.

Can I take a loan against my Jeevan Umang policy?

Yes, you can avail of a loan against the policy's surrender value, offering financial flexibility.

Conclusion

In a world of uncertainties, securing your financial future becomes paramount. The LIC Jeevan Umang plan stands as a beacon of stability, offering a lifelong income source and comprehensive life cover. The Jeevan Umang calculator simplifies the process, empowering you to make an informed decision aligned with your financial goals. So, take the first step towards a secure future and explore the world of Jeevan Umang today.

Happy Investing !!! 🙏🙏🙏

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Explore the LIC Jeevan Umang Calculator: Your Pathway to Financial Security

Understanding the LIC Jeevan Umang Calculator: Your Pathway to Financial Security

Table of Contents

Introduction to LIC Jeevan Umang Plan