New Delhi: The Life Insurance Corporation of India has launched LIC Jeevan Umang, a whole life insurance plan. The LIC Jeevan Umang is a policy that provides financial stability and protection to the income of the policyholder and people who are dependent on the individual.Also Read - HDFC Life to Acquire Exide Life Insurance For Rs 6,687 Crore

Age Requirements for LIC Jeevan Umang Policy Also Read - LIC IPO: Important Update On Life Insurance Corporation of India Initial Public Offering

The minimum safe requires to take LIC Jeevan Umang policy is 90 days, which equals 3 months. The maximum age required to take LIC Jeevan Umang policy is 55 years. The age limit can also vary depending upon the plan. Mostly, parents of newborn babies take up this policy, as it offers better returns while the infants are growing. The minimum sum of Rs assured is Rs 2 lakh with no upward limit. Also Read - LIC Office Timings Changed! Check New Life Insurance Corporation of India Working Hours, Key Date

LIC Jeevan Umang premium terms

A total of four premium terms are there for Jeevan Umang. They are 15 years, 20 years, 25 years, and 30 years. The age also depends upon the policy term. If a person takes the Jeevan Umang policy for a term of 30 years, then the person should at least be a minimum of 40 years old, as the premium terms will end at 70 years of age. Similarly, a person who wishes to have Jeevan Umang policy for a term of 15 years, must be below 55 years of age.

Meanwhile, LIC has set the maximum age of 70 when the LIC Jeevan Umang premium terms end. Similarly, the minimum age is 30 years. Note, if parents of newborn babies are planning for LIC Jeevan Umang, then it is advisable to take 30 years plan.

Maturity and benefits under the LIC Jeevan Umang policy 

The LIC has set a maturity date at 100 years. As per the Jeevan Umang Policy, the LIC will pay 8 per cent of the sum insured money annually. It will pay after the premium term ends until the time of maturity.

This means that if a person aged 70, has his premium term ends then he will be entitled to receive yearly survival benefits till he turns 100 years of age. But due to any reason, the policyholder dies before the age of 100, then his nominee will receive the money. Jeevan Umang is a non-linked insurance policy.