The LIC Jeevan Umang Premium calculator enables policyholders or policy seekers to estimate the premiums for their LIC Jeevan Umang Plan. This user-friendly tool, provided by the Life Insurance Corporation of India (LIC), allows you to calculate the approximate premium amount. It empowers you to make well-informed decisions about your insurance investment.
What is the LIC Jeevan Umang Premium Calculator?
The LIC Jeevan Umang premium calculator is an easy-to-use online tool. It helps to estimate the amount of premium against desired coverage. This calculator allows policyholders to explore various options and choose the most suitable coverage at affordable premium rates. Moreover, the LIC Jeevan Umang calculator determines the maturity value and the death benefit amount you and your family will receive on the respective occasions.
Benefits of Using LIC Jeevan Umang Premium Calculator
LIC Jeevan Umang calculator is a handy tool that offers various benefits to users. The advantages of the calculator are listed below:
- The LIC Jeevan Umang premium calculator considers essential details such as the basic sum assured, policy term, premium paying term, age, gender, and smoking status to calculate the premium correctly.
- It offers various Premium amounts for different payment modes, which enables you to select the most suitable and affordable option.
- The LIC Jeevan Umang calculator provides instant results based on the inputs you enter.
- Using the calculator eliminates the involvement of third parties. It reduces the chances of miscommunication and ensures transparency in the premium calculation process.
How is LIC Jeevan Umang Policy Premium Calculated?
You can determine the premium for the LIC Jeevan Umang policy by considering several key factors. These factors play a significant role in the premium calculation process:
- Age of the Policyholder: The age at which you initiate the policy is an essential factor. Generally, younger people pay lower premiums compared to older individuals.
- Sum Assured: The amount of life insurance coverage that you choose directly influences the premium. If you choose A higher sum assured, you need to pay a higher premium.
- Policy Term: The duration you want the policy to remain active also impacts the premium. When you choose the longer term, you need to pay a high premium.
- Premium Payment Term: LIC Jeevan Umang Policy offers various options for premium payment terms, such as 15, 20, 25, and 30 years.
- Premium Payment Frequency: The frequency at which you opt to pay the premiums, whether monthly, quarterly, half-yearly, or yearly, can affect the premium. Generally, annual premiums are lower than more frequent payment options.
- Gender: The gender of the policyholder may also play a role in the premium calculation, as specific factors related to life expectancy may be considered.
Once you enter these essential details, the lic jeevan Umang calculator generates an accurate premium according to your specific requirements. This allows you to make an intelligent decision and choose the policy that fulfills your needs and fits your budget.
Example of Maturity Benefit of LIC Jeevan Umang Plan
With the help of the Jeevan Umang premium calculator, you can gain a comprehensive understanding of the maturity benefits of the LIC Jeevan Umang Plan. It includes survival, maturity, and death benefits according to the premium and basic sum assured.
- Policy Term: The policy term is calculated as (100 minus the entry age), which in this case is 98 years.
- Premium Paying Term: The premium paying term is fixed at 30 years.
By utilizing the Jeevan Umang premium calculator, the following benefits will be provided to your child:
- Guaranteed Survival Benefit: Your child will receive 8% of the basic sum assured every year from the end of the premium-paying term until the policyholder survives or reaches maturity. For instance, if the sum assured is Rs. 1 Crore, your child will receive Rs. 8 lakhs annually from the age of 32 onwards.
- Maturity Benefit: At the end of the policy term, which is 98 years, your child will receive the basic sum assured amount, which in this case is Rs. 1 Crore.
- Bonus: As LIC Jeevan Umang is a participating policy, LIC will add bonuses to the final maturity amount.
Thus, the ultimate maturity amount will equal Rs. 1 Crore plus the accrued bonuses, providing a comprehensive and rewarding financial benefit for your child’s future.
How to Use LIC Jeevan Umang Premium Calculator?
To calculate the premium and maturity value of your plan using the LIC Jeevan Umang calculator, follow these simple steps:
- Visit the official website of LIC.
- Provide your name and contact number, then click “View Plans.”
- Enter your current age and the city where you live.
- Select your investment amount and desired policy duration.
- After customizing, review the plan details by clicking on “Get Details.”
- The result of the Jeevan Umang premium calculator will give you insights into the premium amount, maturity amount, and death benefit amount.
By following these steps and using the LIC Jeevan Umang Premium Calculator, you can quickly evaluate and plan your insurance investment to suit your financial goals and protect your family’s future.
Additional LIC Jeevan Umang Policy Details
Here are the additional details about the LIC Jeevan Umang plan:
1. Optional Rider Benefit
The LIC Jeevan Umang policy offers 5 optional riders. These riders provide supplementary coverage up to the rider sum assured. You can enter the chosen rider in the LIC Jeevan Umang premium calculator and observe the impact on their premium. The available rider benefits are as follows:
- Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s New Term Assurance Rider
- LIC’s New Critical Illness Benefit Rider
- LIC’s Premium Waiver Benefit Rider
2. Premium Rebates
Policyholders can avail of premium rebates by selecting the yearly or half-yearly premium payment modes. Moreover, additional rebates are applicable for choosing a sum assured of more than Rs. 5 Lakhs. The percentage of rebate increases as the coverage amount rises, providing cost-saving benefits for policyholders. You can determine this using the Jeevan Umang premium calculator.
The LIC Jeevan Umang premium calculator is a user-friendly online tool that estimates the premium amount against coverage under the LIC Jeevan Umang policy. This convenient and complimentary calculator is useful multiple times, offering policyholders a quick and reliable way to obtain an approximate premium amount.
LIC Jeevan Umang Premium Calculator – FAQs
What is the interest rate of Jeevan Umang?
Ans. The estimated gross return for Jeevan Umang is set at 8%. At the end of the policy term, the Internal Rate of Return (IRR) for LIC Jeevan Umang is 6.25%, and the survival benefit amounts to Rs. 5,03,15,000. The rate of interest can be calculated using the Jeevan Umang premium calculator.
Is LIC Jeevan Umang Policy 8% guaranteed?
Ans. Yes, if the policyholder survives to the end of the premium paying term and pays all the premium on time, a survival benefit equal to 8% of the Basic Sum Assured is payable yearly.
What is the LIC 5000 per month policy?
Ans. LIC Jeevan Umang policy allows you to invest Rs. 5,000 monthly and receive Rs. 10,00,000 at maturity. It offers financial security and protection for your family while you are away.
Is Jeevan Umang a good or bad policy?
Ans. Jeevan Umang is a good policy as it provides coverage until the age of 100 and offers annual survival benefits after the completion of the premium payment tenure.
Is income from Jeevan Umang taxable?
Ans. The premium amount is tax-exempt under income tax under Section 80C. The maturity amount you receive is also tax-exempt under section 10(10D).