LIC Jeevan Umang Plan Calculator: How to Use It

✅Maximise your savings with the LIC Jeevan Umang Plan Calculator! Learn step-by-step to estimate premiums and benefits effortlessly.

The LIC Jeevan Umang Plan Calculator is a useful tool for policyholders to estimate the benefits and premiums associated with the LIC Jeevan Umang policy. This calculator helps individuals make informed decisions by providing a clear understanding of the potential returns and costs involved in the plan.

In this article, we will guide you on how to use the LIC Jeevan Umang Plan Calculator effectively. By following these steps, you can easily calculate your premiums, survival benefits, and maturity benefits. This will enable you to plan your financial future with greater confidence.

Steps to Use the LIC Jeevan Umang Plan Calculator

Using the LIC Jeevan Umang Plan Calculator is a straightforward process. Here are the steps you need to follow:

1. Visit the LIC Website: Go to the official LIC website where the Jeevan Umang Plan Calculator is available.
2. Enter Personal Details: Provide your age, gender, and smoking habits. These details are essential as they influence the premium amount.
3. Select Policy Term: Choose the desired policy term. The policy term for LIC Jeevan Umang ranges from 15 to 25 years.
4. Enter Sum Assured: Input the sum assured amount. This is the basic amount of insurance coverage you wish to have.
5. Review Premium Details: The calculator will display the premium amount you need to pay regularly. Ensure all details are correct.
6. Calculate Benefits: Hit the calculate button to see the survival benefits, maturity benefits, and death benefits based on your inputs.

Example Calculation

Let’s take an example to understand how the LIC Jeevan Umang Plan Calculator works:

• Age: 30 years
• Gender: Male
• Policy Term: 20 years
• Sum Assured: ₹5,00,000

Based on these inputs, the calculator will provide the following details:

Tips for Using the Calculator

Here are some tips to get the most out of the LIC Jeevan Umang Plan Calculator:

• Double-check your inputs: Ensure that all personal details and policy terms are entered correctly.
• Consider different scenarios: Use the calculator to evaluate different policy terms and sum assured amounts to find the best plan for you.
• Understand the benefits: Familiarize yourself with the survival, maturity, and death benefits to make an informed decision.

Importance of the LIC Jeevan Umang Plan Calculator

The LIC Jeevan Umang Plan Calculator is crucial for prospective policyholders as it provides:

• Transparency: It offers a clear picture of the premiums and benefits, eliminating any ambiguity.
• Financial Planning: It aids in planning your finances by estimating the returns and coverage you will receive.
• Informed Decision-Making: With precise calculations, you can choose a plan that best suits your financial goals and needs.

Step-by-Step Guide to Using the LIC Jeevan Umang Plan Calculator

Let’s dive into a step-by-step guide on how to effectively use the LIC Jeevan Umang Plan Calculator to plan your financial future with ease:

1. Visit the LIC Website

Firstly, navigate to the official LIC website where you can find the LIC Jeevan Umang Plan Calculator tool. Look for the section related to insurance plans or calculators for easy access.

2. Enter Your Details

Once you’ve located the calculator, start by entering your personal information such as age, income, desired sum assured, and policy term. These details are crucial for the calculator to generate accurate results tailored to your needs.

3. Select Additional Riders (If Required)

Depending on your preferences, you can choose to add riders to your policy for enhanced coverage. Riders provide extra protection for specific scenarios like critical illness, accidental death, or disability. The calculator allows you to include these riders in your calculation.

4. Review the Results

After inputting all the necessary information, the calculator will generate a detailed financial projection based on the data provided. This projection will include premiums, benefits, maturity amount, and other relevant details of the LIC Jeevan Umang Plan.

5. Adjust Your Plan

If you’re not satisfied with the initial results, you can tweak the inputs to see how different scenarios affect your policy. This feature is beneficial for financial planning, as it allows you to explore various options until you find a plan that aligns with your goals.

By following this guide, you can make informed decisions regarding your insurance needs and secure a stable financial future for yourself and your loved ones.

Understanding the Benefits and Features of the LIC Jeevan Umang Plan

Let’s dive into the benefits and features of the LIC Jeevan Umang Plan to understand why it is a popular choice among individuals looking for a reliable insurance option.

Key Features of LIC Jeevan Umang Plan:

• Guaranteed Returns: One of the standout features of this plan is the assurance of guaranteed returns, providing financial security to the policyholder and their family.
• Income Protection: The plan offers a regular income stream post-retirement, ensuring a steady income flow even after you stop working.
• Life Cover: In addition to providing financial stability, the plan also offers a life cover to secure the future of your loved ones.
• Long-term Savings: With a long-term perspective, this plan helps in building a substantial corpus over the policy term.

Benefits of LIC Jeevan Umang Plan:

• Survival Benefits: Policyholders are entitled to receive a percentage of the sum assured at regular intervals during the policy term, offering liquidity when needed.
• Death Benefits: In the unfortunate event of the policyholder’s demise, the plan provides a lump sum amount to the nominee, ensuring financial stability for the family.
• Loan Facility: The plan allows for loans against the policy, offering financial assistance during emergencies or unforeseen circumstances.
• Tax Benefits: Policyholders can avail tax benefits on the premiums paid and the benefits received, making it a tax-efficient investment option.

By leveraging the LIC Jeevan Umang Plan, individuals can secure their financial future while enjoying a host of benefits that cater to their insurance and investment needs.

Frequently Asked Questions

How can I calculate the premium for LIC Jeevan Umang Plan?

You can use the LIC Jeevan Umang Plan Calculator available on the LIC website. Enter the required details to get an estimate of the premium.

What are the key features of LIC Jeevan Umang Plan?

LIC Jeevan Umang Plan is a non-linked, with-profits whole life assurance plan that provides a regular income along with lump sum payment at the end of the policy term.

Can I surrender my LIC Jeevan Umang Plan before the completion of the policy term?

Yes, you can surrender the policy after the payment of premiums for at least three full years.

Is there a loan facility available with LIC Jeevan Umang Plan?

Yes, you can avail a loan against your policy after the completion of three policy years.

Are there any tax benefits associated with LIC Jeevan Umang Plan?

Yes, premiums paid towards LIC Jeevan Umang Plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.

What happens if I stop paying premiums for LIC Jeevan Umang Plan?

If you stop paying premiums after at least three full years’ premium payment, the policy will acquire a Reduced Paid-Up status.

• Calculate premium using LIC Jeevan Umang Plan Calculator
• Key features include regular income and lump sum payment
• Policy can be surrendered after three years
• Loan facility available after three policy years
• Tax benefits under Section 80C
• Policy acquires Reduced Paid-Up status if premiums are stopped

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