In this blog post, we’ll delve into the differences between Jeevan Utsav vs Jeevan Umang to help you make an informed decision. Choosing the right insurance plan is crucial for securing your future and that of your loved ones. In India, two popular options offered by the Life Insurance Corporation of India (LIC) are Jeevan Utsav and Jeevan Umang. While both plans offer financial security, they have distinct features and benefits tailored to different needs.
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Understanding Jeevan Utsav:
Jeevan Utsav is a non-linked, limited premium paying, endowment plan offered by LIC. It is designed to provide financial protection along with savings for the policyholder. Here are some key features of Jeevan Utsav:
Limited Premium Payment: Policyholders pay premiums for a limited period, after which the coverage continues until maturity.
Guaranteed Survival Benefits: The plan offers guaranteed survival benefits in the form of annual payouts after the deferment term.
Maturity Benefit: After the deferment period the policyholder receives the 10% of the basic sum assured guaranteed for lifetime.
Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with bonuses.
Exploring Jeevan Umang:
Jeevan Umang is a whole life insurance plan offered by LIC, providing financial security to the policyholder and their family throughout their lifetime. Here are the key features of Jeevan Umang:
Lifetime Coverage: The policy provides coverage for the entire lifetime of the policyholder (Max till age 100), ensuring financial protection for the family even after retirement.
Guaranteed Survival Benefits: The plan offers guaranteed survival benefits in the form of annual payouts after the premium-paying term.
Maturity Benefit: On survival till the end of the policy term, the policyholder receives the 8% of the basic sum assured and at the age of 100 Policyholder receives maturity amount which is higher than Jeevan Utsav.
Death Benefit: In the event of the policyholder’s demise, the nominee receives the sum assured along with bonuses, ensuring financial stability for the family. This is higher than Jeevan Utsav.
Choosing the Right Plan: Jeevan Utsav vs Jeevan Umang
When it comes to choosing between Jeevan Utsav vs Jeevan Umang, it’s essential to consider your financial goals, risk appetite, and coverage requirements. Here are some factors to consider:
Need of Coverage: If you prefer less insurance coverage and want to get guaranteed 10% lifetime return, Jeevan Utsav could be suitable. However, if you seek higher insurance coverage till the age 100 with guaranteed benefits of 8% of the Sum Assured, Jeevan Umang might be the better choice.
Premium Payment Term: Jeevan Utsav has premium payment term from 5 years to 16 years, whereas Jeevan Umang has only 4 premium payment term options 15, 20, 25, 30. Consider your financial capacity and preferences before deciding.
Financial Goals: Assess your long-term financial goals and choose a plan that aligns with your objectives, whether it’s wealth accumulation, retirement planning, or legacy planning.
ALSO READ: LIC Jeevan Umang vs Jeevan Utsav Which is Better
Conclusion:
Both Jeevan Utsav and Jeevan Umang offer valuable benefits and financial security to policyholders. By understanding their differences and assessing your needs, you can make an informed decision that suits your financial goals and provides peace of mind for you and your loved ones.
For more information and expert advice on insurance planning, contact us today. Our team of experienced professionals is here to help you navigate the complexities of insurance and secure your financial future.
