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NFC LIC > Life Insurance > Which pension plan is better for 14-year child, Jeevan Umang or Jeevan Utsav
Life Insurance

Which pension plan is better for 14-year child, Jeevan Umang or Jeevan Utsav

NAUSHAD AHMAD
Last updated: January 9, 2024 3:16 pm
NAUSHAD AHMAD
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Which pension plan is better for 14-year child
Which pension plan is better for 14-year child
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Which pension plan is better for 14-year child?

Both LIC’s Jeevan Umang and Jeevan Utsav are insurance plans that offer different benefits and are designed for different purposes.

Contents
Which pension plan is better for 14-year child?Table of ContentsJeevan Umang Plan Illustration for 14-Year ChildJeevan Utsav Plan Illustration for 14-Year Child10%off, especially for you

Table of Contents

  • Which pension plan is better for 14-year child?
  • Jeevan Umang Plan Illustration for 14-Year Child
  • Jeevan Utsav Plan Illustration for 14-Year Child

Jeevan Umang is a whole life assurance plan that provides a combination of income and protection to your family. This plan offers annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. The payout begins immediately upon the completion of the premium payment term (PPT), and there are four PPT options available, including 15, 20, 25, and 30 years.

Jeevan Umang Plan Illustration for 14-Year Child

First Year Premium:1,00,588
Second Year Premium:98,422
Sum Assured:32,50,000
Policy Term:86
PPT:30
PWB Rider:Yes
Total Amount Payable:28,89,612
Regular Income
(From Age 44 to 99) :
Rs.2,60,000 Every Year
Natural Risk Cover:34,35,250 to 3,07,19,000
Accidental Risk Cover:34,35,250 to 3,07,19,000
Surrender Value:
(From Age 44 to 99):
1,08,59,127 to 2,88,00,850
Loan Facility:
(From Age 26 to 43)
12,02,221 to 74,11,942
Jeevan Umang Plan Illustration for 14-Year Child

On the other hand, Jeevan Utsav is described as a whole life plan that guarantees 10% of the Sum Assured every year for life after 3-6 years after the premium payment term.

Jeevan Utsav Plan Illustration for 14-Year Child

First Year Premium:1,00,220
Second Year Premium:98,062
Sum Assured:15,75,000
Policy Term:86
PPT:16
PWB Rider:Yes
Total Amount Payable:15,56,710
Regular Income
(From Age 33 to 99) :
Rs.1,57,500 Every Year
Natural Risk Cover:16,38,000 to 25,83,000
Accidental Risk Cover:16,38,000 to 25,83,000
Surrender Value:
(From Age 33 to 99):
20,15,256 to 20,60,459
Loan Facility:
(From Age 33 to 43)
15,11,442 to 15,45,344
Jeevan Utsav Plan Illustration for 14-Year Child

Choosing between these two plans depends on various factors such as the financial goals, risk appetite, investment horizon, and the specific needs of the individual. It’s recommended to consult with a financial advisor or insurance expert to understand which plan would be more suitable for a 14-year-old child.

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TAGGED:insurance plansjeevan umangjeevan utsavlife insurancepension planwhole life assurance plan

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Previous Article I have a question on Jeevan Utsav’s Policy for Minor children. The 10% return received to the Child after 18 years of age is taxable? In Flexi plan the 75% amount of the total cumulated amount is taxable to the child. I am thinking about this policy for my child ( age -3 years) is it good or not? Request to suggest me best LIC policy for my Child.
Next Article difference between Top-Up and super Top-Up in Health Insurance What is the difference between Top-Up and super Top-Up in Health Insurance?
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