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Everything you need to know about Jeevan Umang Calculator

Housing Finance Calculator 30-11-2022 | 5 mins read

Having insurance is one of the most important responsibilities of every earning professional. It helps in getting tax exemptions on the overall income. Insurance assures you financial support under any condition. The Life Insurance Corporation of India offers the best insurance policies and plans for your needs. Jeevan Umang is one such policy. It helps you get insurance and income protection for your loved ones in your absence. It offers excellent income protection and covers any emergency.

When getting insurance, you need an estimate of its premium and benefits. This is where the Jeevan Umang calculator comes into play. It helps you find out the premium based on the policy assured and several other parameters. It’s almost like asking a virtual assistant for the details and premium of a policy. It does away with the need for an agent. 

You can use Jeevan Umang or Sukanya calculator with ease. Before that, you must learn how this new income protection plan by LIC. Here are the details and benefits of using the Jeevan Umang Calculator.

Why should you choose LIC’s Jeevan Umang plan?

Before using the Jeevan Umang Sukanya calculator, you should know the benefits of its insurance plan. 

  1. The premium-payment terms of the policy are convenient. You will get a grace period to pay the premium before it lapses.
  2. You can take loans with the help of the Jeevan Umang policy and get easy approval on them. 
  3. Jeevan Umang has standalone death benefits. Its sum assured and premium does not depend on any other benefit. It also doesn’t consider shared relationships like rider connected or rider optimizer.
  4. Opt for multiple rider benefits in the Jeevan Umang or Sukanya calculator to extend the sum assured and claim the plan’s cover. This will help you get more benefits under standalone benefits at a nominal premium.
  5. The death benefit is payable in periodic instalments, not as a one-time lump sum payment. Your nominee or second policyholder can claim the insurance money. Instalment payment makes for better fund usage.
  6. Another significance of the plan is the availability of both monthly income and lumpsum payment on maturity. You will get payment in monthly cycles from the end of the premium payment term until the maturity date. If the policy assured dies before the maturity date, you would get the lump sum amount as per Jeevan Umang Sukanya calculator. 
  7. You will also enjoy the general reversionary bonus with the Jeevan Umang plan. Apart from this, a final additional bonus is sometimes applied to the plan. But for the latter one, you must talk to your agent about the bonus payments.
  8. Thanks to the policy coverage term of 100 years, it is one of the most secure life insurance plans. 
  9. You can also get a rebate on the sum assured between INR 10 lakhs and INR 24.75 lakhs. Usually, the insurer provides a reimbursement of 1.75% on the base value of the sum assured. Based on this, you can check the premium and maturity value with Jeevan Umang or Sukanya calculator

How to use the Jeevan Umang calculator?

The Jeevan Umang Sukanya calculator helps you understand the breakdown of insurance policy premiums. After all, you have to pay them based on your chosen standalone and rider benefits. In addition, many other attributes affect premiums. You have to pick the maximum insurance claim. Using the Sukanya calculator, you can change the inputs and see how the premium gets affected. You can pick the correct benefit and premium frequency based on your budget and needs.

Features of LIC Jeevan Umang Calculator

The following are the features of the Jeevan Umang calculator:

  1. You can enter different values for the sum assured premium frequency and policy term. Apart from this, you can put in the policy an assured age and gender.
  2. There are four options for the premium frequency: monthly, quarterly, half-yearly, and annually. You can select any of these from the dropdown list.
  3. You can access the calculator from the official site of LIC. It shows the accurate value of the premium based on the inputs you give.
  4. You can check the quotation details using this calculator.
  5. There is no role of third-party agents in this. So you don’t have to worry about paying a commission fee to the agents. 

How to use the Jeevan Umang calculator to find the premium?

Using the Jeevan Umang policy calculator is as simple as using the Sukanya calculator. To help you use it smoothly, we have listed the steps for calculating the premium.

  1. Visit the official site of LIC. Select the Premium Calculator from the options.
  2. Enter your details in the Sukanya calculator. The mandatory fields are your first and last name, date of birth, mobile number, country code, gender, and email. Once done, click on the Next option at the bottom of the screen.
  3. Check the box for Jeevan Umang Plan. Scroll down to click on the Coverage button.
  4. You can enter the minimum sum assured of INR 2,00,000 or more and the premium paying term. LIC offers four options for the premium payable term- 15 years, 20 years, 25 years, and 30 years. 
  5. Once done, click next to find the premiums. You can see the original premium and the premium with tax. The taxed premium is payable at an 8% interest rate. Your premium will rise if you choose Accidental Benefit as the rider plan.
  6. The screen of the Sukanya calculator will show you the premiums for all four payable frequencies. This information will help you choose an affordable plan. The monthly premium payable is less than the annual premium. 

Conclusion

In this article, we have walked you through the details of the Jeevan Umang Sukanya calculator. To know more about Sukanya and Jeevan Umang policies, maturity benefits, and eligibility, go through the online materials at Piramal Finance

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