LIC Jeevan Umang plan provides for 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
LIC Policy Jeevan Umang Policy: The Life Insurance Corporation, or LIC, of India is one of the go-to options for Indians when it comes to buy insurance policies. The LIC, has for this reason, curated specific plans for a specific group of individuals. The corporation, backed by the government has an array of insurance plans for people of almost all ages and categories. LIC policies are loved among Indians who like investing in risk-free assets, and after bank FDs and post office savings schemes these LIC policies are a favourite among them due to is comparatively high returns.
Read More: HDFC Hikes Lending Rates by 50 bps from Today; How Much Home Loans, EMIs Will Increase
LIC Jeevan Umang Policy: What is It?
LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for 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. As per the company, LIC Jeevan Umang is a non-linked, participating, individual, whole life assurance plan which offers a combination of income and protection to your family. This plan provides for 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.
Pay Rs 45 Daily, Get Rs 36,000 Each Year After Maturity
If you sign up for LIC Jeevan Umag Policy at the age of 26 for an insurance cover of Rs 4.5 lakh, you will have to pay around Rs 1,350 every month, which is about Rs 45 daily. In this way your premium in a year will be Rs 15,882 and in 30 years your premium payment will be Rs 47,6460.
After you have paid your premiums uninterrupted for 30 years, LIC will start depositing Rs 36,000 per year as return every year from the 31st year on your investment. In this way, if you keep taking a return of 36 thousand rupees every year from the 31st year of investment to the age of 100, then you will get an amount of about Rs 36 lakh.
LIC Jeevan Umang Policy Benefits
Tax exemption is also available on taking this policy under Section 80C of Income Tax Act. The basic sum assured under the LIC Jeevan Umang Policy is Rs 2 lakh. If the policyholder dies before the age of 100, the nominee will be paid the lump sum amount, which they can also choose to take in installments. If the policyholder survives up to the age of 100, to the end of the premium paying term, provided the policy is in-force, a survival benefit equal to 8 per cent of Basic Sum Assured shall be payable each year. The Jeevan Umang policy can be taken for four premium terms — 15 years, 20 years, 25 years, and 30 years.
