Insurance is a good way to protect yourself against financial loss because it guarantees compensation to the entity or person insured. When it comes to purchasing an insurance policy in India, the Life Insurance Corporation of India (LIC), the country's largest insurer, is one of the best options. The government-backed insurer provides a wide variety of options for people of all ages and backgrounds.
LIC Jeevan Umang policy
The Jeevan Umang policy from LIC is one such policy that provides both income and protection to the policyholder's family. The scheme provides a lump sum payment at maturity or throughout the policyholder's life, in addition to annual survival benefits from the end of the premium-paying term until maturity.
It is a non-linked, individual, whole-life assurance plan that provides income and protection to the insured's family.
Anyone interested in purchasing this LIC policy should be aware that they can obtain a Rs 36,000 yearly pension for a deposit of just Rs 45 per day. For example, if you sign up for the Jeevan Umang Policy at the age of 26 for a Rs 4.5 lakh insurance cover, you will be required to pay approximately Rs 1,350 monthly, or nearly Rs 45 per day.
In this case, your annual premium will be Rs 15,882, and your premium payment after 30 years will be Rs 47,6460.
In the 31st year, after 30 years of consecutive premium payments, LIC will begin crediting Rs 36,000 annually as a return on your investment. If the policyholder earns the Rs 36,000 yearly return from the 31st year of investing until the age of 100, they will have amassed a total of Rs 36 lakh.
Benefits & Other details LIC Jeevan Umang policy
Section 80C of the Income Tax Act allows the policyholder to claim a deduction. 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 named by them will receive a lump sum payment, which they can take in instalments if they prefer.
If the policyholder lives to be 100 years old or until the end of the premium-paying period, a survival benefits equal to 8% of the Basic Sum Assured will be paid each year as long as the policy remains in force. The Jeevan Umang policy has premium terms of 15 years, 20 years, 25 years, and 30 years.
