Investing in Life Insurance Corporation of India is considered a better option, because here investors get more money benefits as well as higher interest rates and insurance benefits. There are many such policies here, which benefit from children to elderly people. Also, this market is away from risk, due to which money is also safe in it. Here you are being given information about LIC Jeevan Umang Policy, where an investment of Rs 45 every day will give you Rs 36,000 annually.
What is LIC Jeevan Umang Policy?
LIC Jeevan Umang Policy gives security to the family along with income. The plan offers annual income benefit from the time the premium is paid till maturity and a lump sum amount at the time of maturity or on the death of the policyholder during the policy term. According to the company, LIC Jeevan Umang is a non-linked, participating, individual, whole life insurance plan.
How much and for how long will you have to invest
If you become a subscriber for LIC Jeevan Umag policy at the age of 26 for an insurance cover of Rs 4.5 lakh, then you will have to pay around Rs 1,350 per month i.e. to start with an investment of Rs 45 per day. After this, in one year your premium will be Rs 15,882 and in 30 years your premium payment will be Rs 47,6460.
When will I get the money and for how long?
LIC will start giving a return of Rs 36,000 per annum on your investment from the 31st year onwards, after paying premiums without any interruption for 30 years. From the 31st year to the age of 100, every year 36 thousand rupees will continue to be received annually. That is, during this period you will get a total of 36 lakh rupees.
What are the benefits of LIC Jeevan Umang Policy
Taking this policy also provides tax exemption under Section 80C of the Income Tax Act. The Basic Sum Assured under LIC Jeevan Umang policy is Rs 2 lakh. If the policyholder dies before the age of 100 years, then the nominee gets A lump sum amount will be paid. There is also an option to take it in installments. If the policyholder survives till the age of 100 years till the end of the premium paying term, provided the policy is in force, a survival benefit equal to 8 percent of the Basic Sum Assured will be payable each year. Jeevan Umang Policy can be availed for four premium terms – 15 years, 20 years, 25 years and 30 years.