LIC Jeevan Umang is a non-linked, participating life insurance plan that offers life cover, survival benefits, and maturity benefits. The unique feature of this plan is that everyone, from children to senior citizens, can invest in it. Individuals from 90 days old to 55 years old can take out this policy, making it a suitable option for every family member.
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How to generate significant income by investing ₹1302 per month
Suppose you start paying premiums for this plan at the age of 30 and deposit ₹1302 per month for 30 years. The annual premium is approximately ₹15,600, and the total investment reaches approximately ₹4.68 lakh in 30 years. However, after the premium period is over, you start receiving a steady income of approximately ₹40,000 per year. This income can continue until you reach 100 years of age.
If an investor takes out a policy at the age of 30 and lives to 100, they can receive a total guaranteed income of approximately ₹27.60 lakh. This means that a small investment can generate a stable income for life.
Protection and Tax Benefits for 100 Years
This plan provides not only income but also lifelong security. The policyholder receives life insurance cover for up to 100 years, making it a unique option for those seeking a safe and reliable plan for the long term. Investors also receive tax benefits. Premiums are tax-deductible under Section 80C of the Income Tax Act, and the maturity or survival amount is tax-deductible under Section 10(10D). This plan offers protection, income, and tax-saving benefits in one.
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Who is this plan for?
Jeevan Umang is useful for those who want long-term security along with a regular income. Investors looking for future planning for their children, retirement planning, or providing a stable future to their family can benefit from this policy.