LIC Plan: Consider LIC Jeevan Umang Policy is a combination of income and protection. This means that this plan not only provides life insurance but also a money back facility. If the policyholder dies before the maturity date, his/her family gets a death benefit. However, if the policyholder survives till the end of the premium paying term and all the premiums have been paid, then a survival benefit is given on an annual basis till the maturity date or as long as the person is alive. Apart from this, there is also a facility of maturity benefit if the policyholder survives till the maturity date.
Insurance coverage available until age 100
The LIC Jeevan Umang Plan is ideal for those seeking guaranteed annual income post-retirement, as it is a whole-life insurance policy providing coverage until the age of 100. This plan combines insurance protection with regular income.
Premium payment options include:
– 15 years
– 20 years
– 25 years
– 30 years
This participatory plan offers bonuses based on the policy’s performance.
– Tax benefits are available:
Premiums paid annually are tax-deductible under Section 80C of the Income Tax Act. Additionally, the benefits received upon the policyholder’s death or maturity are tax-free under Section 10D(d) of the Income Tax Act, 1961.
Flexibility in death benefit payment:
Premiums under the LIC Jeevan Umang policy can be paid annually, half-yearly, quarterly, or monthly. The death benefit can be paid in a lump sum or in installments over 5, 10, or 15 years. The LIC Jeevan Umang policy can be surrendered at any time if premiums have been paid for at least three consecutive years.
Monthly premium payment options:
Premiums can be paid monthly, quarterly, semi-annually, or annually, with minimum payments set at Rs 5,000, Rs 15,000, Rs 25,000, and Rs 50,000, respectively.
This is how you will earn Rs 40,000 in your lifetime.
Let us understand the calculation of lifetime earnings through an example. Suppose a person takes Jeevan Umang insurance cover of Rs 5 lakh at the age of 26 and chooses the payment term of 30 years, then as per the calculation, he will have to pay a premium of Rs 4,81,410 in this period.
The annual premium is Rs 16,047, the half-yearly premium is Rs 8,112, the quarterly premium is Rs 4,100, and the monthly premium is just Rs 1,367, or about Rs 45 per day. At the end of the premium payment term, 8% of the total sum assured, or Rs 5 lakh, or Rs 40,000, will be paid annually until the age of 100.