LIC Jeevan Umang
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When it comes to insurance, the Life Insurance Corporation of India (LIC) is regarded as the best option. If you are considering a pension plan, consider the LIC’s Jeevan Umang policy. If you sign up for a 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 per month or around Rs 45 per day, and you will receive Rs 36,000 as a pension later.
If you sign up for a Rs 4.5 lakh insurance cover in a LIC Jeevan Umang policy at the age of 26, you will have to pay around Rs 1,350 per month, or about Rs 45 per day. In this case, your annual premium will be Rs 15,882, and your premium payment will be Rs 47,6460 after 30 years. After 30 years of continuous premium payment, you will receive Rs 36,000 per year as a LIC pension beginning in the 31st year. The return of Rs 36,000 will be earned every year from the 31st year of investment until the age of 100.
What is the advantage of this policy?
If you purchase this policy under Section 80C of the Income Tax Act, you will be tax exempt. The LIC Jeevan Umang policy has a basic sum assured of Rs 2 lakh. If the policyholder dies before reaching the age of 100, the nominee will receive a lump sum payment, which can be taken in instalments if desired. If the policyholder lives for 100 years or until the end of the premium-paying term, a survival benefit of 8% of the Basic Sum Assured will be paid for each year the policy is in force. Jeevan Umang policy premium terms are 15 years, 20 years, 25 years, and 30 years.
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