LIC Jeevan Umang Policy: Here’s how to get Rs 36,000 pension by saving Rs 45 daily

If you sign up for a LIC Jeevan Umag Policy at the age of 26 for a Rs 4.5 lakh insurance cover, you will pay roughly Rs 1,350 each month, or about Rs 45 per day.

New Delhi: When it comes to buying insurance plans, the Life Insurance Corporation of India, or LIC, is one of the most popular choices among Indians. As a result, the LIC has selected specialised strategies for a certain group of people. The government-backed organisation offers a wide range of insurance options for people of different ages and backgrounds. LIC policies are popular among Indians who prefer to invest in risk-free assets, and they are a favourite among them after bank FDs and post office savings plans due to their comparatively high returns.

The Jeevan Umang policy from LIC provides your family with both income and protection. This plan offers annual survival benefits from the end of the premium-paying term until maturity, as well as a lump sum payment at maturity or throughout the policyholder's life. LIC Jeevan Umang is a non-linked, participating, individual, whole life assurance plan that provides income and protection to your family, according to the company. This plan offers annual survival benefits from the end of the premium-paying term until maturity, as well as a lump sum payment at maturity or throughout the policyholder's life.

If you sign up for a LIC Jeevan Umang Policy at the age of 26 for a Rs 4.5 lakh insurance cover, you will pay roughly Rs 1,350 each 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 consecutive premium payments, LIC will begin depositing Rs 36,000 per year as a return on your investment in the 31st year. If you continue to receive a return of Rs 36,000 every year from the 31st year of investing until you reach the age of 100, you would have amassed a total of Rs 36 lakh.

Benefits

Under Section 80C of the Income Tax Act, you can get a tax break if you buy this policy. The LIC Jeevan Umang Policy's basic sum assured is Rs 2 lakh. If the policyholder dies before reaching the age of 100, the nominee will get a lump sum payment, which they can take in installments if they prefer. If the policyholder lives to be 100 years old or until the end of the premium-paying period, a survival benefit equal to 8% of the Basic Sum Assured will be paid each year if the policy is still in existence. The premium terms for the Jeevan Umang policy are 15 years, 20 years, 25 years, and 30 years.