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Know more about LIC’s Jeevan Umang policy and its benefits

Relating to insurance policy, Life Insurance Company of India, or LIC, is likely one of the hottest choices amongst Indians. Because of this, LIC has opted for specialised methods for a sure group of individuals. The federal government-backed group presents a variety of insurance coverage choices for individuals of various ages and backgrounds. LIC insurance policies are well-liked amongst Indians preferring to spend money on risk-free property, and they’re a favourite amongst them after financial institution FDs and publish workplace financial savings schemes because of comparatively excessive returns.

LIC’s Jeevan Umang coverage supplies each earnings and safety to your loved ones. The plan presents an annual survival profit from the tip of the premium paying time period to maturity, together with a lump sum payout on maturity or all through the lifetime of the policyholder. LIC Jeevan Umang is a non-linked, taking part, particular person, complete life insurance coverage plan which in response to the corporate supplies earnings and safety to your loved ones. The plan presents an annual survival profit from the tip of the premium paying time period to maturity, together with a lump sum payout on maturity or all through the lifetime of the policyholder.

Should you join LIC Jeevan Umang coverage on the age of 26 for an insurance coverage cowl of Rs 4.5 lakh, you’ll pay round Rs 1,350 per 30 days or round Rs 45 per day. On this case, your annual premium can be Rs 15,882 and after 30 years your premium fee can be Rs 47,6460.

After 30 years of steady premium funds, LIC will begin accumulating Rs 36,000 every year as return in your funding within the thirty first yr. Should you proceed to get a return of Rs 36,000 yearly from the thirty first yr of funding to the age of 100, then you definitely would have amassed a complete of Rs 36 lakh.

advantages

Should you purchase this coverage below Section 80C of the Revenue Tax Act, then you will get tax exemption. The Fundamental Sum Assured of LIC Jeevan Umang coverage is Rs 2 lakh. If the policyholder dies earlier than the age of 100 years, the nominee will get a lump sum fee, which they’ll soak up installments if they need. If the policyholder survives for 100 years or until the tip of the premium paying time period, a survival profit equal to eight% of the Fundamental Sum Assured can be paid for annually the coverage is in existence. The premium phrases of Jeevan Umang coverage are 15 years, 20 years, 25 years and 30 years.

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