LIC Jeevan Umang Plan: Good plans abound at LIC. But people can’t fully utilise them because they don’t know enough about them. LIC Jeevan Umang is the moniker of one such excellent insurance plan. An annual income of Rs 40,000 can be obtained from this policy if an average premium of Rs 41 is paid each day.
Enhanced Annual Payouts for Higher Premiums
However, he can receive even more money annually if he pays a little bit more in premiums. But this scheme is only available to those who are 40 years of age or older. In this case, the child can grow up to be entirely financially independent if investments are made in the LIC scheme as soon as the child is born. It is required to purchase a minimum of Rs 2 lakh of insurance under the LIC Jeevan Umang Insurance Policy.
Early Enrollment for Children
As soon as the child is born, LIC Jeevan Umang Insurance Plan can be purchased in his/her name. Additionally, the maximum age limit to enrol in this insurance plan is 40. It is required to take out an insurance plan with a sum assured of Rs 2 lakh. You are free to purchase insurance for any amount over this if you so choose. Whole life insurance is a benefit of the LIC Jeevan Umang Insurance Plan. In addition, a lump sum payment is made upon maturity. You receive the annual fixed amount after you reach maturity and will for the rest of your life. In addition, the policyholder’s nominee receives a lump sum payment upon his passing.
Premium Payment Duration
The premiums for LIC Jeevan Umang insurance plans must be paid until the age of 40 if they are purchased before the age of 15. The annual premium for an insurance policy worth Rs 5 lakh taken out at the age of 15 is Rs 15298. The amount of the half-yearly installment, if you choose to pay it, is Rs 7730. On the other hand, paying an insurance premium on a monthly basis will set you back Rs 3906.You can choose to pay your insurance premiums on a monthly basis with LIC. The monthly insurance premium will cost you Rs 1302 if you choose to pay it. When considering an annual installment in this kind of scenario, the average daily payment amounts to Rs 41.
Annual Payout Period
From the age of 45 to the age of 100, or for 55 years, LIC will give you Rs 40,000 annually after you pay the premium mentioned above in the LIC Jeevan Umang Insurance Plan. In this case, the amount of money you will receive by the time you turn 100 is Rs 52.75 lakh. Additionally, you will pay LIC a total of Rs 458,940.
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