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

New Delhi: Insurance is a good means of protection against a financial loss as it guarantees compensation against the entity or person insured. For Indians, when it comes to purchasing an insurance plan, the Life Insurance Corporation of India (LIC), country’s biggest insurer, is amongst the most popular choices. The government-backed insurer offers a huge range of options for people of different ages and backgrounds.

One such policy from LIC is the Jeevan Umang policy which offers the policyholder’s family with both income and protection. Not just annual survival benefits from the end of the premium-paying term until maturity, the scheme also provides a lump sum payment at maturity or throughout the policyholder's life.

It is a non-linked, participating, individual, whole life assurance plan that provides income and protection to the family of the insured.

Anyone willing to buy this particular LIC policy must know that they can get a Rs 36,000 yearly pension against a deposit of just Rs 45 per day. For example, if you sign up for the Jeevan Umang Policy at the age of 26 for a Rs 4.5 lakh insurance cover, you will have to roughly pay Rs 1,350 monthly, or nearly Rs 45 a 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 start crediting Rs 36,000 annually as a return on your investment in the 31st year. If the policyholder continues to earn the Rs 36,000 yearly return from the 31st year of investing until the age of 100, they would have collected a total of Rs 36 lakh.

The policyholder can claim a deduction under Section 80C of the Income Tax Act. The LIC Jeevan Umang Policy's basic sum assured is Rs 2 lakh.

In case of the tragic death of the policyholder before the age of 100, the nominee mentioned by them will receive 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 per cent 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.