Invest ₹5,000 Monthly In This LIC Policy, Here’s What You Could Get Till Age 100
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LIC’s Jeevan Umang is a whole‑life insurance product that offers lifetime coverage together with yearly survival payouts once the premium‑paying period is over. It can extend life cover up to age 100, as outlined in the policy terms.
Key Takeaways
- LIC’s Jeevan Umang is a whole-life insurance plan offering lifetime coverage plus annual survival payouts after the premium-paying period ends.
- Policyholders can choose a premium-paying term of 15, 20, 25 or 30 years, with coverage extending up to age 100.
- Once the premium term ends, the policy pays an annual survival benefit equal to 8% of the Basic Sum Assured.
- A 30-year-old paying about Rs 5,000 monthly for a 20-year term would pay roughly Rs 60,000 annually toward the plan.
Individuals seeking both life coverage and a steady income stream after the premium phase may find this plan suitable.
How does Jeevan Umang work?
Policyholders need not pay premiums for their entire lifetime. Based on eligibility and the plan’s conditions, they may select a premium‑paying period of 15, 20, 25 or 30 years. Once that period ends, the policy delivers an annual survival benefit amounting to 8 % of the Basic Sum Assured, which continues as per the policy provisions. The plan also offers death and maturity benefits, subject to LIC’s applicable rules.
What happens with ₹5,000 monthly premium?
Take, for instance, a 30‑year‑old who opts for the policy and chooses a 20‑year premium payment term. A monthly contribution of roughly ₹5,000 equals about ₹60,000 per year. Assuming a Basic Sum Assured of ₹10 lakh, the 8 % yearly survival benefit would be ₹80,000. After the premium‑paying period finishes, the policyholder may receive this amount each year as long as the policy stays active, according to LIC’s terms. Note that actual premiums and payouts can vary with age, sum assured, payment mode and other policy variables.
Death and maturity benefits
Should the policyholder live to the maturity age defined in the plan, the maturity payout comprises the Basic Sum Assured plus any applicable vested bonuses and, if present, a Final Additional Bonus.
If the insured passes away while the policy is in force, the nominee is entitled to the death benefit together with any eligible bonuses, according to the policy provisions.
The policy may also extend a loan facility once the stipulated conditions are met. Any tax advantages, where applicable, are governed by the current rules of the Income Tax Act.
