1,250 Per Month Required; A Plan That Provides Income Till Age 100; Don’t Give Up
Introduction:
In today’s world, investors are often drawn to schemes that offer long-term benefits and security. The LIC Jeevan Umang Plan is one such scheme that provides a unique combination of income and insurance coverage until the age of 100. This comprehensive life insurance policy, introduced by LIC, not only offers financial protection to the insured person’s family in the event of their demise but also provides a steady income stream throughout their lifetime. In this essay, we will delve into the details of the Jeevan Umang Plan, explore its key features and benefits, and provide a comprehensive analysis of its potential value for individuals seeking long-term financial security.
Overview of the Jeevan Umang Plan:
The Jeevan Umang Plan is designed to cater to individuals from 90 days old children to 55 years old. It provides coverage for a remarkable span of 100 years, ensuring that policyholders can secure their financial well-being and protect their loved ones for a lifetime. Even if the policyholder joins the plan at the age of 32, they can receive coverage up to the age of 68, making it an attractive option for individuals in their prime earning years.
Key Features and Benefits:
1. Dual Benefits of Income and Insurance Coverage: The Jeevan Umang Plan offers policyholders the advantage of both income generation and insurance coverage. While the insured person is alive, the policy generates an annual income. In the unfortunate event of their death, the family receives financial assistance, ensuring that their loved ones are protected in times of uncertainty.
2. Tax-Free Maturity Value and Death Benefit: The Jeevan Umang Plan provides tax-free maturity value, offering additional financial benefits to policyholders. In case of the insured person’s demise during the policy term, the family is entitled to a death benefit, providing a crucial safety net during challenging times.
3. Lifetime Accident Cover: This plan also includes lifetime accident cover up to the age of 100, providing an added layer of protection against unforeseen events and accidents.
4. Flexible Sum Assured: The Jeevan Umang Plan allows individuals to select a minimum sum assured of 2 lakhs, with no upper limit imposed on the sum assured. This flexibility ensures that policyholders can choose coverage that aligns with their financial goals and requirements.
5. Multiple Premium Payment Terms: The policy offers various premium payment terms, including 20 years, 25 years, and 30 years. Policyholders can opt to pay premiums monthly, quarterly, or half-yearly, providing them with flexibility and convenience in managing their financial commitments.
6. Surrender Option: While the Jeevan Umang Plan is designed for long-term financial security, individuals have the option to surrender the policy after three years if their circumstances change or they require a different financial strategy.
Income and Maturity Benefits:
The Jeevan Umang Plan offers income benefits that commence after the premium payment term is completed and continue until the policyholder reaches the age of 100. The income is calculated based on 8% of the sum assured. For example, if an individual purchases a policy at the age of 30 with a sum assured of Rs 4.50 lakh and a policy term of 30 years, they would receive an annual premium of Rs 14,770 (including tax) or Rs 1,256 per month. Once the premium payment term ends, the policyholder would receive income from the age of 62 onwards.
Maturity benefits are paid at the rate of 8% of the sum assured. Following the previous example, the policyholder would receive Rs 36,000 (8% of Rs 4.5 lakh) annually from the time the premium payment term ends until the age of 100. This income provides individuals with financial stability and a regular source of funds even after retirement, ensuring a comfortable life throughout their golden years.
Conclusion:
The LIC Jeevan Umang Plan stands out as an exceptional life insurance policy that offers individuals a comprehensive solution for long-term financial security. By combining income generation, insurance coverage, tax-free maturity value, and a lifetime accident cover, this plan caters to the diverse needs and aspirations of individuals across different age groups. The flexibility in premium payment terms and sum assured allows policyholders to customize the plan according to their specific financial goals and circumstances.
Investing in a scheme like the Jeevan Umang Plan not only provides peace of mind but also ensures a steady income stream until the age of 100. As with any financial decision, it is advisable for individuals to carefully evaluate their personal circumstances, consult with financial advisors, and consider their long-term goals before making an investment. With the Jeevan Umang Plan, individuals can embark on a journey towards financial stability, safeguarding their own future and that of their loved ones, while enjoying the benefits of a reliable income source well into their retirement years.
