Invest Rs 44 in LIC Jeevan Umang Policy and earn over Rs 27 lakhs- Know how (2024)

FAQs

What is the rate of return of Jeevan Umang? ›

Here we take the Assumed Gross Return as 8%. Here at the end of the policy term, we get the LIC Jeevan Umang IRR of 6.25% and Rs. 5,03,15,000 as survival benefit. Maturity Benefit in Rs.

Ans: Yes, LIC Jeevan Umang is a good policy as it offers coverage till the age of 100. In addition to this, the plan provides annual survival benefits once the premium payment tenure is completed.

It is equal to 8% of the basic sum assured amount. The same amount is offered every year till the policyholder survives or till the last plan anniversary before the date of maturity (whichever event occurs earlier).

Maturity Benefit Illustration of LIC Jeevan Umang Plan

Guaranteed Survival Benefit - 8% of the basic sum assured every year from the end of the premium paying term till the policyholder survives or till maturity. For a sum assured of Rs. 1 Crore, your child receives Rs. 8 lakhs every year from the age of 32.

Rs. 2 lakhs, Survival Benefits shall not be paid under such policies. If Maturity Paid-up Sum Assured is equal to or more than minimum Basic Sum Assured of Rs. 2 lakhs, Survival Benefits equal to 8% of Maturity Paid-up Sum Assured shall be payable each year.

Jeevan Umang Policy can be surrendered and become eligible for Guaranteed Surrender Value (GSV) if, all due premium for, first 3 years in case of table 845 and first 2 years in case of table 945 are paid.

The main purpose of a life insurance policy is to safeguard the financial future of dependents. The primary motive for mutual fund investments is to generate significant returns for long term financial goals. Life insurance is less risky in comparison to mutual funds. However, it offers guaranteed death benefits.

LIC provides life insurance and investment opportunities with relatively lower risk and lower returns. Mutual funds are a type of investment that allows you to invest in a diversified portfolio of stocks, bonds, and other securities with higher returns but with a relatively higher risk.

What is the difference between LIC Jeevan Umang and Jeevan Anand? ›

LIC Jeevan Umang is also a participating policy but unlike Jeevan Anand, it is a whole-life assurance plan with coverage till the age of 100. The plan provides annual survival benefits after the completion of premium payment tenure.

In Jeevan Umang Policy, the premium needs to paid for 15, 20, 25 or 30 years depending on the term opted for. After the completion premium payment term, this policy provides 8% of Basic Sum Assured every year up to 99 years of policyholder's age and maturity on completion of 100 years of age.

To check the updates through SMS, one can type "ASKLIC" followed by the policy number and SMS it to the phone number 56767877 made available by the Corporation. "ASKLIC<Policy Number>AMOUNT." All of the queries mentioned above can be resolved by sending the SMS code to the same number, that is, 56767877.

Highest salary that a LIC Agent can earn is ₹5.3 Lakhs per year (₹44.2k per month).

Under the LIC Varishtha Bima Yojana Plan, the policyholder will receive ₹5,000 per month for a single premium payment of ₹6,65,665 or an annual sum of ₹60,000 for a premium payment of ₹6,39,610. This is a return of 9% and above. These returns are significantly higher than any other bank or savings account.

LIC 5 Lakh Policy is a unique way of availing two benefits under a single plan. These plans offered by LIC offer various benefits after your death and cover the financial requirements. Along with this, the plan also offers maturity benefits to those policyholders who outlive the policy tenure.

Jeevan Umang Plan (945) is a non-linked, with-profits whole life assurance plan. This plan provides for annual survival benefits from the end of the premium paying term till maturity and lump sum payment at the time of maturity or on death of the policyholder during the policy term.

Benefits Offered By LIC Jeevan Umang Plan

Survival Benefit: After one year of premium payments have been made, the policyholder will begin receiving 8% of the Basic Sum Assured annually. Until he becomes 100 or passes away, whichever comes first, this sum is due each year.

Suppose, you want to invest Rs 50,000 in a fixed deposit at 7 per cent interest rate. Now, divide 72 by the rate of interest (7%) to know the time it will take for Rs 50,000 to become Rs 1 lakh. So, 72/7 will be 10.2 years. Hence, it will take 10.2 years to double your money if the interest rate remains the same at 7%.

Why SIP is better than LIC? ›

SIP is a safe method to invest in mutual funds. In the case of a lump sum investment, there is a substantial risk of losing money if the market declines. But with SIP investment, the money is invested across the market ups and downs and hence is quiet safer than lump sum investment.

Costs – Lower fees for ETFs

Chugh said because of being passive products and having transparency, ETFs tend to have lower fees. “You will generally be paying less for an ETF than an LIC from a fee perspective, so it is more cost efficient,” he said.

The good thing about an LIC policy is that your investment is safe. In fact, some would rate the safety of an LIC policy to be higher than bank fixed deposits.

Survival benefits : In case the insured survives the policy payment term, then 8% of the sum assured is paid every year as a guaranteed survival benefit. This benefit is paid till the maturity of the plan or the death of the insured, whichever is earlier.

Sum Insured means the maximum amount of coverage, as specified in the Policy Schedule, that the Insured/Insured Person is entitled to in respect of each benefit and as applicable under the Policy.

Life Insurance Corporation of India, popularly known as LIC is the largest life insurance company in India owned by the Government of India. LIC, one of the top 10 insurance companies in India, came into existence in 1956.

Returns from LIC Jeevan Anand Policy

The returns, in this case, will be equal to 125% of the Basic SA (Sum Assured) or 10 times the annual premium. Your family will be given whichever is higher. In case you die anytime after the policy term, your family receives the basic sum assured.

Both Max life insurance and LIC provide different types of term plans for customers in the markets with various features. While the Max term insurance plan offers coverage up to 85 years, LIC provides coverage up to 75 years. It is wise to compare the features between them before investing money.

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

Which LIC policy is best for 30 year old? ›

What is LIC 3000 Per Month Plan? LIC 3000 per month plan is a specially designed life insurance policy that allows policyholders to pay a fixed premium of Rs 3000 per month, providing them with comprehensive coverage. It is an individual endowment plan that combines protection, savings, and investment features.

If your policy term is 10 years, then the value in the balance column when the year column shows 10, will be your maturity benefit. If you subtract the sum of all premiums from maturity benefit amount, you will get your net returns.

Maturity benefit is calculated as the [Sum Assured + Bonus Amounts] which have been accumulated throughout the policy term + any [Final Addition Bonus] if declared. However if the policy holder does not survive the policy tenure, the nominee will additionally get the Sum Assured amount as the Death Benefit.

The amount payable on the death of the policyholder is called the sum assured on death or the death benefit. On the other hand, the amount payable to the policyholder on surviving till the end of the policy term is termed sum assured on maturity or maturity benefit.

Unit Linked Insurance Plans: ULIPs are one of the best investment plans in India. It provides the dual benefits of life coverage and wealth creation to investors. Similar to other savings and protection plans, you may have to pay a premium against your Unit Linked Insurance Plans.

LIC Jeevan Pramukh Plan is a special category plan as it is a Life Insurance Policy especially for the Very High Net Worth Individuals. It is basically an Endowment Plan with Limited premium Paying Term which caters to the requirements of very high net worth individuals.

National Savings Certificates (NSC)

It works like a 5-year FD. So your deposits in NSC will mature in 5 years, and you will earn 7% annual interest. But the entire amount is payable only at maturity. So, if you have a goal that is 5 years away, NSC is one of the safer investment options.

Fixed deposit

Fixed deposit (FD) is often hailed as one of the most stable and safe investment with high returns in India. It is advisable to invest in fixed deposit because of the following reasons: Accumulate higher returns by availing FD schemes from credible financiers.

High-quality bonds and fixed-indexed annuities are often considered the safest investments with the highest returns. However, there are many different types of bond funds and annuities, each with risks and rewards. For example, government bonds are generally more stable than corporate bonds based on past performance.

What is the difference between Jeevan Anand and Jeevan Umang? ›

LIC Jeevan Umang is also a participating policy but unlike Jeevan Anand, it is a whole-life assurance plan with coverage till the age of 100. The plan provides annual survival benefits after the completion of premium payment tenure.

Under the LIC Varishtha Bima Yojana Plan, the policyholder will receive ₹5,000 per month for a single premium payment of ₹6,65,665 or an annual sum of ₹60,000 for a premium payment of ₹6,39,610. This is a return of 9% and above.