New Delhi: Investment is a lifelong affair. Investing your hard-earned money in assets, which can generate enough returns is highly valuable. Let us have a look at the Life Insurance Corporation (LIC), a monster in the insurance and financial services sector plan’s LIC Jeevan Umang Policy. It is the endowment scheme that offers protection and security also.
Jeevan Umang Policy is different from others as apart from protecting the life of the insured, a life insurance policy aids the policyholder in saving regularly over a predetermined length of time so that, in the event of survival during the policy term, a lump sum payment is available at policy maturity. (Also Read: BUMPER RETURN! Invest Rs 1,000 per month in PPF, get Rs 26.32 lakh at the time of retirement; Deets inside)
The endowment policy pays the entire sum assured to the beneficiaries on the unfortunate death of the insured amid the policy term. Individuals of the age group 90 days to 55 years can take benefits. The scheme offers coverage for up to 100 years. (Also Read: Post Office Scheme: Invest Rs 95 daily, get Rs 14 lakh on maturity; Check return calculator, other key details)
In this instance, you would be given a guarantee worth at least Rs 27 lakh. Read on to find out the return calculator and how to get a Rs 27.60 lakh return.
Suppose you start investing Rs 1302 per month for the time period of 30 years, your deposited amount will be Rs 4.58 lakh. After completion of the policy term, you will start getting an annual return of Rs 40,000. If you opt to receive an annual return of Rs 40,000 for 100 years, the total amount you will get is around Rs 27.60 lakh.
(Disclaimer: This article is for information purposes. The calculator is also mostly based on assumptive figures to give an example of a certain type. The article does not intend to give any financial advice of any sort. Investors/subscribers must check with their portfolio managers before investing in any scheme/policies.)