Save just ₹45 a day to secure a guaranteed annual income of ₹40,000 for up to 100 years
A savings scheme promises a guaranteed annual income of ₹40,000 with daily savings of just ₹45 and long-term benefits.
New Delhi (The Uttam Hindu ): Every person wants to save a part of his earnings and invest it in a safe place from where he can get regular income throughout his life without any risk. If you too are looking for a source of assured and guaranteed income in the future, then the 'Jeevan Umang Plan' of the country's largest insurance company, Life Insurance Corporation of India (LIC), can prove to be an excellent option for you. Under this special policy, by saving just Rs 45 daily, you can earn a guaranteed income of Rs 40,000 every year till the age of 100.
How does the LIC Jeevan Umang plan work?
LIC's plans are considered highly secure from an investment perspective, and the company offers different plans for every category. The most important feature of the Jeevan Umang policy is that it guarantees regular income for life. Under this plan, you can choose a minimum basic sum assured of ₹2 lakh, with no maximum limit. Customers can choose a premium payment term of 15 years, 20 years, 25 years, or 30 years, depending on their convenience. After the completion of the premium payment term, the policyholder is given a survival benefit, or a guaranteed return, equal to 8 percent of the basic sum assured every year until the age of 100.
The complete math of earning Rs 40,000 annually by saving Rs 45 daily
can be understood with a simple example. Suppose a person takes out a 'Jeevan Umang' policy with a sum assured of Rs 5 lakh at the age of 26 and chooses a premium payment term of 30 years. According to the calculation, over this 30-year period, they will have to pay a total premium of Rs 4,81,410. If calculated in installments, the annual premium is Rs 16,047, half-yearly Rs 8,112, quarterly Rs 4,100, and monthly premium is only Rs 1,367—a daily savings of approximately Rs 45. Once the 30-year premium term is completed, the policyholder will receive 8% of Rs 5 lakh, or Rs 40,000, every year, continuously until the age of 100, starting at age 56.
In case of death before 100 years, the family will get lump sum money and benefit of tax exemption.
This question often arises in the minds of investors that if the policyholder dies before completing the age of 100 years, what will happen to the accumulated capital? As per the rules of LIC, in such an unfortunate situation, there is a provision for lump sum payment of the sum assured to the nominee mentioned in the policy document. The nominee also has the option of taking this amount in installments. Additionally, another major feature of this policy is that the investment made in it and the returns received are tax free, and the policyholder also gets the direct benefit of tax exemption under Section 80C of the Income Tax Act.