LIC Policy: Rs 199 will become an everyday investment of Rs 94 lakh! Know this powerful policy
There is no confidence in life, so it is prudent to do something while living so that no future financial crisis will befall the family. When it comes to investment and life safety without risk, we rely most heavily on Life Insurance Corporation (LIC). We are going to tell you about a similar scheme of LIC Jeevan Umang here.
If you are planning to invest without risk, then you can invest in the life expectancy policy of LIC. This is an endowment plan. That is, in this, you get a lump sum on maturity along with life cover. This policy can be purchased for a person from 15 years to 55 years. The most important thing is that in this policy you are covered for 100 years.
In the event of the death of the policyholder, the family is given a lump sum amount i.e. the premium paid on the death of the policy holder is returned to the nominee. The premium paying term in this policy is 15, 20, 25 and 30 years. If you find it convenient, then you can choose.
If you finish the entire premium of the policy on time, then the policy holder is given a minimum amount with a guarantee, that is, you will continue to get the return after paying the entire installment, which is 8 percent of the insurance annually.
In this, under Section 80C of the Income Tax Act, you get tax rebate on premium up to Rs 1.5 lakh. Apart from this, the policy holder gets tax exemption under Section 10D while getting the maturity amount.
To understand this, suppose you are currently 25 years old, and you have opted for the 15 year premium paying term plan (74 years term) option, then it will have to pay a total premium of Rs 10,93,406. During this time period, you will get a total estimated return of Rs 94,72,500 on investing Rs 199 daily. After paying the premium for 15 years, from the age of 40, 8% of this amount will be returned every year for lifetime, which will be Rs 72,000 annually.
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