LIC Jeevan Umang – Is there room for joy?

Reading Time: 2 minutes

Source link | Twitter Handle

I woke up this morning to a WhatsApp message from a friend. A terse “Let me know your comments” was added to a PDF of LIC Jeevan Umang and its benefit illustration.

“OK. Here it comes…again.”

Read about LIC Jeevan Shanti Plan

I sit down, open the PDF on my computer and start reading through the information. If I decide to take all the information presented as a layman, LIC Jeevan Umang looks like a fantastic proposition.

Here are the key highlights of the plan as offered to my friend.

  • Current Age – 29 years
  • Policy Term – 71 years (that is till age 100 as is expected for Whole life policies)
  • Sum Assured – Rs. 1 crore
  • Premium payment term: 15 years
  • Year 1 premium: 818,695
  • Premium Years 2 to 15: Rs. 801,067
  • Assured 8% return on Sum Assured from year 15, that is, Rs. 8 lakh per year till maturity / death

The big pitch of this plan is that the interest rates the world over are reducing significantly (currently 1 to 2%). As India develops further, the interest rates are going to get lower here as well. Hence, why not lock in the assured return of 8% now?

Also Read on FinMedium:  #10 Please lend? - Bank on Basak

Now, tell me, doesn’t this sound great?

Let’s look at the reality of LIC Jeevan Umang

This page is accessible to Premium / Insider members only. If you are a Member, please login to your Account.

If you are not a Member, SUBSCRIBE TODAY! 

For PREMIUM membership, click here

For INSIDER membership, click here

Every Wednesday and Saturday, we send Info-Graphic and FinMedium Weekly Digest newsletters to our 25000+ Subscribers.

Join Them Now!

Please Share :)
Vipin Khandelwal
Vipin is a SEBI Registered Investment Adviser. He works with investors to make better decisions and create behaviour alpha.
Back To Top