If a person buys LIC's Jeevan Umang policy with a sum assured of ₹6 lakhs at the age of 25 for 30 years, they will have to pay a monthly premium of ₹1638, amounting to approximately ₹54.6 per day.
After the end of the premium payment term at the age of 55, the policyholder will receive ₹48,000 annually until maturity.
At maturity, the sum assured and bonus amounting to ₹28 lakhs will be given to the policyholder. The scheme matures at the age of 100, meaning you will receive maturity benefits even at the age of 100.
This scheme also includes a death benefit. If the policyholder dies during the policy term, the nominee will receive the sum assured along with the reversionary bonus and final additional bonus.
The death benefit can never be less than 105% of all premiums paid by the policyholder. This premium does not include taxes.