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LIC's New Scheme Offers Guaranteed Pension for 100 Years
Sentiment: NeutralHigh Priority
What Happened?
LIC introduces the Jeevan Umang plan, providing a guaranteed income of ₹40,000 annually for policyholders up to 100 years old. The plan is seen as a secure investment option.
Key points
- LIC Jeevan Umang plan guarantees income until the age of 100.
- Minimum basic sum assured is ₹2 lakh.
- Annual premium for ₹5 lakh coverage is ₹16,047.
- Policyholders receive 8% of the sum assured as survival benefit annually.
- Tax benefits under Section 80C are available.
Key insights
- The scheme may appeal to a wide demographic, including young adults and retirees.
- Guaranteed income could attract more investors to LIC's offerings.
- The tax benefits may enhance the scheme's attractiveness for potential policyholders.
Why it matters
This scheme could provide financial security for individuals planning for long-term income.
Source
India Today
