#LifeInsurance #JeevanUmang #Insurance As response to my thread on #healthinsurance a question came: "Sure, wil wait for ur resp. what I am told & if that’s true, then I like it - for 15 yr pay 2 lac PA , life insurance cover would start from day one would be close to 30 lacs,
and from 15 th year onwards I get 2 lac PA till death. In all this yr cover will keep increasing...." from @Parthiv33 . Jeevan Umang is a wholelife policy that gives the benefit of pension without being a Pension policy and therein lies its greatest benefit.
Let's assume a person aged 35 takes this policy with a premium payment term of 25 years - i.e. at 60 premium payment is done and dusted. What will he receive?
From the time he's 60, he will start receiving Rs. 392,000 per annum till he's 99 years of age.
From the time he's 60, he will start receiving Rs. 392,000 per annum till he's 99 years of age.
He would have paid premium of Rs. 49,18,376
From age 60-99, he gets Rs. 392,000 per annum - and no tax burden on this inflow. Suppose the policy is surrendered at the age of 66, he gets Rs. 1.74 cr. If he surrenders when he is 70, he will get Rs. 2.31 cr. - all this tax free.
From age 60-99, he gets Rs. 392,000 per annum - and no tax burden on this inflow. Suppose the policy is surrendered at the age of 66, he gets Rs. 1.74 cr. If he surrenders when he is 70, he will get Rs. 2.31 cr. - all this tax free.
Initial sum assured is Rs. 51.30 Lakhs and rises steadily to Rs. 1.23 cr. by the time he turns 60.
Sorry for the delayed response, Sir @Parthiv33 Hope this is clear. If you have more questions, please let me know. Will send my number over DM!
Sorry for the delayed response, Sir @Parthiv33 Hope this is clear. If you have more questions, please let me know. Will send my number over DM!
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