If you are looking for a policy that offers long-term insurance protection, you might consider a special policy from LIC known as 'LIC Jeevan Umang'. Investing in this policy guarantees an annual income of ₹80,000 until the age of 100. A key advantage is that LIC (Life Insurance Corporation of India) is a government-owned insurance company, meaning there is no risk involved in investing in its policies.

**Insurance cover up to the age of 100**

Individuals seeking a guaranteed annual income after retirement can invest in the LIC Jeevan Umang Plan. It is essentially a whole-life insurance plan that provides insurance coverage to the policyholder until they reach the age of 100. This plan offers the dual benefit of protection and income.

**Premium payment period options**

Customers can choose the premium payment tenure according to their convenience. Options include paying premiums for 15, 20, 25, or 30 years; the customer can select any one of these terms. This is a participatory plan, meaning the policyholder receives bonuses based on the policy's performance.

**Tax benefits**

Premiums paid annually during the policy term qualify for a deduction under Section 80C of the Income Tax Act. Additionally, the entire payout received upon the policyholder's death or at the time of policy maturity is tax-free. This tax exemption is available under Section 10(10D) of the Income Tax Act, 1961.

**Flexible death benefit payout**

A notable feature of this policy is that the policyholder can opt to receive the death benefit in installments. Under this policy, in the event of the policyholder's death, the insurance payout is made to the nominee over a period of 5, 10, or 15 years instead of as a lump sum. This ensures the family receives a regular income for several years following the policyholder's death.

Premiums can also be paid monthly

Premiums for this policy can be paid on a monthly, quarterly, half-yearly, or annual basis. If you choose to pay monthly, the minimum payment required is ₹5,000. For quarterly payments, the minimum amount is ₹15,000; for half-yearly payments, it is ₹25,000; and for annual payments, the minimum amount is ₹50,000.

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