know about lic jeevan umang disadvantages before buying It

No one discusses lic jeevan umang disadvantages because all insurance advisors have only one objective: to sell the plan to you by praising it in any way.

But before spending money on any plan, it is your right to understand both aspects of the plan closely.

Before telling the lic jeevan umang disadvantages, I would like to say that there are only a few such plans in LIC, which we can call lifetime plans. And Jeevan Umang plan is one of them, and I would also like to mention that it is the best-selling plan in Whole Life Plan after Jeevan Anand.

First, let’s take this plan in brief; LIC’s Jeevan Umang policy, whose table number is 945, is a plan running for 100 years. In this, you will get 8% money back of the sum assured every year for a lifetime; hence it is called a whole-life plan.

It has 4 fixed terms which you have to pay the premium for 15, 20, 25, and 30 years.

lic jeevan umang disadvantages

It is said during its promotion that you can take this plan for your children as the minimum entry age is 90 days.

But one of the most significant disadvantages of lic jeevan umang is that the scheme is unsuitable for children.

The biggest reason for this is that getting money back starts at 30, whereas the need for money for children’s higher education and other reasons starts at 18.

Thus, if we cannot ensure the child’s future with a plan according to the time, then there is no use in buying that plan for the children.

lic jeevan umang disadvantages

fixed return rate

In Jeevan Umang, you will get a fixed return of 8% every year after the premium paying term for a lifetime. At present, this interest rate seems to be good, but it is worth noting that you will not get it today.

You will get the interest of your today’s sum assured after 20 to 30 years, and by then, the value of the money will have decreased manifold. If we look at the old statistics, we will find that the value of money in India has decreased more than four times in 20 years.

In fact, the interest rate of 8 percent available today will be 2 percent after 20 years because the inflation rate is not being added to it. This is the second biggest lic jeevan umang disadvantages.

Mode of return

Many people feel that this plan can be taken like a pension. But this is possible only if you consider getting an annual pension Because there is no monthly and quarterly option available.

One of the disadvantages of lic jeevan umang disadvantages is that you cannot do pension planning as per your wish.

Most people want their pension to come into their bank account every month so that their expenses can go smoothly.

learn more : what will be LIC surrender value after 5 years ?

I want to mention one more lic jeevan umang disadvantages: lovely maturity has been arranged. But everyone knows that hardly anyone will get maturity in this because maturity is attained only after completing 100 years of age.

And hardly anyone will reach that age easily these days.

I believe it would have been a better plan if the interest rate was hiked instead of the attractive maturity.

1 thought on “know about lic jeevan umang disadvantages before buying It”

  1. Your post is essential reading for anyone contemplating LIC Jeevan Umang. It not only informs but also serves as an excellent guide for making informed decisions


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