Insurance Services
At Marvellous Wealth, we help you build a strong retirement foundation through Systematic Investment Plans (SIPs) in the National Pension System (NPS).
Umang Whole Life Insurance (Umang 3G – LIC of India)
The Umang 3G plan by LIC is a unique three-generation protection and income scheme. It is designed to provide lifetime guaranteed income, life cover, and wealth transfer benefits.
- The plan is purchased in the child’s name (Life Assured), with the parent as the proposer.
- Premiums are paid for 15 years only.
- After the premium term, the policy provides a guaranteed tax-free income of ₹94,000 per year, payable for the lifetime of the insured.
- In case of the proposer’s death, the child (Life Assured) immediately starts receiving the yearly income.
- On the death of the Life Assured, the accumulated wealth is passed on to the next generation (grandchildren).
- The plan also allows encashment or loan facility in case of financial needs.
This scheme provides a balance of regular income, life cover, and long-term wealth creation, ensuring financial security across three generations.
LIC Umang 3G – Benefit Overview
LIC Umang 3G offers lifetime annual income of ₹94,000 after 15 years of premium, along with growing life cover, tax savings, and an expected maturity of ₹1.55 Cr at age 80—ensuring protection, income, and wealth creation for your family.
Benefits Illustration
- Total Premium Paid (15 years): ₹14,89,162
- Total Returns (Expected): ₹2,11,97,000
- Maturity Amount (Age 80): ₹1,55,57,000
- Tax Saved (in 15 years @30% slab): ₹4,62,450
- Net Premium Paid (after tax savings): ₹10,26,712
Survival / Income Benefits
- From Age 20 onwards → ₹94,000 annually for life
- Final Addition Bonus (FAB @ Age 80): ₹1,09,98,000
- Expected Total Benefit at Age 80: ₹1,55,57,000 + yearly incomes
Coverage & Premium Details
- Normal Coverage: Increases yearly from ₹96,951 at age 5 to over ₹1.55 Cr by age 79.
- First-Year Premium: ₹1,01,314 (Yearly mode, incl. GST 4.5%)
- Subsequent Premiums (Yearly): ₹99,132 (incl. GST 2.25%) Other modes available: Half-Yearly, Quarterly, Monthly.
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