{"id":261,"date":"2018-11-10T11:59:01","date_gmt":"2018-11-10T06:29:01","guid":{"rendered":"https:\/\/srinivesh.in\/blog\/?p=261"},"modified":"2019-02-09T14:49:35","modified_gmt":"2019-02-09T09:19:35","slug":"jeevan-umang-should-you-buy","status":"publish","type":"post","link":"https:\/\/srinivesh.in\/blog\/jeevan-umang-should-you-buy\/","title":{"rendered":"LIC’s Jeevan Umang whole life policy – Should you buy?"},"content":{"rendered":"In the recent days, LIC is running a promotion for its whole life policy – Jeevan Umang. Like any promotion, this campaign highlights the various plus points of the policy, In this article, we compare this investment linked product with a separate investment product and show that it helps to not mix insurance and investment.<\/span>\n\n

Highlights of Jeevan Umang<\/span><\/h2>\n\nThis product is described as a “A non-linked, with-profit, whole life assurance plan”.\u00a0 The very first line in the description of the policy highlights the fact that the plan offers a combination of ‘protection’ and ‘income’. Most whole life plans have a range of policy periods.<\/span>\n\n
    \n
  1. Policy Term (PT) – This is the entire age of the policy. Whole life policies generally run till you are 100 years old. For Jeevan Umang, Policy Term = 100 – Your age at entry.\u00a0 For a 45 year old, the policy term is 55 years.<\/span><\/li>\n
  2. Premium Payment Term (PPT) – It is obvious that one won’t pay premium throughout the period. Usually premiums are paid for 15-30 years. For Jeevan Umang, PPT is fixed for one of these values: 15, 20, 25, 30<\/span><\/li>\n<\/ol>\n\n

    Protection Benefits<\/span><\/h3>\n\nA life insurance should provide a corpus to the family if the policyholder were to die during the term of the policy.\u00a0 Jeevan Umang adds some bells and whistles on this. The death benefit could be more than the Basic Sum Assured. This can happen due to the addition of annual bonus and additional bonus. Also, the plan guarantees that the death benefit would not be less than 105% of the total premiums paid till date. So after the PPT ends, the death benefit could be more than the Basic Sum Assured even in the absence of any bonus. We would see an example of this in the illustration.<\/span>\n\n

    Guaranteed Surrender Value<\/span><\/h3>\n\nOnce premium has been paid for 3 years, the plan guarantees a surrender value. This is touted as a major benefit of the policy. Frankly, insurance is a long term contract and one should not enter it with the idea of withdrawing after say 5 years. We will ignore this supposed benefit in our analysis.<\/span>\n\n

    Survival Benefit<\/span><\/h3>\n\nThis is clearly a good feature of this plan. After the premium payment term ends, the plan pays a survival benefit every year. This is equal to 20% of the Basic Sum Assured. e.g if the BSA is 5 lac and the PPT is 15 years, the plan pays a sum of Rs 40,000 every year from the 15th year. This continues till the policy ends – on maturity of 100 years or on the death of the policyholder. If one sets up the PPT to end at retirement, this survival benefit could be a part of a pension. This benefit is promoted as such by the agents.<\/span>\n\n

    Review of Jeevan Umang plan<\/span><\/h2>\n\nA lot of the reviews of this plan, like other LIC plans, are featured by insurance websites. They obviously would claim that this is a great plan. More balanced reviews can be found in financial blogs. This article is one example: LIC Jeevan Umang \u2013 New Whole Life Plan | Features, Illustration & Review<\/a><\/span>\n\nInterestingly, with a set of assumptions, the article calculates the Internal Rate of Return (IRR) to be 5.64%. This is indeed a poor rate of return – even for a tax efficient instrument. However, insurance selles have a habit of highlighting the future cash flows to give an impression that the endowment plan has high returns.<\/span>\n\nIn this article, we would use the illustration provided by LIC itself and compare these two approaches:<\/span>\n\n
      \n
    1. Approach A – Jeevan Umang plan for Sum Assured of 5 lac and PPT of 15 years<\/span><\/li>\n
    2. Approach B – A combination of a pure term plan for 15 years, and investment in a pure play financial product (Equity Linked Savings Scheme or Public Provident Fund)<\/span><\/li>\n<\/ol>\n\n

      Jeevan Umang – Illustration<\/span><\/h2>\n\nThe plan at\u00a0LIC illustration<\/a> provides a good amount of insight into the workings of the plan. A snapshot is provided below. Please note the two scenarios of return assumptions. The assumptions are for the entire life of the policy. For a large part of the policy term, the projected death benefit is above 6 lac even in the 4% return scenario.\u00a0 The benefit is of course higher in the 8% return scenario.<\/span>\n\nThe survival benefit is paid from the 15th year. This amounts to Rs 40,000 per year and is paid every year when the policy is in force. For brevity, this table is not included below.<\/span>\n\n\n
      \"LIC's\n\n
      Jeevan Umang – Illustration from LIC<\/figcaption>\n\n<\/figure>\n\n\n\n\n

      Alternative Approach – Illustration<\/h3>\n\n\n\n\n\nFor this approach, we use these assumptions:\n\n\n\n\n\n
        \n
      • Anmol Jeevan II term insurance for 6 lac for 15 years – this is similar to the guaranteed death benefit for the first approach<\/li>\n
      • The annual premium for this plan for a 45 year old male is Rs 5,381<\/li>\n
      • The rest of the amount of approximately Rs 33,000 is invested in a financial product in a tax efficient way. The two most suitable choices are ELSS and PPF.<\/li>\n<\/ul>\n\n\n\n\n\nThe detailed tables\u00a0 illustrate the death and survival\u00a0 benefits from this approach. For the first 15 years, the term policy provides death benefits. In addition, the accumulated corpus provides additional death benefit.\n\n\n\n\n\n

        4% Return Scenario<\/h4>\n\n\n\n\n\nThe table below illustrates the death benefit and survival benefit with the assumption that the financial instrument returns 4% post-tax.\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        4% scenario<\/strong><\/td>\n<\/tr>\n
        End Of Year<\/strong><\/td>\nContribution<\/strong><\/td>\nSum Assured (A)<\/strong><\/td>\nSurvival Withdrawal<\/strong><\/td>\nProjected corpus (B)<\/strong><\/td>\nProjected death benefit (A+B)<\/strong><\/td>\n<\/tr>\n
        1<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n33,959<\/td>\n6,33,959<\/td>\n<\/tr>\n
        2<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n69,302<\/td>\n6,69,302<\/td>\n<\/tr>\n
        3<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,06,084<\/td>\n7,06,084<\/td>\n<\/tr>\n
        4<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,44,365<\/td>\n7,44,365<\/td>\n<\/tr>\n
        5<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,84,206<\/td>\n7,84,206<\/td>\n<\/tr>\n
        6<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n2,25,670<\/td>\n8,25,670<\/td>\n<\/tr>\n
        7<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n2,68,823<\/td>\n8,68,823<\/td>\n<\/tr>\n
        8<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,13,735<\/td>\n9,13,735<\/td>\n<\/tr>\n
        9<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,60,476<\/td>\n9,60,476<\/td>\n<\/tr>\n
        10<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n4,09,121<\/td>\n10,09,121<\/td>\n<\/tr>\n
        11<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n4,59,749<\/td>\n10,59,749<\/td>\n<\/tr>\n
        12<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n5,12,439<\/td>\n11,12,439<\/td>\n<\/tr>\n
        13<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n5,67,275<\/td>\n11,67,275<\/td>\n<\/tr>\n
        14<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n6,24,346<\/td>\n12,24,346<\/td>\n<\/tr>\n
        15<\/td>\n33,341<\/td>\n6,00,000<\/td>\n40,000<\/td>\n6,43,742<\/td>\n12,43,742<\/td>\n<\/tr>\n
        16<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n6,29,969<\/td>\n6,29,969<\/td>\n<\/tr>\n
        17<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n6,15,635<\/td>\n6,15,635<\/td>\n<\/tr>\n
        18<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n6,00,717<\/td>\n6,00,717<\/td>\n<\/tr>\n
        19<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n5,85,191<\/td>\n5,85,191<\/td>\n<\/tr>\n
        20<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n5,69,032<\/td>\n5,69,032<\/td>\n<\/tr>\n
        21<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n5,52,216<\/td>\n5,52,216<\/td>\n<\/tr>\n
        22<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n5,34,714<\/td>\n5,34,714<\/td>\n<\/tr>\n
        23<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n5,16,499<\/td>\n5,16,499<\/td>\n<\/tr>\n
        24<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n4,97,542<\/td>\n4,97,542<\/td>\n<\/tr>\n
        25<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n4,77,813<\/td>\n4,77,813<\/td>\n<\/tr>\n
        26<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n4,57,279<\/td>\n4,57,279<\/td>\n<\/tr>\n
        27<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n4,35,910<\/td>\n4,35,910<\/td>\n<\/tr>\n
        28<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n4,13,669<\/td>\n4,13,669<\/td>\n<\/tr>\n
        29<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n3,90,523<\/td>\n3,90,523<\/td>\n<\/tr>\n
        30<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n3,66,433<\/td>\n3,66,433<\/td>\n<\/tr>\n
        31<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n3,41,362<\/td>\n3,41,362<\/td>\n<\/tr>\n
        32<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n3,15,270<\/td>\n3,15,270<\/td>\n<\/tr>\n
        33<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n2,88,115<\/td>\n2,88,115<\/td>\n<\/tr>\n
        34<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n2,59,853<\/td>\n2,59,853<\/td>\n<\/tr>\n
        35<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n2,30,440<\/td>\n2,30,440<\/td>\n<\/tr>\n
        36<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n1,99,828<\/td>\n1,99,828<\/td>\n<\/tr>\n
        37<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n1,67,969<\/td>\n1,67,969<\/td>\n<\/tr>\n
        38<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n1,34,813<\/td>\n1,34,813<\/td>\n<\/tr>\n
        39<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n1,00,305<\/td>\n1,00,305<\/td>\n<\/tr>\n
        40<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n64,392<\/td>\n64,392<\/td>\n<\/tr>\n
        41<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n27,015<\/td>\n27,015<\/td>\n<\/tr>\n
        42<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n-11,884<\/td>\n-11,884<\/td>\n<\/tr>\n
        43<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n-52,368<\/td>\n-52,368<\/td>\n<\/tr>\n
        44<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n-94,502<\/td>\n-94,502<\/td>\n<\/tr>\n
        45<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n-1,38,352<\/td>\n-1,38,352<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\nAs can be seen, the death benefit is higher than Jeevan Umange for the initial years. However, the withdrawal of the survival benefit reduces the corpus after about 20 years and the corpus dries up after about 40 years. Clearly, if you are a very conservative investor and can generate 4 or 5% returns, you are better off buying the Jeevan Umang policy.\n\n\n\n\n\n

        8% Return scenario<\/h4>\n\n\n\n\n\nEquity Linked Savings Scheme (ELSS) are very comparable to life insurance in terms of tax treatment. The contributions and accumulations are exempt from tax. There is a 10% tax on long term capital gains. For this analysis, we assume a post-tax return of 8%. This is a conservative assumption – almost all ELSS funds can generate much higher returns in the long term.\n\n\n\n\n\nThe table below illustrates the death benefit and survival benefit with the assumption that the ELSS fund returns 8% post-tax. It is clear that this approach is way, way better than Jeevan Umang. For every policy year, the projected death benefit is much higher than the projections for Jeevan Umang.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        8% scenario<\/td>\n<\/tr>\n
        End Of Year<\/td>\nContribution<\/td>\nSum Assured (A)<\/td>\nSurvival Withdrawal<\/td>\nProjected corpus (B)<\/td>\nProjected death benefit (A+B)<\/td>\n<\/tr>\n
        1<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n34,591<\/td>\n6,34,591<\/td>\n<\/tr>\n
        2<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n72,053<\/td>\n6,72,053<\/td>\n<\/tr>\n
        3<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,12,625<\/td>\n7,12,625<\/td>\n<\/tr>\n
        4<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,56,564<\/td>\n7,56,564<\/td>\n<\/tr>\n
        5<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n2,04,149<\/td>\n8,04,149<\/td>\n<\/tr>\n
        6<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n2,55,685<\/td>\n8,55,685<\/td>\n<\/tr>\n
        7<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,11,497<\/td>\n9,11,497<\/td>\n<\/tr>\n
        8<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,71,943<\/td>\n9,71,943<\/td>\n<\/tr>\n
        9<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n4,37,405<\/td>\n10,37,405<\/td>\n<\/tr>\n
        10<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n5,08,300<\/td>\n11,08,300<\/td>\n<\/tr>\n
        11<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n5,85,080<\/td>\n11,85,080<\/td>\n<\/tr>\n
        12<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n6,68,233<\/td>\n12,68,233<\/td>\n<\/tr>\n
        13<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n7,58,287<\/td>\n13,58,287<\/td>\n<\/tr>\n
        14<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n8,55,815<\/td>\n14,55,815<\/td>\n<\/tr>\n
        15<\/td>\n33,341<\/td>\n6,00,000<\/td>\n40,000<\/td>\n9,21,438<\/td>\n15,21,438<\/td>\n<\/tr>\n
        16<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,57,917<\/td>\n9,57,917<\/td>\n<\/tr>\n
        17<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,97,424<\/td>\n9,97,424<\/td>\n<\/tr>\n
        18<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n10,40,210<\/td>\n10,40,210<\/td>\n<\/tr>\n
        19<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n10,86,547<\/td>\n10,86,547<\/td>\n<\/tr>\n
        20<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n11,36,729<\/td>\n11,36,729<\/td>\n<\/tr>\n
        21<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n11,91,077<\/td>\n11,91,077<\/td>\n<\/tr>\n
        22<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n12,49,936<\/td>\n12,49,936<\/td>\n<\/tr>\n
        23<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n13,13,680<\/td>\n13,13,680<\/td>\n<\/tr>\n
        24<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n13,82,715<\/td>\n13,82,715<\/td>\n<\/tr>\n
        25<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n14,57,480<\/td>\n14,57,480<\/td>\n<\/tr>\n
        26<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n15,38,450<\/td>\n15,38,450<\/td>\n<\/tr>\n
        27<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n16,26,140<\/td>\n16,26,140<\/td>\n<\/tr>\n
        28<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n17,21,109<\/td>\n17,21,109<\/td>\n<\/tr>\n
        29<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n18,23,960<\/td>\n18,23,960<\/td>\n<\/tr>\n
        30<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n19,35,348<\/td>\n19,35,348<\/td>\n<\/tr>\n
        31<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n20,55,981<\/td>\n20,55,981<\/td>\n<\/tr>\n
        32<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n21,86,627<\/td>\n21,86,627<\/td>\n<\/tr>\n
        33<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n23,28,116<\/td>\n23,28,116<\/td>\n<\/tr>\n
        34<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n24,81,348<\/td>\n24,81,348<\/td>\n<\/tr>\n
        35<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n26,47,299<\/td>\n26,47,299<\/td>\n<\/tr>\n
        ….<\/td>\n0<\/td>\n<\/td>\n40,000<\/td>\n28,27,023<\/td>\n28,27,023<\/td>\n<\/tr>\n
        45<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n52,88,269<\/td>\n52,88,269<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n

        Best of everything Scenario<\/h4>\n\n\n\n\n\nArguments could be made that ELSS are market products and are not suitable for all investors. Let us consider Public Provident Fund (PPF). Like life insurance, this fully exempt from tax. The minimum term of PPF is 15 years and it can be extended for a block of 5 years. The interest rates are aligned to the Gilt yields. Though there has been a downward trend, the rates are still more than 7%. To be on the conservative side, we have assumed a rate of 7% through the term.\u00a0 This instrument is suitable for conservative investors too. Still, this approach provides much better returns than the 8% return scenario in Jeevan Umang.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        7% scenario<\/td>\n<\/tr>\n
        End Of Year<\/td>\nContribution<\/td>\nSum Assured (A)<\/td>\nSurvival Withdrawal<\/td>\nProjected corpus (B)<\/td>\nProjected death benefit (A+B)<\/td>\n<\/tr>\n
        1<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n34,432<\/td>\n6,34,432<\/td>\n<\/tr>\n
        2<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n71,353<\/td>\n6,71,353<\/td>\n<\/tr>\n
        3<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,10,942<\/td>\n7,10,942<\/td>\n<\/tr>\n
        4<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,53,394<\/td>\n7,53,394<\/td>\n<\/tr>\n
        5<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n1,98,915<\/td>\n7,98,915<\/td>\n<\/tr>\n
        6<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n2,47,726<\/td>\n8,47,726<\/td>\n<\/tr>\n
        7<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,00,066<\/td>\n9,00,066<\/td>\n<\/tr>\n
        8<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n3,56,190<\/td>\n9,56,190<\/td>\n<\/tr>\n
        9<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n4,16,370<\/td>\n10,16,370<\/td>\n<\/tr>\n
        10<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n4,80,902<\/td>\n10,80,902<\/td>\n<\/tr>\n
        11<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n5,50,098<\/td>\n11,50,098<\/td>\n<\/tr>\n
        12<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n6,24,296<\/td>\n12,24,296<\/td>\n<\/tr>\n
        13<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n7,03,858<\/td>\n13,03,858<\/td>\n<\/tr>\n
        14<\/td>\n33,341<\/td>\n6,00,000<\/td>\n0<\/td>\n7,89,172<\/td>\n13,89,172<\/td>\n<\/tr>\n
        15<\/td>\n33,341<\/td>\n6,00,000<\/td>\n40,000<\/td>\n8,40,653<\/td>\n14,40,653<\/td>\n<\/tr>\n
        16<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n8,61,424<\/td>\n8,61,424<\/td>\n<\/tr>\n
        17<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n8,83,697<\/td>\n8,83,697<\/td>\n<\/tr>\n
        18<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,07,579<\/td>\n9,07,579<\/td>\n<\/tr>\n
        19<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,33,188<\/td>\n9,33,188<\/td>\n<\/tr>\n
        20<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,60,648<\/td>\n9,60,648<\/td>\n<\/tr>\n
        21<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n9,90,094<\/td>\n9,90,094<\/td>\n<\/tr>\n
        22<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n10,21,668<\/td>\n10,21,668<\/td>\n<\/tr>\n
        23<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n10,55,524<\/td>\n10,55,524<\/td>\n<\/tr>\n
        24<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n10,91,828<\/td>\n10,91,828<\/td>\n<\/tr>\n
        25<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n11,30,756<\/td>\n11,30,756<\/td>\n<\/tr>\n
        26<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n11,72,499<\/td>\n11,72,499<\/td>\n<\/tr>\n
        27<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n12,17,259<\/td>\n12,17,259<\/td>\n<\/tr>\n
        28<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n12,65,255<\/td>\n12,65,255<\/td>\n<\/tr>\n
        29<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n13,16,720<\/td>\n13,16,720<\/td>\n<\/tr>\n
        30<\/td>\n0<\/td>\n0<\/td>\n40,000<\/td>\n13,71,906<\/td>\n13,71,906<\/td>\n<\/tr>\n
        ….<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\nNote: Partial withdrawals are more restricted in PPF. For ease of analysis, we ignore this small constraint.\n\n\n\n\n\n

        Conclusion<\/h3>\n\n\n\n\n\nJeevan Umang whole life plan has some good features. However, we have shown that an approach that does not mix insurance and investment provides much better returns, and flexibility, than an endowment insurance product. This is the case even for conservative investors who would prefer government backed instruments.\n\n\n\n\n\n

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