The Buyt Desk
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The LIC Jeevan Labh Policy offers many benefits and is a combination of savings and protection. It is a non-linked, limited premium paying and with-profit endowment plan.
In India, the Life Insurance Corporation (LIC) is the first choice when one wants to buy an insurance policy. It is the most trusted insurance company and people from all backgrounds and sectors buy insurance from LIC. For many Indians, LIC is the only insurance company. And for this huge customer base in India, LIC comes up with various policy plans to cater to everybody’s needs. It specializes in curating explicit plans for a specific group of individuals. LIC is backed by the Indian government and is hence most trusted. It has plans for all age groups and is risk-free. After Fixed deposits in banks and post office schemes, Indians go for LIC policies as they give higher returns and are less risky. LIC has launched a policy known as LIC Jeevan Labh Policy and this is one of the most popular policies.
What is LIC Jeevan Labh Policy?
LIC Jeevan Labh policy is one of the most popular policies launched by LIC. It is more popular because it is a limited premium paying, non-linked and with-profits endowment plan. This plan is a combination of protection and savings for the insured and family. LIC Jeevan Labh Policy offers financial support for the family of the insured when there is an unfortunate death of the insured during the policy term. A lump sum amount is paid to the insured at the time of maturity. Insured can also opt for a loan against this policy when there is a need for liquidity.
Features of LIC Jeevan Labh
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Under the LIC Jeevan Labh plan, the minimum sum assured should be Rs 2 lakh.
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The premiums can be paid for 10, 15 or 16 years.
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The maturity amount can be received after 16 to 25 years based on the tenure of the premium paid.
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The minimum age of the insured should be eight years.
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The maximum age of the insured should be 59 years, for a 16-year term policy.
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When the LIC Jeevan Labh plan matures, the insured should not be older than 75 years.
Maturity benefits of LIC Jeevan Labh Policy
LIC Jeevan Labh Policy has a host of benefits. At the time of maturity of the policy, if the insured is alive and has paid all premiums on time, then a lump sum consisting of the basic sum assured, vested simple reversionary bonuses and a final additional bonus is paid to the surviving insured. If the insured dies during the policy term i.e., before maturity, then the nominee will get the sum assured which is usually seven times the absolute amount assured.
How investing Rs 253 daily will yield Rs 55 Lakh at Maturity?
Let us calculate how to yield Rs 55 lakh at maturity. Let us consider the insured is 25 years old. Assume the insured buys the LIC Jeevan Labh policy with a 25 year maturity period with a basic sum assured of Rs 20 lakhs. The yearly premium amounts to Rs 92400/-. So per day investment will be roughly Rs 253/-. With this investment, at the time of maturity which is 25 years later, the maturity value will be Rs 5450000/-. So small investments for a longer duration under the LIC Jeevan Labh policy will yield a big corpus.
