LIC Jeevan Labh Policy: Life Insurance Corporation of India or LIC is one of the most popular options for Indians when it comes to buying an insurance policy. For this reason, LIC has designed specific plans for a specific group of individuals. The government-backed corporation has a range of insurance plans for almost all ages and categories of people. LIC policies are preferred among Indians who like to invest in risk free assets, and after bank FDs and post office savings schemes these LIC policies are preferred among them due to their comparatively high returns. The fact that interest rates are not dependent on stock market movements also makes them a favorable option, especially when they are volatile as of now. LIC Jeevan Labh policy is one of the most popular policies launched by the company.
What is LIC Jeevan Labh Policy?
LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profit endowment plan that offers a combination of protection and savings. The plan provides financial support for the family in case of unfortunate death of the policyholder at any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. The scheme also takes care of the liquidity needs through its loan facility.
LIC Jeevan Labh: Features and Eligibility
The minimum sum assured under this LIC Jeevan Labh policy is Rs 2 lakh. One can pay premiums for 10, 15 and 16 years and get the maturity amount after 16 to 25 years depending on the term of premium paid. The minimum age to avail LIC Jeevan Labh policy is eight years, while the maximum age of entry is 59 years, for a maturity period of 16 years. This means that the age of the policyholder should not exceed 75 years on maturity of the LIC Jeevan Labh plan.
LIC Jeevan Labh Policy Benefits
There are many benefits of LIC Jeevan Labh policy. On maturity of the policy, if the policyholder is alive, the Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival till the end of the policy term, provided all due premiums have been paid . On the other hand, if the policyholder does not survive, the nominee will get the Sum Assured on Death, which is seven times the full Sum Assured.
LIC Jeevan Labh Policy Calculator: Invest Rs 253 per day, get Rs 55 lakh on maturity
If you are 25 years old and avail LIC Jeevan Labh policy for a maturity period of 25 years, you will be eligible to receive Rs 54.50 lakh on maturity. You have to choose Rs 20 lakh as the basic sum assured and pay Rs 92,400 as annual premium, which is roughly equivalent to Rs 253 per day. The total maturity value after 25 years will be Rs 54.50 lakh. This is how your small investment can go a long way under LIC’s Jeevan Labh policy.
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