India’s most trusted insurance company, Life Insurance Corporation of India (LIC) from time to time brings such plans, which not only act as a shield of financial security for you and your family, but also provide a great opportunity to grow your money. There is such an explosive plan LIC Jeevan Labhwhich has become everyone’s favorite due to its excellent benefits and reliable returns. Come, let us know how this scheme can turn your dreams into reality.
What is LIC Jeevan Labh Plan?
LIC Jeevan Labh is a limited premium payment, non-linked, with-profit endowment plan. This means that you have to pay the premium for a fixed period of time, and in return you get the benefit of both insurance and savings. If the policyholder dies during the policy term, a lump sum amount is paid to his family.
At the same time, if the policyholder survives for the entire term, he gets the benefit of basic sum assured along with bonuses and additional bonuses. This scheme is perfect for those who want to keep their family safe and at the same time want to increase their investments.
Special benefits of LIC Jeevan Labh
The biggest advantage of this scheme is that death benefitIf the policyholder dies during the policy term, his family receives up to 10 times the annual premium. This amount is always not less than 105% of the premium deposited, provided the premiums are paid on time.
Additionally, if the policyholder survives the entire term, he gets a bonus along with the basic sum assured and additional bonuses. This entire amount is given in lump sum at the time of maturity. This means that this scheme not only provides security to your family, but is also an excellent option for long-term investment.
Minimum investment, flexible premium options
You can start investing in LIC Jeevan Labh with a basic sum assured of just Rs 2 lakh. The minimum age to join this scheme is 8 years and maximum age is 59 years. Most importantly, there is no upper limit on the sum assured in this plan.
This scheme is available in three periods:
- 10 years premium payment for 16 years policy (16/10)
- 15 years premium payment for 21 years policy (21/15)
- 16 years premium payment for 25 years policy (25/16)
You can choose monthly, quarterly, half yearly or yearly premium as per your convenience. This flexibility makes this scheme attractive for every class.
How to return up to Rs 54 lakh?
Suppose, a 25 year old person chooses a sum assured of Rs 20 lakh in LIC Jeevan Labh plan with a term of 25 years. He will have to pay a premium of around Rs 88,910 annually, i.e. only Rs 243 per day for 16 years. On completion of the policy, i.e. at the age of 50, he can get a total amount of up to Rs 54 lakh. This will include basic sum assured, bonus and additional bonuses. This return is much higher than a fixed deposit!
Loan facility also
Another special thing about LIC Jeevan Labh is that you can take a loan against this policy if needed. This facility helps in meeting your financial needs in difficult times. That is, this scheme not only provides investment and insurance, but also becomes a strong support for emergency needs.
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