New Delhi: When it comes to purchasing insurance plans, Indians frequently turn to the Life Insurance Corporation, or LIC, of India. Because of this, the LIC has carefully selected particular strategies for a particular population. The government-backed company offers a wide range of insurance programmes for persons of practically all ages and classifications. After bank FDs and post office savings plans, LIC policies are a favourite among Indians who enjoy investing in risk-free assets because of their relatively high returns. It is advantageous to choose this choice since the interest rate is not influenced by changes in the stock market, particularly when those markets are turbulent like they are right now.
A limited premium paying, non-linked, with-profits endowment plan from LIC called Jeevan Labh combines protection with savings. In the terrible event that the policyholder passes away before maturity, this plan offers financial help to the family and, for the surviving policyholder, a lump sum payment at maturity. Through its credit facility, this plan also addresses liquidity requirements. Read More: Apple iPhone 13, iPhone SE 2022 surpasses Samsung and Xiaomi to become the best selling smartphones
The LIC Jeevan Labh policy’s minimum sum assured is Rs. 2 lakh. Depending on the length of the premium payment, one can pay for 10, 15, or 16 years and receive the maturity amount after 16 to 25 years. The LIC Jeevan Labh Policy has an eight-year minimum eligibility age and a 59-year maximum entry age for a 16-year maturity period. This means that when the LIC Jeevan Labh plan matures, the policyholder cannot be older than 75. Read More: Gold price today, June 24: Gold rates drop by Rs 310; Check how much it costs in Delhi, Patna, Lucknow, Kolkata, Kanpur, Kerala and other cities
LIC Jeevan Labh policy
The LIC Jeevan Labh Policy has a wide range of advantages. The basic sum assured, vested simple reversionary bonuses, and final additional bonuses, if any, will be paid out in a lump sum upon policy maturity, provided that all required premiums have been paid and the policyholder is still alive. On the other hand, the nominee will get the sum assured upon death, which is seven times greater than the absolute amount assured, if the policyholder passes away.
You can receive up to Rs 54.50 lakh at maturity if you are 25 years old and purchase the LIC Jeevan Labh insurance for a 25-year maturity period. You must choose Rs. 20 lakh as the basic sum promised and pay a yearly premium of Rs. 92,400, or around Rs. 253 per day. The total maturity value will be Rs 54.50 lakh after 25 years. This is how the LIC Jeevan Labh policy allows your modest investment to go a long way.