LIC is the largest insurance company in the country. It launches insurance products keeping in mind the needs of the countrymen. It launches many such policies, under which the policyholder gets good returns along with life cover. LIC Jeevan Labh policy is one such policy. Actually, it is an endowment policy, in which the option of saving along with insurance cover is also available.
Let’s know about this policy
LIC launched this product on February 1, 2020. It is a non-linked, participating, individual, life assurance savings plan, in which you get attractive protection as well as savings features. Financial assistance is provided to the family if the policyholder investing in this scheme dies in an unfortunate manner before maturity and the policyholder is given a lump sum amount on his survival. The policyholder can also take a loan under this scheme. In such a situation, liquidity has been taken care of under this policy.
Policy term
This policy comes with three terms. You can invest in this scheme with maturity of 16 years, 21 years and 25 years. The premium paying term is 10 years, 15 years and 16 years. The investment premium in this plan can be paid on monthly, quarterly, half yearly and yearly basis.
Investment Age
Anyone in the age group of 8 to 59 years can invest in this scheme. However, if you pay premiums on a monthly basis, you get a grace period of 15 days for late payments. If you pay premiums on quarterly, half-yearly and yearly basis, you get a grace period of 30 days. On the death of the investor, an amount equal to the sum assured is given to the nominee.
Input Range
You can invest a minimum sum assured of Rs 2 lakh in this scheme. However, no maximum limit has been fixed for this. You also get income tax exemption by investing in this scheme.
Know how to get 20 lakh rupees
According to the calculator available on LIC’s website, if you choose a sum insured of Rs 20 lakh, you will have to invest Rs 7,916 (approximately Rs 262 per day) in the LIC Jeevan Labh policy, with tax (premium paid) for 16 years. period) is included. , With this, the maturity period of 25 years has to be chosen. In such a situation, you can get a guarantee of Rs 20 lakh on maturity. If you keep this policy till maturity and if you get two bonuses then you can get a total of Rs 37 lakhs.
