LIC policies offers impressive returns with safety on investments, offering investors a chance to secure their retirement.
New Delhi: Life Insurance Corporation of India (LIC) offers a slew of policies providing impressive returns with safety on investments, offering investors a chance to secure their retirement. Individuals in the early stages of their career can start investing in LIC policies to make sure that they retire with enough cash to spend old age with all the comfort they wish for. But that’s not all, as LIC policies also offer sum assured that could prove useful to family members in the unfortunate event of the policyholder’s demise.
In one such scheme called LIC Jeevan Labh Policy, investors can get lakhs of rupees at the time of maturity by investing a little today. For instance, the policy allows investors to opt for an option that can provide them with about Rs 20 lakh if they continuously invest roughly about Rs 251.7 per day without fail.
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The investment plan offers income tax savings under Section 80C of the Income Tax Act, meaning that investors can opt for the option to maximise their savings with income tax returns.
LIC Jeevan Labh Policy Sum Assured
The minimum sum insured in the LIC Jeevan Labh Scheme is Rs 2 lakh. There’s no upper limit on the sum assured. But by increasing the sum assured, you will have to pay more in monthly premiums.
LIC Jeevan Labh Policy Age Limit
The minimum age to invest in LIC Jeevan Labh Policy is 8 years, while the maximum age of entry to the scheme is 59 years for a policy term of 16 years, 54 years for a policy term of 21 years, and 50 years for a policy term of 25 years.
Policyholders can choose between a maturity period ranging between 16 to 25 years. The premium paying period can also range from 10 to 16 years. Investors can pay premiums regularly on a monthly, quarterly, half-yearly, and yearly basis. Investors also get a grace period of 15 days for monthly payments.
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How to get Rs 20 lakh by investing in LIC Jeevan Labh policy:
Investors can start investing early in LIC Jeevan Labh policy to get maximum returns. For instance, if an investor pays about Rs 251.7 per day for 16 years, then the individuals will receive about Rs 20 lakhs on maturity after 25 years.
