LIC is the largest insurance company in the country and launches many policies under which the policyholder gets good returns along with life cover. LIC Jeevan Labh Policy is one such policy. It is an endowment policy, in which the option of saving is also available with insurance cover.
This policy was launched by LIC on February 1, 2020. This is a non-linked, participating, individual, life assurance savings plan, in which you get savings features along with attractive protection. Financial support is provided to the family in case the policyholder who invests in this scheme dies in an unfortunate way before maturity and a lump sum amount is given to the policyholder on his/her survival. The policyholder can also take a loan under this scheme.
LIC Jeevan Labh: Policy Term
This policy comes with three terms. You can invest in this scheme with a maturity period of 16 years, 21 years, and 25 years. The premium paying term is 10 years, 15 years, and 16 years. The premium for investing in this scheme can be paid on a monthly, quarterly, half-yearly, and yearly basis.
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LIC Jeevan Labh: 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 a 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.
LIC Jeevan Labh: Investment limit
You can invest in this scheme for a minimum sum assured of Rs 2 lakh. However, no maximum limit has been fixed for this. You also get an exemption in income tax on investment in this scheme.
LIC Jeevan Labh: Know how to get 20 lakh rupees
According to the calculator available on LIC’s website, if you choose Sum Insured of Rs 20 lakh, then you will have to invest Rs 7,916 (approximately Rs 262 per day) in LIC Jeevan Labh Policy including tax for 16 years (premium payment term). With this, a maturity period of 25 years has to be chosen. In such a situation, you can get a guaranteed 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.
