Because Life Insurance Corporation of India (LIC) keeps coming up with various types of investment schemes to meet the needs of the people of every section of the country. You can invest in LIC’s (Policy No-936) Jeevan Labh plan. This scheme includes many benefits of insurance coverage and savings for the customers. In this, customers can avail a substantial amount of Rs 54 lakh with a monthly investment of only Rs 7,960 per month or approximately Rs 265.

LIC Jeevan Labh plan acts as a dependable financial security for the family in the unfortunate event of death of the policyholder. Moreover, if the policyholder survives till the maturity period, a lump sum amount awaits him. This particular plan also gives the investors the flexibility to choose the desired amount and term for the insurance policy.

265 rupees will have to be saved every day

People in the age group of 18 to 59 years can take advantage of LIC Jeevan Labh policy. Suppose a person chooses to get this policy at the age of 25 years with a Sum Assured of Rs.20 Lakhs and a plan term of 25 years. So on maturity, the policy holder will get an amount of Rs 54 lakh. To accomplish this, the customer will have to pay premiums for 16 years, while the maturity period of the policy is 25 years.

Let us say that if the installment of every month is Rs 7,960, which includes GST, that will cut the investment up to Rs 265 every day. Over the course of 25 years, the total premium paid would be approximately Rs.14,67,118, while the maturity amount would end at Rs.54 lakhs, complete with a final additional bonus of Rs.9 lakhs.

This scheme will be useful in the death of the policy holder

LIC Jeevan Labh policy enables the policy holders to choose premium payment terms of 10, 15 or 16 years term. On completion of the policy term after 16, 21 or 25 years, they will get back the deposited amount. In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the comprehensive benefits of the policy including the Sum Assured and applicable bonuses.

The death benefit in this policy is of vital importance, as it guarantees the return of the sum assured on the death of the policyholder, provided the policy is in force and all premiums are paid in time.

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If you want to get guaranteed returns of safe investment then you can invest in LIC insurance policies. LIC’s Jeevan Labh plan is also one such policy, in which both maturity benefit and death benefit are available.

The maximum age limit for maturity of LIC Jeevan Labh policy has been kept at 75 years. If the policyholder dies during the policy term, the nominee gets the full benefit. Along with the bonus, the nominee is also given the sum assured.

Rules for taking the policy

The minimum age of investment in this plan has been kept at only 8 years. That is, any minor can also take this policy. Also the maximum age for investment is 59 years. This policy can be taken for a period of 16 to 25 years. If a person chooses the policy term for 21 years, then his age should be less than 54 years at the time of taking the policy. At the same time, the age limit of the individual is 50 years for the policy term of 25 years. The maximum age limit for the maturity of the policy has been kept at 75 years.

The nominee gets the benefit on death

If the policyholder dies during the policy term, then the nominee gets the full benefit. Along with the bonus, the nominee is also given the sum assured.

Only Rs 238 will have to be invested.

If you are 25 years old and take Jeevan Labh policy for a period of 25 years, then you have to choose Rs 20 lakh as Basic Sum Assured. In this way your annual premium will be Rs 86,954. That is, you have to invest about Rs 238 every day. When he turns 50 or the policy matures for 25 years, then under the normal life cover benefit, Rs 54.50 lakh will be available.

You can pay premium in 4 ways

LIC Jeevan Labh Insurance Policy Premium can be paid on monthly, quarterly, half yearly and yearly basis. If you pay monthly premium then you have to pay Rs.5,000 per month. If you pay quarterly, your premium will be Rs 15,000. On paying half yearly premium you will have to pay Rs 25000 and if you pay premium only once in a year then you will have to pay Rs 50,000.

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