However, many people stay away from investing in LIC because they feel that its premium is very high. In such a situation, you may like LIC’s policy named Jeevan Anand. The special thing about this policy is that you can create a fund of Rs 25 lakh by investing just Rs 45 daily. The

most special thing about Jeevan Anand policy is that it offers many other benefits. Actually, it is a kind of term policy. Four types of riders are available in this policy. These include Accidental Death and Disability Rider, Accident Benefit Rider, New Term Insurance Rider and New Critical Benefit Rider. If the policyholder dies due to any reason, then the nominee gets 125 percent death benefit of the policy. Keep in mind here that by investing in this policy, the policyholder does not get the benefit of any kind of tax exemption.

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How to create a fund of Rs 25 lakh from Rs 45

Suppose your age is 30 years. You will have to take this policy with a sum assured of Rs 5 lakh. In such a case, you will have to pay a premium of Rs 1341 per month. This premium will be around Rs 45 per day. You will have to invest in this for 35 years. After 35 years, you will get Rs 25 lakh. In this Rs 25 lakh, Rs 5 lakh will be sum assured, Rs 8.50 lakh will be bonus and around Rs 11.50 lakh will be final additional bonus. In this way, you will get a total of Rs 25 lakh.

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LIC Bima Ratna Yojana is a life insurance policy by Life Insurance Corporation of India to provide savings and financial security to the people. This non-participating and non-linked personal life insurance scheme can be purchased from LIC’s Corporate Agents, Brokers, Insurance Marketing Firms (IMFs) and Common Service Centers.

There are many such features in the policy which have been prepared according to the needs of the policyholders. These include flexible premium payment, which can be done monthly, quarterly, half-yearly or annually. A grace period of 30 days has been given for quarterly, half-yearly and annual premiums. While a grace period of 15 days has been given for the premium every month.

Discount on premium

Policyholders can also avail rebate on their premium, 2% rebate is given for annual payment and 1% rebate is given for high annual payment. If the policy lapses, it can be revived within five years from the date of first premium payment. If less than two full years’ premiums have been paid, the policy will lapse after the end of the grace period. If at least two years’ premiums have been paid, the policy will be deemed to be completely void but the policy will continue to be a paid-up policy till the end of the term.

After paying premiums for two full years, the policyholder can surrender the policy, and the surrender value will be equal to the higher of the Special Surrender Value or the Guaranteed Surrender Value. Additionally, the loan can be availed after paying premiums for at least two years.

Death benefit is also available

LIC Bima Ratna plan also offers several benefits, such as death benefit which provides financial assistance to the family of the policyholder after the death of the policyholder. Guaranteed additional amount under death benefit which will be higher of seven times the annualized premium or 125% of the Basic Sum Assured. In this policy, the investors are also given survival benefit, in which a fixed sum assured amount is paid to the surviving policyholder in the respective policy tenure.

The maturity benefit is the Sum Assured on maturity, which is equal to 50% of the Sum Assured. Apart from this, the guaranteed benefit will be paid to the surviving life insurance holder on the date of maturity.

Understand the complete calculation here

The minimum sum assured amount for LIC Bima Ratna plan is Rs 5 lakh, there is no limit on the maximum amount. Whether the policy term is 15 years, 20 years or 25 years, premium paying term of 11 years for policy terms of 15 years, 16 years for policy terms of 20 years and premiums to be paid throughout the tenure for policy terms of 25 years .

In the policy, you will get a guaranteed return of Rs 55 on the sum assured of Rs 1000 from 6th to 10th year. Therefore, on the sum assured of Rs 10 lakh, the guaranteed return after 10 years will be Rs 55 thousand. The maturity benefit for this policy will be Rs 5 lakh, which is 50% of the total sum assured, and add Rs 55,000 to this as an additional benefit.

In case of death of the policyholder during the term of the policy, to his family 12. A death benefit of Rs 5 lakh will be available and Rs 10 lakh as sum assured and Rs 55 thousand as guaranteed return will also be available. This means that the family will get a total of Rs 23.05 lakh.

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Most people in the country consider Life Insurance Corporation of India (LIC) to be the safest option for investment. LIC brings insurance policies keeping in mind every need of the customers. In LIC, you can choose the premium amount, payment time and maturity time according to your needs.

Here you are being told about a similar policy of LIC in which more importance has been given to the safety of the family. LIC’s Jeevan Labh Policy is a limited premium payment non-linked, with profit endowment plan. This plan provides financial support to the family in case of the unfortunate death of the policyholder at any time before maturity and a substantial corpus to the surviving policyholder. In a way, by investing Rs 260 daily in this policy, you can get Rs 54 lakh on maturity.

Benefits of LIC Jeevan Labh Policy

If the life assured is alive till the maturity of the Jeevan Labh policy plan, he/she gets full Sum Assured along with Reversionary Bonuses and Final Additional Bonus. The insured pays the premium for the time period of 10, 13 and 16 years. They will get money on maturity after 16 to 25 years. The minimum age for taking LIC Jeevan Labh policy is 8 years and the maximum age is 59 years. A person aged 59 years will get only insurance with maturity of 16 years. So, that the age of the insured at the time of maturity does not exceed 75 years.

Will get Rs 54.50 lakh on maturity – this is the complete calculation

If you are 25 years old and you buy LIC Jeevan Bima Labh policy for a maturity period of 25 years, you will get Rs 54.50 lakhs on maturity. For this, you will have to pay around 20 lakh rupees in 25 years for basic insurance. That is, you will have to pay a premium of around Rs 92,400 annually. If this premium is calculated on a daily basis, then about Rs 260 is made daily. After this you will get Rs 54.50 lakh on maturity.

LIC Jeevan Labh Policy

This is a non-linked plan from the stock market. Means, its money is not invested in the stock market. If the insured dies before the maturity of the plan, then this plan gives money to the family. If the insured is alive till the maturity of the policy, then he gets the money. LIC’s Jeevan Labh plan has to pay premiums for a limited period of time.

The post LIC Policy: On depositing Rs 260 in LIC’s policy, you will get 54 lakhs, along with these benefits first appeared on Rightsofemployees.com.