LIC Jeevan Labh Plan: With the period of time, many insurance providers have entered the market, but even today, a sizable portion of the population prefers to invest in Life Insurance Corporation of India, or LIC. LIC continually introduces new programmes for the nation’s millions of residents. Upper middle class, middle class, and lower class are all included in this. We’re providing you with information on LIC’s Jeevan Labh Plan if you’re looking to make a small investment and get a good fund. Allow us to inform you of the LIC’s Jeevan Labh policy:
What is Jeevan Labh Policy at LIC?
An endowment policy is the Jeevan Labh policy from LIC. It is individual, non-linked life insurance through a participating savings plan. You benefit from savings and protection with this policy. On top of this, the benefit of the sum assured is also added upon the policyholder’s passing. If a policyholder passes away, his family will receive at least 105% of the amount assured.
Know the details of the policy-
This policy was introduced by LIC in 2020. This will receive a minimum Sum Assured of Rs. 2 lakh. However, no upper limit has been established for the total amount. You can purchase this policy if you are between the ages of 8 and 59. This insurance policy has investment terms of 16, 21, and 25 years. The premium can be paid every month, every three months, every six months, or every year. Let us inform you that you can only invest for 16 years if you start investing at the age of 59. Only up to 75 years are allowed as the policy’s maximum maturity limit.
Loan facility-
In this policy, the policyholder benefits from insurance coverage in the event of his death and from a lump sum payment at maturity in the event of his survival. Additionally, by investing in it, you have the option to borrow money against the policy if necessary.
Investment and return calculations
At age 25, you can invest in LIC’s Jeevan Labh policy and receive a return of approximately Rs 54 lakh after 25 years. You must select a plan in this with a minimum sum assured of Rs. 20 lakh. The monthly premium in this is approximately Rs 7,700, and the annual premium is Rs 92,400. If you look at this plan daily in this situation, you will need to put aside about Rs 253 daily. In this case, you will receive the full amount of Rs. 54.50 lakh at the age of 50.
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