In LIC’s life benefit policy, along with better returns on maturity, there is also the benefit of bonuses. Apart from this, there is also the benefit of other things including Death Benefit.
Life Insurance Corporation of India
LIC’s policy is considered better for investing money safely. If you want to get more than 5 lakhs on maturity by paying less premium then LIC Jeevan Labh is a better policy. In this, you can get good returns by investing just Rs 800 every month. Apart from this, bonus and other things are also available in this policy, including death benefits.
Under LIC Jeevan Benefit Policy, the company gives bonuses to the policyholders.
People from 8 years old to 54 years can invest in this scheme. According to the policy rules, if a 54-year-old person takes it, then the maximum policy period will be 21 years. There is an even sum assured of at least Rs 2 lakh. While there is no limit on the maximum sum assured.
How many years will the policy be
LIC Jeevan Benefit Policy is for three periods. Which includes 16 years, 21 years and 25 years. For these periods, you have to pay premium for 10, 15 and 16 years respectively. But you will get the maturity amount only after the completion of the policy term. For example, if you are 30 years old and you buy a sum assured of Rs 2 lakh, then the term of the policy will be 25 years.
Benefits of the scheme
In this policy of LIC, the investor gets Accidental Death and Disability, Accident Benefit, New Term Assurance and New Critical Illness Rider Benefit. That is, if the policyholder dies or is physically incapacitated in an accident, then the company will provide financial help for this. This claim can be taken by the nominee in addition to the investor. There is also the benefit of bonus in this. In this, you will get a bonus of Rs 47 per 1000 rupees.
How to get 5.25 lakh rupees
If you take the life benefit policy of LIC at the age of 30 years and the sum assured is Rs 2 lakh, then the term of the policy will be 25 years. In this case, you have to pay a premium of about 800 rupees every month. Your total investment will be 1.5 lakh rupees. You will get a bonus of 47 rupees per 1000 rupees. Your total bonus amount will be 2.35 lakhs in 25 years. Apart from this, you will get 90000 rupees more as final additional bonus on maturity, because LIC gives a bonus of 450 rupees per thousand. In this context, you will get a total amount of 5.25 lakh rupees.
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