There are three investment options available in LIC’s Jeevan Labh policy. On this you get many other benefits including loan facility. The insured can opt for it as per his wish.
If you want to invest money in a good scheme for a long time, then LIC’s Jeevan Labh policy can be beneficial for you. In this insurance policy, there is benefit on savings along with protection. Under this policy, with an investment of just Rs 200 per day, you can get up to Rs 17 lakh on maturity.
The good thing about the plan is that in case of sudden death of the policyholder, the amount goes to the nominee. In this, you get three options, you can take a policy for a term of 16 years, 21 years or 25 years. LIC Jeevan Labh policy can be taken for a child who is at least 8 years old.
Benefits of the scheme
1. Under Jeevan Labh policy, you can get loan facility if you pay premium for 3 consecutive years.
2. If you want to surrender the policy for any reason, you can do so after three years.
3. You will also get exemption under section 80C of Income Tax in the policy.
4. Some other benefits can also be available in this policy of LIC, which includes accident cover.
how much premium will be paid
If you take a policy for 16 years, then you have to pay premium for 10 years. On the other hand, for a policy of 21 years, for 15 years and for a policy of 25 years, the premium has to be paid for 16 years. Suppose a 30 year old person takes this policy for 16 years for a sum assured of Rs 10 lakh. He has to pay premium for 10 years. Every day he has to invest Rs 200.
How to get 17 lakhs
The person who has paid a premium of Rs. 8.22 lakh in 10 years will get Rs. 10 lakh as sum assured after 16 years and a revisionary bonus of Rs. 6,88,00. Also, Rs 25000 will be given as final additional bonus, so the total amount will be Rs 17,13,000. In 10 years, instead of Rs 8,22,900, you will get Rs 17,13,000 on maturity.
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