LIC Jeevan Labh is an endowment plan with a limited premium pay and non-linked profits. In this, along with savings, you get the benefit of security. Along with this, loan facility is also provided. LIC Jeevan Benefit can be availed by any person between the age of eight years to 59 years.
LIC Jeevan Labh: Many insurance schemes are run by the country’s largest insurance company, LIC i.e. Life Insurance Corporation, in which people get the opportunity to invest along with insurance. One such scheme is LIC Jeevan Labh. In this, policy holders get the protection of insurance along with savings.
What is LIC Jeevan Labh?
LIC Jeevan Labh is a limited premium pay, non-linked, with-profits endowment plan. In this, one gets the benefit of security along with savings. In case of sudden death of the policyholder during the term of this plan and if the policyholder survives till the maturity of the policy, then a lump sum amount is given to the family by the company. Along with this, loan facility is also provided.
What are the benefits of LIC Jeevan Labh?
The biggest benefit of LIC Jeevan Benefit is death benefit. If the policy holder dies during the term of the plan, his dependents are paid 10 times the annual premium and the death benefit can never be less than 105 percent of the premiums paid so far. However, for this the policy premium must be paid on time.
Apart from this, if the policyholder survives till maturity. Along with the basic sum assured, one gets the benefit of bonus and additional bonus. All these are given lump sum to the policy holder at the time of maturity.
You can start with a sum assured of Rs 2 lakh
LIC Jeevan Benefit can be availed by any person between the age of eight years to 59 years. To take the policy, a minimum sum assured of Rs 2 lakh will have to be taken. There is no maximum limit.
It is divided into three parts on the basis of time and premium payment. 1st – (16/10), 2nd – (21/15) and 3rd – (25/16). In this, the option of premium is given on monthly, quarterly, half yearly and yearly basis.
How to get benefit of Rs 54 lakh?
If a 25-year-old person chooses a 25-year term plan with a sum assured of Rs 20 lakh, he will have to pay a premium of Rs 88,910 annually or approximately Rs 243 per day for 16 years. Thus, at the age of 50 years, he will get a benefit of up to Rs 54.00 lakh.
