In LIC Jeevan Labh Scheme, on the death of the policyholder, the insurance amount is returned to his family but the condition is that the policy has never been broken and all the premium installments have been paid regularly.
Life Insurance Corporation of India (LIC) runs many beneficial schemes for its customers. Each scheme has its own merit. Everyone’s premium and maturity benefit are also different. We are going to tell you about one such plan of LIC, whose name is LIC Jeevan Labh.
LIC Jeevan Labh offers the benefits of both protection and savings. It is a limited premium paying and non-linked plan.In this scheme, in case of death of the policyholder at any time before maturity, there is financial assistance for his family. Also, it provides a lump sum amount after maturity for the surviving policyholder. Not only this, if you take this scheme then you also get loan facility if needed in future.
Features of LIC Jeevan Labh
Death benefit is the biggest benefit of this policy. In this, the sum assured is returned on the death of the policyholder, provided the policy has not broken and all the premiums have been paid. In this policy, on the death of the policyholder, the sum assured is available at 7 times the annual premium. This death benefit shall not be less than 105% of all premiums paid till the date of death. This will not include any tax or any additional amount levied for the policy.
What is the premium of LIC Jeevan Labh?
The minimum basic sum assured under this policy is Rs 2,00,000, while there is no limit on the maximum amount. For 16 year policy, the minimum age of the policyholder should be between 8 years and maximum age of 59 years. The maximum age is 54 years for a 21 year policy and 50 years for a 25 year policy.
The maximum maturity age of the scheme is 75 years. Five optional riders can also be opted for under the policy by paying additional premium. The policyholder can choose between LIC’s Accidental Death and Disability benefits.
The plan has four payment options – Rs 5,000 monthly, Rs 15,000 quarterly, Rs 25,000 half-yearly and Rs 50,000 annually. You can choose any option as per your convenience. If a 25-year-old person buys this policy for 25 years, then his basic sum assured will be Rs 20 lakh.
Accordingly, he will have to pay a premium of Rs 86,954 annually or approximately Rs 238 per day. Thus, at the age of 50 years or maturity of the plan, the total maturity value of the policy will be Rs.54.50 lakhs.
