Life Insurance Corporation of India (LIC) schemes are always popular among investors because they offer safe investment and also give good returns.
If you want to build a large fund by investing just ₹150 every day, then a special LIC scheme can be very helpful for you. Let us understand this scheme in simple words and know how it works.
LIC Jeevan Labh Plan: A Simple Way to Build a Big Fund
LIC’s Jeevan Labh Plan is a limited premium endowment plan. It gives life insurance and savings benefits together. This plan is good for people who want to save money for the future with small monthly investments. It not only protects your family but also gives good returns when the policy ends.
If you invest 150 rupees every day, it becomes 4,500 rupees in a month and about 54,000 rupees in a year. If you choose a policy term of 25 years and pay the premium for 16 years, your money can grow into a big amount. You get the maturity amount along with a bonus and final addition. This can give you a fund of around 19 lakh rupees.
This plan gives you many benefits. You can choose to pay the premium for 10, 15, or 16 years. The policy term can be 16, 21, or 25 years. If the policyholder dies during the policy term, the nominee gets the sum assured and bonuses. If the policy continues till the end, the policyholder will get the maturity amount with guaranteed bonus and other additions.
There are also tax benefits in this plan. You can get up to 1.5 lakh rupees tax exemption under Section 80C. The maturity amount is also tax-free under Section 10(10D).
Another good plan from LIC is Jeevan Utsav. It is a whole life insurance plan. It gives regular income or flexible income. This plan is also helpful in the long term and gives good returns.