LIC Savings Scheme: People want to invest their money safely and profitably, so they constantly explore different investment options. There are many savings schemes available in the market today, but not every plan offers security and guarantees. In such a situation, the plans of the Life Insurance Corporation of India (LIC) are considered reliable. LIC offers several policies for its customers at every age. One of these is the LIC Jeevan Labh policy, which offers both savings and protection. Investing in this policy provides a lump sum payment upon maturity.
What is the Jeevan Labh Policy?
LIC Jeevan Labh is an endowment plan offered as a non-linked, individual life insurance savings scheme. In this policy, upon the death of the policyholder, their family is given a benefit of at least 105 percent of the sum assured. The investment period in this plan is 16 years, 21 years, or 25 years.
How to Build a Large Fund
The minimum age for this policy is 18 years, and the maximum age is 59 years. For example, if a person takes out an LIC Jeevan Labh policy at the age of 25, they will have to pay a monthly premium of approximately ₹7,572. This translates to a total annual savings of approximately ₹90,867.
The policyholder invests approximately ₹20 lakh over the entire term. At the end of the policy term, they can receive a corpus of approximately ₹54 lakh. This amount includes the sum assured, reversionary bonus, and final additional bonus.
Special Features of the Jeevan Labh Policy
In this plan, the policyholder pays premiums for 10, 13, or 16 years, and in return, they are paid the maturity amount after completing a period of 16 to 25 years. Individuals aged 59 years and older can choose a 16-year policy, which keeps the maturity age at 75 years.
The biggest advantage of this plan
If the policyholder dies due to any reason during the policy term, the nominee receives the full benefit of the sum assured plus bonuses. This is why the death benefit of this policy makes it even more secure.
Learn about premium payment options
If you purchase a policy at the age of 59, the investment term remains 16 years. Premiums can be paid monthly, quarterly, half-yearly, or annually. The maximum maturity age for this policy is 75 years.
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