LIC Policy: Get Over Rs 54 lakh Return on Maturity if you Invest Rs 238 Daily; Eligibility, Benefits

The Life Insurance Corporation (LIC ) is one of the most trusted names when it comes to saving and investment schemes in India. The company offers a varied range of low premium high returns schemes that are best suited for investors from low to middle-income groups. One such scheme is Jeevan Labh, a modest premium paying, non-linked, with-profits endowment plan that offers both security and saving. The scheme offers maturity benefits and a death benefit in the event of the demise of the policyholder within the policy term, provided required premiums have been paid. When the policyholders survive to the end of the policy term and all required premiums have been paid, the maturity benefit, also known as the “Sum Assured on Maturity,” is paid to them in one lump sum.

LIC Jeevan Labh Scheme: Eligibility

For a policy term of 16 years, the entry age of Jeevan Labh is 8 years which goes up to 59 years. For policy terms of 21 and 25 years, the maximum entry has been capped at 54 and 50 years respectively. The maximum maturity age is 75 years whereas the minimum sum assured is kept at ₹2 lakhs. However, there is no limit on the maximum basic sum assured in this scheme.

LIC Jeevan Labh Scheme: Benefits

The Jeevan Labh scheme offers LIC’s accidental death and disability benefit rider, new term assurance rider, new critical illness benefit rider, LIC’s premium waiver benefit rider, and settlement option for maturity benefit among many other benefits. While some of these benefits are optional and the policyholder may choose to opt out, others are parts of Jeevan Labh

The scheme also comes with the flexibility of payment with four options. A policyholder may choose to make the premium payment in a minimum monthly instalment that shall not be less than Rs 5,000. Alternatively, the premiums can also be paid quarterly, half-yearly or annually with a minimum payment of Rs 15,000, Rs 25,000 and Rs 50,000 respectively. The scheme also allows an option to claim death benefits in instalments. The basic sum assured, vested simple reversionary bonuses, and final additional bonuses, if any, will be paid out in a lump sum at maturity if the policyholder is alive and all premiums have been paid on time.

LIC Jeevan Labh Scheme: Calculation

Let’s assume a 25-year-old wants to opt for 25-year premium paying term under this policy. Then, he or she has to choose Rs 20 lakh as the basic sum assured and pay an annual premium of Rs 86,954 or nearly Rs 238 per day. The overall maturity amount will come to Rs 54.50 lakh under the normal life cover benefit, when the plan matures after 25 years.

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