LIC Jeevan Labh: Invest ₹238 per day and get ₹54 lakh on maturity

A nominal premium paying, non-linked, endowment plan from LIC called Jeevan Labh combines protection with savings. The plan includes both maturity benefit and death benefit. In the event of death of the policyholder within the policy term, maturity benefit will be given to the surviving policyholder, provided all required premiums have been paid. In addition, if you 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”, will be paid to you in a lump sum.

Required eligibility for LIC Jeevan Labh

The minimum entry age for the plan is 8 years and the maximum entry age has been capped at 59 years for a policy term of 16 years, 54 years for a policy term of 21 years and 50 years for a policy term of 25 years. And the maximum maturity age of the plan is 75 years, the minimum sum assured is kept at 2 lakh and there is no limit on the maximum Basic Sum Assured.

Key Benefits of LIC Jeevan Labh

LIC’s Accidental Death and Disability Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider, LIC’s Premium Waiver Benefit Rider, and Settlement Option for Maturity Benefit are some of the rider benefits offered by the plan. This plan comes with 4 payment options, the minimum installment amount for the monthly will be 5000, the minimum installment amount for the quarter will be 15,000, the minimum installment amount for half yearly will be 25,000 and the minimum installment amount for annual will be 50,000 The plan also gives an option to claim the death benefit in installments. The Basic Sum Assured, Vested Simple Reversionary Bonuses, and Final Additional Bonus, if any, will be paid in lump sum on maturity if all required premiums have been paid and the policyholder is alive.

LIC Jeevan Labh Calculator

Let’s say you are 25 years old and you want to choose a premium paying term of 25 years. In this example, you would choose 20 Lakhs as Basic Sum Assured and Pay Annual Premium 86954 (excluding GST), or approx 238 per day. Therefore, assuming that, the total maturity value will be approximately 54.50 lakh under normal life cover benefit, minus rider benefit, when you reach the age of 50 years or the plan matures after 25 years.

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