Life Insurance Corporation of India (LIC) is the largest insurance company in the country.
LIC’s insurance policies provide both savings and protection.
The money invested in LI remains completely safe.
New Delhi. Life Insurance Corporation of India (LIC) is the largest insurance company in the country. LIC’s insurance policies provide both savings and protection. This is the reason why LIC policies are very popular among the people. LIC’s Jeevan Labh plan is also one such policy, in which both maturity benefit and death benefit are available.
The minimum investment age in this scheme has been kept only 8 years. That is, any minor can also take this policy. Also the maximum age for investment is 59 years. This policy can be taken for a period of 16 to 25 years. If a person chooses the policy term for 21 years, then for this his age should be less than 54 years at the time of taking the policy. At the same time, the age limit of the individual is 50 years for the policy term of 25 years. The maximum age limit for the maturity of the policy has been kept at 75 years. If the policyholder dies during the policy term, the nominee gets the full benefit. Along with the bonus, the nominee is also given the sum assured.
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If you are 25 years old and take Jeevan Labh policy for a term of 25 years, then you have to choose Rs 20 lakh as Basic Sum Assured. In this way your annual premium will be Rs 86,954. That is, you have to invest about Rs 238 every day. When he turns 50 or the policy matures for 25 years, then under the normal life cover benefit, Rs 54.50 lakh will be available.
You can pay premium in 4 ways
You can pay the premium of LIC Jeevan Labh Insurance Policy on monthly, quarterly, half yearly and yearly basis. If you pay monthly premium then you have to pay Rs.5,000 per month. If you pay quarterly, your premium will be Rs 15,000. On paying half yearly premium you will have to pay Rs 25000 and if you pay premium only once in a year then you will have to pay Rs 50,000.
Tags: insurance, Life Insurance Corporation of India (LIC), Money Making Tips, Personal finance
FIRST PUBLISHED : July 18, 2022, 15:15 IST