New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.
LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. (Also read: Get Rs 58,950 pension whole life by paying single premium)
The Jeevan Labh policy, provides the policyholder a combination of financial protection against death any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. (Also read: Invest as little as Rs 29 per day to get lakhs of rupees on maturity)
LIC Jeevan Labh Policy Calculation
If you are 25 years old and buy the LIC Jeevan Labh Policy for a 25-year maturity period, you could receive up to Rs 54.50 lakh at maturity. For this, you need to select a basic amount of Rs 20 lakh and pay an annual premium of Rs 92,400, or around Rs 253 each day. After 25 years, the entire maturity value will be Rs 54.50 lakh.
LIC Jeevan Labh Policy Advantages
Jeevan Labh Policy offers numerous benefis. Upon maturity, if all required premiums have been paid and the policyholder is still alive, a lump sum payment will be made that includes the basic sum insured, vested simple reversionary bonuses, and final supplementary bonuses, if applicable.
LIC Jeevan Labh Tax Benefits
Section 80C of the Income Tax Act of 1961 applies to every premium payment you make for the life insurance policy. You can save about Rs 46,800 if you invest about Rs 1.5 lakhs over the course of a year.