LIC Jeevan Labh Plan By paying a premium of Rs 233, you can get the benefit of Rs 17 lakh, know details: A good investment brings good returns. Many people look for various investment options to secure their future. Some people deposit their money in Fixed deposits, while some people invest it in the stock market. However, both have their advantages and disadvantages.
LIC Jeevan Labh Plan
You do not get that much profit in Term deposits, whereas the risk is high in the stock market. In such a situation, today we are going to tell you about such a special plan of LIC (Life Insurance Corporation), by investing in which you can get good returns at low risk. The name of this special policy of LIC is LIC Jeevan Labh Policy.
In this, you can get returns of up to Rs 17 lakh by investing just Rs 233 per month. This is a very good scheme for low-income people. In this episode, let us know in detail about LIC Jeevan Labh Scheme.
Life Insurance Corporation Of India
It is a non-linked scheme. There are many benefits of this plan of LIC (Life Insurance Corporation). In this, you can get good returns with less investment. Financial assistance for the family is also provided under this policy (LIC Jeevan Labh Plan) in case of the unfortunate death of an individual before maturity.
After purchasing this plan (LIC Jeevan Labh Policy), you can also take advantage of the facility of loan. Buying a policy will give you both savings and protection. This plan (LIC Jeevan Labh) can be bought only by people between the age group of 8 to 59 years. Its insurance term is between 16 to 25 years.
At the same time, the minimum amount of plan cover is Rs 2 lakh. The maximum amount has not been fixed. You can avail of the loan facility under this policy (LIC Jeevan Labh Policy) even after paying the premium for about three years. In case of unfortunate death of the policyholder, the nominee also gets Sum Assured and Bonus benefits. On maturity, a lump sum amount is paid to the policyholder.
LIC Jeevan Labh Benefits
The major benefits of the LIC Jeevan Labh Policy are as follows:-
Maturity Benefit – On maturity of the policy, the policyholder will receive the Sum Assured on Maturity as a lump sum, which is equal to the Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Death Benefit – Death benefit is paid as the sum of ‘Sum Assured on Death’ plus Simple Reversionary Bonus and Final Additional Bonus (if any). The Sum Assured on Death is the highest of the annual premiums paid or 10 times the Basic Sum Assured. The death benefit shall not be less than 105% of the total premium amount paid till the date of death.
Profit sharing –
This policy (LIC Jeevan Labh Plan) is participatory in nature and the policyholders are entitled to receive a Simple Reversionary Bonus declared by the company when it is in full force. A final additional bonus can also be given when a claim for maturity or death is filed.
Tax Benefits – Tax benefits are available as per relevant sections of the Income Tax Act, 1961.
Loans – Loans are available as per the table given in the ‘Key Features’ section above.
Discount – In terms of premium frequency, 2% of the annual premium and 1% of the half-yearly premium payment is given as a discount. Sum Assured from Rs 2 lakh to Rs 4.9 lakh gets a rebate of 1.25% of Basic Sum Assured, Rs 10 lakh to Rs 14.9 lakh 1.50%, and Rs 15 lakh and above gets a rebate of 1.75%.
Surrender value –
The Life Insurance Corporation can be surrendered at any time during the policy term subject to payment of premiums for at least 3 consecutive years. The Guaranteed Surrender Value will be equal to the total amount of premiums paid (minus any additional charges such as underwriting judgment or rider premiums) multiplied by the Guaranteed Surrender Value factor. The Guaranteed Surrender Value Factor at various points in the policy (LIC Jeevan Labh Plan) term is as follows.