New Delhi: Life Insurance Corporation of India (LIC) comes out with a variety of insurance policies to suit individual needs and preferences.
LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profit endowment plan that offers a combination of protection and savings. (Also Read: Pay Single Premium Rs 58,950 Pension For Lifetime)
Jeevan Labh policy provides financial protection to the policyholder against death at any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. (Also Read: Invest At Least Rs.29 A Day To Get Lakhs Of Rupees On Maturity)
LIC Jeevan Labh Policy Calculation
If you are 25 years old and buy LIC Jeevan Labh policy for a maturity period of 25 years, you can get up to Rs 54.50 lakh on maturity. For this, you have to choose a principal amount of Rs 20 lakh and pay an annual premium of Rs 92,400 or around Rs 253 per day. After 25 years, the full maturity value will be Rs 54.50 lakh.
Benefits of LIC Jeevan Labh Policy
Jeevan Labh policy offers many benefits. On maturity, if all required premiums have been paid and the policyholder is still alive, a lump sum payment will be made which includes Basic Sum Assured, Vested Simple Reversionary Bonuses and Final Supplementary Bonus, if applicable.
LIC Jeevan Labh Tax Benefits
Section 80C of the Income Tax Act 1961 applies to every premium payment made by you for a life insurance policy. If you invest around Rs 1.5 lakh in a year, you can save around Rs 46,800.