New Delhi: Your Life Insurance policy can help you save money. One such policy for building a corpus can be LIC’s Jeevan Labh plan. It’s an endowment plan from India’s most trusted life insurance company. You pay premiums for a limited time, and it’s not connected to the market. It lets you take part in the company’s profits and helps you save money. If the policyholder dies during the policy term, the family gets financial support. If the policyholder lives through the term, they receive a lump sum of money.
LIC’s Jeevan Labh investment
By depositing just Rs 26 daily, you can receive Rs 5.25 lakh in LIC’s Jeevan Labh Policy. This policy offers two main benefits: Vested Simple Revisionary Bonus and Final Additional Bonus.
You can choose from three different policy periods: 16 years, 21 years, or 25 years. For a 16-year policy, you need to pay premiums for 10 years; for a 21-year policy, it’s 15 years of premiums; and for a 25-year policy, it’s 16 years of premiums.
How to earn more than Rs 5 lakh?
For instance, if someone opts for a 16-year policy with a sum assured of Rs 2 lakh, they would pay a monthly premium of about Rs 794, which is approximately Rs 26 per day. Over the 16 years, they would deposit a total of Rs 1,49,045. The policy matures after 25 years, and at that time, the policyholder would receive over Rs 5 lakh as a lump sum.
Here’s the breakdown of what policy holder would receive: Rs 2 lakh as the sum assured, Rs 2,35,000 as vested simple revisionary bonus, and an additional Rs 90,000 as final additional bonus, totaling Rs 5.25 lakh at maturity.
LIC policies come under Section 80C, which allows policyholders to claim deductions on the premiums paid.
LIC’s Jeevan Labh is an endowment plan. By depositing just Rs 26 daily, you can receive Rs 5.25 lakh in this policy. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
