Home / Money / Personal Finance /  LIC Jeevan Labh: Invest 238 daily and get 54 lakhs on maturity

A modest premium paying, non-linked, with-profits endowment plan from LIC called Jeevan Labh combines security with savings. Both a maturity benefit and a death benefit are included in the plan. The maturity benefit will be given to the surviving policyholder in the event of the policyholder's death within the policy term, given that all required premiums have been paid. In addition, if you survive to the end of the policy term and all required premiums have been paid, the maturity benefit, also known as the "Sum Assured on Maturity," will be paid to you in one lump sum.

Eligibility required for LIC Jeevan Labh

The minimum entry age for the scheme is 8 years and the maximum entry age is kept at 59 years for a policy term of 16 years, 54 years for a policy term of 21 years and 50 years for a policy term of 25 years. And the maximum maturity age of the scheme is 75 years, the minimum sum assured is kept at 2 lakhs and there is no limit on the maximum basic sum assured.

Key benefits of LIC Jeevan Labh

LIC's Accidental Death and Disability Benefit Rider, LIC's New Term Assurance Rider, LIC's New Critical Illness Benefit Rider, LIC's Premium Waiver Benefit Rider, and Settlement Option for Maturity Benefit are some of the rider advantages offered by the plan. The scheme comes with 4 payment options, for monthly the minimum installment amount shall be 5000, for quarterly the minimum installment amount shall be 15,000, for half-yearly the minimum installment amount shall be 25,000 and for annually the minimum installment amount shall be 50,000. The scheme also allows an option to claim death benefits in installments. The basic sum assured, vested simple reversionary bonuses, and final additional bonuses, if any, will be paid out in a lump sum at maturity if all required premiums have been paid and the policyholder is surviving.

LIC Jeevan Labh Calculator

Let's say you're 25 years old and want to select a 25-year premium-paying term. In this instance, you must choose 20 lakh as the basic sum assured and pay an annual premium of 86954 (excluding GST), or nearly 238 each day. Therefore, assuming this, the overall maturity value will be around 54.50 lakh under the normal life cover benefit, minus the rider benefit, when you reach the age of 50 or the plan matures after 25 years.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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