LIC Policy: Invest Rs 238 daily and get over Rs 54 lakh return on maturity- Eligibility, Benefits

One of the most recognized companies in India for savings and investment plans is the Life Insurance Corporation (LIC). The organisation provides a wide selection of low premium, high return investment opportunities that are most suitable for investors in the low- to middle-income groups. One such scheme is Jeevan Labh, a modest premium paying, non-linked, with-profits endowment plan that offers both security and saving. If the required premiums have been paid, the plan gives maturity benefits and a death benefit if the policyholder passes away during the policy term. The maturity benefit, also referred to as the "Amount Assured on Maturity," is paid to the policyholders as a lump sum if they live to the end of the policy term and have paid all necessary premiums. 

Eligibility for the LIC Jeevan Labh Scheme 

The entry age for Jeevan Labh is 8 years and can go up to 59 years for a policy period of 16 years. The maximum admission has been restricted to 54 and 50 years, respectively, for policy terms of 21 and 25 years. The minimum sum assured is set at 2 lakhs, while the maximum maturity age is 75. The highest fundamental amount promised in this system is, however, unbounded. 

Benefits of the LIC Jeevan Labh Scheme 

In addition to a host of additional features, the Jeevan Labh scheme provides LIC's accidental death and disability benefit rider, new term assurance rider, new critical illness benefit rider, premium waiver benefit rider, and settlement option for maturity benefit. Some of these advantages are optional, and the policyholder may decide not to use them, but others are included in the Jeevan Labh plan. 

The programme also offers four different payment choices for flexibility. A policyholder has the option of paying the premium in a minimum monthly instalment of at least Rs 5,000. With a minimum payment of Rs 15,000, 25,000, or 50,000, respectively, the premiums can also be paid quarterly, half-yearly, or annually. The programme also gives participants the choice to receive death payments in instalments. If the policyholder is still alive and all premiums have been paid on time, the basic sum insured, vested simple reversionary bonuses, and final additional bonuses, if any, will be paid out in a lump sum at maturity. 

Calculations for the LIC Jeevan Labh Scheme 

Let's say a 25-year-old wants to choose this policy's 25-year premium-paying term. He or she must next decide on a basic payment promised of Rs 20 lakh and pay an annual premium of Rs 86,954, or around Rs 238 per day. When the plan matures after 25 years, the total maturity amount under the standard life cover benefit will be Rs 54.50 lakh.