LIC scheme: The Life Insurance Corporation of India (LIC) offers a multitude of schemes and policies tailored to cater to the needs of customers across all age groups. Among these, the LIC Jeevan Labh Plan (Table-936) stands out as a remarkable option, combining the advantages of insurance coverage and savings. With a mere monthly investment of Rs 7,960 or around Rs 265 every-day, individuals can avail themselves of a substantial sum of Rs 54 lakh.
The LIC Jeevan Labh Plan serves as a dependable financial safeguard for the family in the unfortunate event of the policyholder's demise. Moreover, if the policyholder survives till the maturity period, a lump-sum corpus awaits them. This particular scheme also grants investors the flexibility to select the desired amount and duration for the insurance policy.
Applicable to individuals aged between 18 and 59, the LIC Jeevan Labh policy provides an illustrative example. Suppose someone chooses to acquire this policy at the age of 25, with a total sum assured amount of Rs 20 lakh and a 25(16) year plan. In this scenario, the maturity amount would be a remarkable Rs 54 lakh. To accomplish this, the insured individual would need to pay premiums for 16 years, while the policy's maturity period spans 25 years. Consequently, the monthly premium amounts to Rs 7,960, inclusive of GST which would cut down to investing up-to Rs 265 every-day. Over the course of 25 years, the total premium paid would approximate Rs 14,67,118, while the maturity amount would culminate at Rs 54 lakh, complemented by a final additional bonus of Rs 9 lakh.
The LIC Jeevan Labh policy enables insurance holders to opt for premium payment terms spanning 10, 15, or 16 years. Upon the completion of the policy term after 16, 21, or 25 years, they will receive the accumulated corpus.
In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the comprehensive benefits of the policy, including the sum assured and any applicable bonuses. The death benefit holds significant prominence within this policy, as it guarantees the return of the sum assured upon the policyholder's demise, provided that the policy remains intact and all premiums are paid punctually.
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