LIC scheme: Invest Rs 238 everyday to get Rs 54 lakh on maturity

You can invest in LIC's Jeevan Labh scheme which is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings -- a maturity benefit and a death benefit.

This plan provides financial support for the family in case of the unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Death benefit

In case of death during the policy term, provided all due premiums have been paid, death benefit, defined as the sum of ‘Sum Assured on Death’, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.

Maturity benefit

"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

4 payment options

Monthly minimum installment amount – Rs 5000

Quarterly minimum installment amount – Rs 15,000

Half-yearly minimum installment amount - Rs 25,000

Annually minimum installment amount shall – Rs 50,000. 

How to get Rs 54 lakh by investing Rs 238 each day?

Let's say you're 25 years old and want to select a 25-year premium-paying term.

In this case, you must choose Rs 20 lakh as the basic sum assured and pay an annual premium of Rs 86954 (excluding GST), or nearly Rs 238 each day.

Therefore, the overall maturity value will be around Rs 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.