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LIC Jeevan Benefits: Many insurance schemes are run by the country's largest insurance company LIC i.e. Life Insurance Corporation, in which people get the opportunity to invest along with insurance. One such plan is LIC Jeevan Labh. In this, policy holders get the protection of insurance along with savings.
What is LIC Jeevan Labh?
LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan. In this, along with savings, one also gets the benefit of security. In case of sudden death of the policyholder during the term of this plan and if the policyholder survives till the maturity of the policy, a lump sum amount is given to the family by the company. Along with this, loan facility is also provided.
What are the benefits of LIC Jeevan Labh?
The biggest benefit of LIC Jeevan Benefit is the death benefit. If the policy holder dies during the term of the plan, his dependents are paid 10 times the annual premium and the death benefit can never be less than 105 percent of the premium paid so far. However, for this the policy premium will have to be paid on time.
Apart from this, if the policyholder survives till maturity. Along with the basic sum assured, the benefit of bonus and additional bonuses is also available. All these policy holders are given a lump sum amount at the time of maturity.
You can start with a sum assured of Rs 2 lakh
LIC Jeevan Benefit can be availed by anyone between the age of eight years to 59 years. To take the policy, a minimum sum assured of Rs 2 lakh will have to be taken. There is no maximum limit.
It is divided into three parts based on time and premium payment. First-(16/10), Second-(21/15) and Third-(25/16). In this, the option of premium is given on monthly, quarterly, half-yearly and annual basis.
How to get the benefit of Rs 54 lakh?
If a 25-year-old chooses a 25-year term plan with a sum assured of Rs 20 lakh, he will have to pay a premium of Rs 88,910 annually for 16 years or about Rs 243 per day. In this way, at the age of 50, he will get a benefit of up to Rs 54.00 lakh.