LIC Policy: Invest Rs 252 per day to get Rs 20 lakh on maturity, check details

New Delhi: If you’re looking to put your money in an investment scheme that offers decent returns with safety on investments, then Life Insurance Corporation of India’s (LIC) Jeevan Labh Policy could be the right fight for you. By investing a little in LIC Jeevan Labh Policy, you can get up to lakhs of rupees at the time of maturity. 

For instance, in one such option in the LIC Jeevan Labh Policy, you can get Rs 20 lakh at the time of maturity by investing as little as Rs 251.7 per day. The investment plan offers limited premium paying options with protection and income tax savings. 

However, you need to understand the complete details of the investment plan before planning your investment. Here are all the details related to LIC Jeevan Labh Policy: 

In the LIC Jeevan Labh Scheme, the minimum sum insured is Rs 2 lakh. Investors can choose between a policy range between 16 to 25 years and can also decide the Premium Paying Term that can range from 10 to 16 years. 

The minimum age to invest in the policy is 8 years while the maximum age of entry in the LIC Jeevan Labh policy is 59 years. The insurance company allows investors to pay their premiums regularly on a monthly, quarterly, half-yearly, and yearly basis.

Grace period in LIC Jeevan Labh policy is 15 days for monthly payments. A grace period is the time period in which you can pay your delayed premiums to the policy. However, a grace period is also allowed if you pay the premium monthly. 

Moreover, LIC provides a grace period of 30 days to investors opting for quarterly, half-yearly and yearly payments. Investors can also get tax exemption on premiums. In case of the death of the investor, the sum assured is paid to the nominee. Also Read: Atal Pension Yojana subscribers increase to 3.68 crore

How to get Rs 20 lakh under LIC Jeevan Labh policy?  

If an investor starts investing in the LIC Jeevan Labh policy at the age of 20 and pays Rs 251.7 per day for 16 years, he or she will receive Rs 20 lakhs at the time of maturity when the individual turns 25. Also Read: Budget expectations: Microfinance institutions seek extension of credit guarantee scheme till FY2023