LIC Policy: Invest Rs 262 per day to get Rs 20 lakh, check calculation

New Delhi: Life Insurance Corporation (LIC) of India offers various safe schemes to policyholders across the country. The insurer’s schemes are preferred by investors planning to secure their future, especially their retirement or child/children’s marriage. One such popular LIC scheme is LIC Jeevan Labh Policy.  

LIC Jeevan Labh is an endowment policy and offers the option of saving along with the insurance cover. The non-linked, participating, individual, life assurance savings plan was launched by LIC on February 1, 2020, according to a report by DNA. 

In case of the unfortunate, the family members of the policyholders receive financial support from the insurer. In such a case, a sum assured is provided to the nominee under the insurance policy. 

Moreover, there is also a provision wherein a policyholder can take a loan against his or her investment in the LIC Jeevan Labh Policy. The investor can invest for a maturity period of either 16 years or 21 years or 25 years, for which the policyholder is required to continuously invest in the scheme for 10 years, 15 years, and 16 years, respectively. 

A policyholder can pay the premium on a monthly, quarterly, half-yearly, and yearly basis. Inverters can get a grace period of 15 days for a monthly payment of premiums and 30 days on a quarterly, half-yearly, and yearly basis.

The minimum age of entry in the scheme is 8 years while the maximum age to invest in the scheme is 59 years. Investors can take a minimum of sum assured of Rs 2 lakh in LIC Jeevan Labh policy. There is no upper limit on the investment. 

Moreover, investors can avail of income tax exemption under the LIC Jeevan Labh Policy under Section 80 of the Income Tax Act. 

LIC Jeevan Labh: Here’s how to get 20 lakh rupees

For a sum assured of Rs 20 lakh, an investor will choose a monthly premium of Rs 7,916 per month, which roughly translates to Rs 262 per day, under the LIC Jeevan Labh Policy for an investment period of 16 years. Also Read: ShareChat, MX Media merge Moj, MX TakaTak short video apps in mega deal

At the time of maturity, which is after 25 years, the investor will receive a guaranteed Rs 20 lakh. Moreover, investors will receive a bonus if they keep their investment for 25 years. Also Read: Banks sanction loans worth Rs 3.1 lakh crore to MSMEs under ECLGS: FM Sitharaman