Invest Rs 7,960 Every Month In This LIC Plan, Get Rs 54 Lakh On Maturity

Life Insurance Corporation of India (LIC) runs many beneficial schemes and policies for its customers of all ages. One of these is the LIC Jeevan Labh Plan (Table-936) which offers the benefits of both insurance and savings. You can get Rs 54 lakh with an investment of only Rs 7,960 every month.

Let’s take a look at the scheme in detail.

LIC Jeevan Labh Plan provides financial assistance to the family in case of the death of the policyholder. Along with this, if the policyholder survives till maturity, then he will get the lump-sum corpus. This scheme also offers investors the right to choose the amount and duration for the insurance policy.

The policy can be availed by individuals between the ages of 18 and 59. For instance, if someone opts for the LIC Jeevan Labh policy at the age of 25 for a total sum assured amount of Rs 20 Lakh for a 25(16) year plan the total maturity amount will be Rs 54 lakh. Here the insured individual will have to pay a premium for 16 years and the policy maturity period will be 25 years. The monthly premium will be Rs7,960 with GST. The total premium paid in 25 years will be approximately Rs 14,67,118 while the total maturity amount will be Rs 54 lakh along with the final additional bonus of Rs 9 lakh.

Under the LIC Jeevan Labh policy, insurance holders can choose premium paying terms for 10, 15 and 16 years, and will get back the corpus accumulated on the completion of the policy term after 16 years, 21 years or 25 years.

In the event of the policyholder’s demise during the policy term, the nominee receives the policy’s benefits, including the sum assured and any bonuses. The death benefit is regarded as a significant advantage of this policy. In this, the sum assured is returned on the death of the policyholder, provided the policy was not broken and all the premiums were paid on time.