While offering investors a chance to secure their retirement, the Life Insurance Corporation of India (LIC) offers a slew of policies providing impressive returns with safety on investments.
Especially the youngsters, they can start investing in LIC policies in the early stages of their career to make sure that they retire with enough cash to spend old age with all the comfort they wish for.
Apart from this, LIC policies also offer sum assured which will be useful to family members in the unfortunate event of the policyholder’s demise.
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LIC Jeevan Labh Policy
For Instance, LIC Jeevan Labh Policy investors can get lakhs of rupees at the time of maturity with a little investment today.
Further, this policy allows the investors to opt for an option that will offer about Rs 20 lakh if the applicant continuously invests roughly about Rs 251.7 per day without fail.
Income Tax Savings
Besides this, the investment plan offers income tax savings under Section 80C of the Income Tax Act.
This means that investors can opt for the option to maximize their savings with income tax returns.
For the LIC Jeevan Labh Scheme, the minimum sum insured is Rs 2 lakh.
It is noteworthy here that there’s no upper limit on the sum assured.
However, by increasing the sum assured, one will have to pay more in monthly premiums.
Age Limit
For investing in LIC Jeevan Labh Policy, the minimum age is 8 years.
The policy states that the maximum age of entry to the scheme is 59 years for a policy term of 16 years.
And 54 years for a policy term of 21 years, or 50 years for a policy term of 25 years.
As per the policy, the policyholders can choose a maturity period ranging between 16 to 25 years.
This way, the premium paying period can also vary from 10 to 16 years.
Premium Payment Options
For the premium payment options, the investors can pay premiums regularly on a monthly, quarterly, half-yearly, and yearly basis.
Besides this, the investors also get a grace period of 15 days for monthly payments.
Get Rs 20 Lakh By Investing In LIC Jeevan Labh Policy
For getting the maximum returns, the Investors should start investing early in LIC Jeevan Labh policy.
Consider the example, where if an investor pays about Rs 251.7 per day for 16 years, then he is liable to receive about Rs 20 lakhs on maturity after 25 years.
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