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The Life Insurance Corporation (LIC) of India is one of the most trusted brands in India. The government-owned behemoth has over 60 percent market share in India in the insurance sector. LIC policies are favoured over other players because of the trust factor — LIC has been around for decades. Another factor is that LIC brings superb and innovative schemes that appeal to young professionals and even retired workers. LIC Jeevan Labh is one such policy.
The LIC Jeevan Labh policy is a non-linked plan with death benefits. Policy holders can choose their premium amount and tenure. LIC’s Jeevan Labh’s plan number is 936 and its UIN number is 512N304V02.
LIC Jeevan Labh Eligibility: LIC Jeevan Labh is a limited premium endowment plan. It comes with a death benefit called the Sum Assured on Death. The death benefit shall not be less than 105 percent of the total premiums paid till the date of death. A person will also be paid a sum assured after the policy reaches its maturity date.
The minimum basic sum assured of the LIC Jeevan Labh policy is Rs 2,00,000. A person should be between 8 and 59 years of age for this policy. For a policy term of 21 years, policy holders should be maximum 54 years of age; for 25 years, a person should be 50 years. Risk coverage of the plan will commence immediately on acceptance of the policy.
Under LIC Jeevan Labh, at maturity, a person can get a massive lump sum amount. Policy holders have to pay the money for 10,13 and 16 years. They get their sum assured in between 16 and 25 years. For this policy, a person can’t be older than 75 years of age.
To get Rs 54.50 lakh at the age of 50, a person needs to start investing early. They will have to invest at least Rs 256 per day. This adds up to Rs 7700 per month. It is less than a car’s EMI.
LIC Jeevan Labh holders should start investing at an age of 25. They should invest yearly Rs 92,400. If the policy is for 25 years, he or she will have invested Rs 20 lakh by the age 41. After maturity, as per the calculations, she will get Rs 54.50 lakh, including sum assured and bonus.