LIC Jeevan Labh Plan: If the plan is purchased for a child, the parent can add LIC’s Premium Waiver Benefit Rider to the policy. If the parent dies, LIC waives off the future premiums. With this, the child does not have to bear the premium burden to keep the policy in force.
Insurance and Savings are two major needs of today’s time. Insurance provides financial protection to your family members in case of any untoward incident. At the same time, saving is very important to meet your big expenses. LIC provides both insurance and savings facility to its customers in its policies. One such plan is LIC Jeevan Labh Plan. This scheme provides all three savings, good returns and insurance cover to the customers. Through this scheme, you can accumulate a good amount of funds. You can create a corpus of Rs 54 lakhs by investing just Rs 253 a day.
Here are the features of this scheme
1. Customers have to pay premium for a limited period to enjoy long term protection.
2. Policyholders can also avail loan against this scheme after paying premium regularly for 2 years. It can be availed up to 90% of the surrender value.
3. The plan also offers the option of receiving death and maturity benefits in installments of 5, 10 or 15 years.
4. If the plan is purchased for a child, the parent can add LIC’s Premium Waiver Benefit Rider to the policy. If the parent dies, LIC waives off the future premiums. With this, the child does not have to bear the premium burden to keep the policy in force.
5. If the Sum Assured is Rs.5 lakhs and above, then a rebate on the premium amount can be availed.
In this way a fund of 54 lakhs will be made
Suppose you take Jeevan Labh policy of LIC at the age of 25 years. You have to keep the policy term for 25 years to get Rs 54 lakh on maturity. Also, you have to choose an amount of Rs 20 lakh for insurance. Now you will deposit Rs 92,400 as premium every year. If we look at the month wise, then it will be Rs 7,700 and Rs 253 on the daily basis. After this, when the policy matures, you will get Rs 54.50 lakh.
A maximum amount of Rs 1.5 lakh paid in a financial year as policy premium is eligible for tax exemption under section 80C of the Income Tax Act.