LIC Jeevan Labh is a with-profit and limited premium endowment policy. The policy is best meant for young people of Indian who are studying in a foreign country or have recently settled abroad, like Canada. It provides the best mix of protection and savings for the insured. The plan also recommends people who have high-risk jobs like Mining, Merchant Navy, Construction, Refineries, and Airlines.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Find all details about the plan here:
This plan is one of the most recommended insurance policies for NRIs living in Canada and those who have moved overseas for a short period. The savings are increased since the term for premium payment ends six years before the maturity period of the insurance policy. The policyholder, therefore, enjoys full insurance coverage without the need to pay an additional premium in the final six years of the term.
Based on the requirements, the insured can choose a 16 year, 21 years or 25-year period. The longer duration policy is suggested since it will yield the highest returns. For example, an insured who wants to take an insurance coverage of 20 lakhs over 21 years would likely pay slightly more than Rs.1,00,000 as a premium for a tenure of 16 years.
Moreover, the insured can pay a premium on a quarterly, monthly, or half-yearly basis. In general, there is a discount of 2% applicable to those who select the annual premium payment mode. The maturity earnings are tax-free. Moreover, the policyholder can be awarded loyalty bonuses that LIC announces at times as a non-market linked plan.
For any concerns, queries, to get additional information, to use the Jeevan Labh calculator, or to purchase the Jeevan Labh plan, you can get in touch with LIC at +91-9230091000.