LIC has introduced a host of new and updated policies that cater to a vast range of requirements. The policy features can be customized to ease premium payments and get comprehensive benefits at the lowest prices. With LIC Jeevan Labh, you can pay as low as Rs. 258 per day and get nearly Rs. 20 Lakhs on the maturity of the policy. With the assured returns from LIC policies, you can build a substantial corpus for your retirement and also ensure absolutely no risk of investment.Read more
Among the slew of LIC policies offering safe investment avenues, LIC Jeevan Labh is one that lets young individuals invest in the early stages of their careers. These policyholders throughout the policy tenure can accumulate enough savings to secure their retirement and live a life of comfort in their old age. Along with the maturity benefit applicable with these plans, LIC Jeevan Labh also offers a death benefit payout to the family of the policyholder on his/her death. Policies like these are a win-win either way, given the significant financial benefits that come with them.
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With LIC Jeevan Labh, you can assure savings to the tune of lakhs by investing a small sum every day. In fact, the policy can give you a maturity sum of Rs. 20 lakhs if you just invest a premium amount of Rs. 258 on a daily basis. However, note that to get the entire benefit amount on maturity, you should have continued premium payment throughout the policy term until the due premiums have been paid.
This savings scheme by LIC has capped the minimum sum assured at Rs. 2 Lakhs and has no limitations on the maximum sum that can be assured. Higher sum assured also entitles you to rebates on premium rates.
Here’s how you can enjoy the maturity benefit of Rs. 20 Lakhs. Remember that the premiums will depend on your age at the time of proposal. If you are in your 20s, you can save a daily amount of Rs. 257 approx. for a period of 16 years and receive Rs. 20 Lakhs at the time of maturity after 25 years. If you are in your 30s, you will incur a slight increase in the daily premium, at around Rs. 266 for the same sum assured, policy term, and premium paying term.
** All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Another impetus towards investing in LIC Jeevan Labh is the income tax savings that one can enjoy post-purchase. Policyholders can claim tax benefits on the premiums paid towards the policy under Section 80C. The maturity and the death benefit offered are also exempt from taxes under Section 10(10D) of the Income Tax Act of 1960. These income tax returns can be used to maximize your savings under the policy.
Note: Tax benefit is subject to changes in tax laws.
LIC has established certain criteria that buyers of LIC Jeevan Labh have to meet to enjoy the benefits receivable. These are as follows:
Policy Term: You can choose from a policy term of 16, 21, or 25 years.
Premium Paying Term: On the basis of the policy term chosen, the corresponding options in the premium paying term are 10, 15, and 16 years, respectively. Investors have the flexibility to pay premiums monthly, quarterly, half-year, or annually throughout the premium paying term applicable.
Entry Age: The minimum entry age has been set as low as 8 years. The maximum entry age depends on the policy term chosen. So, if you have chosen a policy term of 16 years, the maximum entry age permitted is 59 years; 54 years for a policy term of 21 years, and 50 years for a policy term of 25 years. However, note that the maximum age at maturity of the policy is capped at 75 years, so you should choose a policy term accordingly.
Note that the sooner your start, the more you can accumulate over the years and also enjoy lower premium rates.
As described above, small investments in LIC policies such as Jeevan Labh can get you a cover as high as Rs. 20 Lakhs on maturity. If you start planning your retirement right away, you can maximize your returns. The fact that these are low-risk policies makes for ideal investment options for people looking for safer avenues. Further, the death benefit payout that your family shall be offered on your demise can alleviate their financial burden incurred as a result of the income loss.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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