LIC Policy Latest News: The Life Insurance Corporation of India (LIC) offers policyholders across the country a variety of financially secured programs. Investors who want to safeguard their future, particularly their retirement or child/marriage, children's favor the insurer's plans. The LIC Jeevan Labh Policy is one such popular LIC scheme.
LIC Jeevan Labh is an endowment policy that allows you to save in addition to receiving insurance coverage. According to a press release, LIC introduced a non-linked, participating, individual life assurance savings plan on February 1, 2020.
In case of an accident, the insurer provides financial assistance to the policyholder's family members. In this situation, the insurance policy provides a sum assured to the nominee.
About LIC Jeevan Labh Policy
A policyholder can also obtain a loan against his or her investment in the LIC Jeevan Labh Policy. The investor can choose between a 16-year, 21-year, or 25-year maturity period, with the policyholder required to invest in the program for 10 years, 15 years, or 16 years, accordingly.
The premium can be paid on a monthly, quarterly, half-yearly, or annual basis. Inverters can have a 15-day grace period for monthly premium payments and a 30-day grace period for quarterly, half-yearly, and yearly premium payments.
The scheme's minimum entry age is 8 years, while the scheme's maximum investment age is 59 years. In the LIC Jeevan Labh policy, investors can obtain a minimum sum insured of Rs 2 lakh. There is no limit to the amount of money that can be invested.
Investors can also take advantage of the LIC Jeevan Labh Policy's income tax exemption under Section 80 of the Income Tax Act.
Here's how to Obtain 20 Lakh Rupees Through LIC Jeevan Labh Policy
An investor choosing the LIC Jeevan Labh Policy for a sum assured of Rs 20 lakh will pay a monthly premium of Rs 7,916 each month, or Rs 262 per day, for a 16-year investment period.
