LIC Jeevan Labh Policy: Premium has to be paid for 10 years for 16 year policy, 15 years for 21 year policy and 16 years for 25 year policy. It is a limited premium policy in which the amount has to be paid for less than the policy term.
Let’s talk today about LIC’s Jeevan Labh policy. There are two types of bonuses available in Jeevan Labh policy. Vested Simple Revisionary Bonus and Final Additional Bonus. As the benefits accrue to LIC, it adds some part as bonus to the plans of the policyholders of LIC.
This policy can be given to children of 8 years. That is, this policy is not for children below 8 years of age and any person above that age can take this plan. This plan is available with three policy periods. This policy can be taken in the tenure of 16 years, 21 years and 25 years. A person of maximum 59 years can take this policy. That is, any child or adult from 8 years to 59 years can buy this plan.
For how many years the premium will have to be paid
The minimum sum assured of this policy is Rs 2 lakh, while the maximum limit has not been kept. The term of premium has been kept different. Premiums have to be paid for 10 years for a 16 year policy, 15 years for a 21 year policy and 16 years for a 25 year policy. It is a limited premium policy in which the amount has to be paid for less than the policy term.
Let us understand this with an example. Ramchandra of 30 years takes a Jeevan Labh policy for Sum Assured of 2 lakhs. Ramchandra has chosen 25 years as the policy term, so he has to pay the premium only for 16 years. If Ramchandra opts for the monthly premium mode, then he will have to pay Rs 794 every month. If they want to pay the annual premium, then they have to pay a premium of Rs 9340 in a year. In this way, Ramchandra will have to pay a premium of Rs 1,49,045 during the entire policy period. When this policy will run for 25 years, then it will get maturity and Ramchandra will get its money.
How much will be the maturity amount
In this way, Ramchandra will get some money on the maturity of Jeevan Labh policy. 2 lakh of Sum Assured, Rs. 2,35,000 of Vested Revisionary Bonus and Rs. 90,000 of Final Additional Bonus. The total maturity here is Rs 5,25,000. You can see here that Ramchandra paid around Rs 1.5 lakh as premium but he would get Rs 5.25 lakh on maturity. This benefit will be completely tax free. If Ramchandra opts for a 16-year term plan and a plan of 10 lakh sum assured, then he will have to pay Rs 233 per day for 10 years. In this way, they will have to pay a total of Rs 855107 as premium. This amount will become Rs 17,13,000 on maturity. Here Ramchandra can get an amount of more than 17 lakhs by paying around Rs 8.5 lakh in premium.
What do you get in death benefit?
If Ramachandra dies during the policy, then his nominee will get the benefit of death benefit. 2 lakh of sum assured, vested revisionary bonus and additional bonus money will be added to this. The bonus amount will depend on the number of years the policy has run. The more years the policy lasts, the higher will be the maturity amount.
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