This plan offers a lump sum payment at maturity for the surviving policyholder and financial support for the family of the deceased policyholder in the terrible event of the policyholder’s passing before maturity. Through its credit facility, this plan also addresses the issue of liquidity.
Also read: LIC Bima Ratna life insurance plan: 9 things to know
According to the sales brochure of LIC Jeevan Labh, “Death benefit payable in case of death of the Life Assured during the policy term, provided the policy is in-force (i.e. all due premiums have been paid) shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any. Where, “Sum Assured on Death” is defined as the higher of Basic Sum Assured or 7times of annualised premium. This death benefit shall not be less than 105% of total premiums paid upto the date of death.
Premiums referred above exclude taxes, extra premium and rider premium(s), if any.
If the policy is still in effect and the Life Assured lives to the end of the policy term, “Sum Assured on Maturity” will be paid out along with any vested Simple Reversionary bonuses and Final Additional bonuses. “Sum Assured on Maturity” is the same as the Basic Sum Assured in this case.
Participation in Profits
If the policy is in effect, it will share in the corporation’s profits and be eligible to receive Simple Reversionary Bonuses that are declared based on the corporation’s experience.Put Rs 296 per day in this LIC policy and get Rs 60 lakh at maturity
If an individual starts investment at the age of 25 with tenure of 25 years, a monthly investment of Rs. 8,893 or Rs. 296 per day, or Rs. 1,04,497 yearly, can get a maturity amount just over Rs. 60 lakh. The Reversionary Bonus and Final Additional Bonus under LIC’s Life Benefit upon maturity. Here the basic sum assured is Rs 2300000.
You can accumulate a future corpus of Rs. 60 lakh with a small monthly saving of just Rs. 8893.
Maturity amount is calculated using LIC calculator. It will vary depending on the age, tenure and basic sum assured amount. This calculation is just for understanding purpose, one should read the policy details before buying.
In the event of the policyholder’s passing, the family will get financial help from this restricted premium, non-linked plan. Additionally, there are significant rewards for living to maturity. Investors have the freedom to change the premium amount and duration thanks to this flexible plan.