LIC of India (Life Insurance Corporation) offers a variety of schemes for their policyholders across the country. They provide safe and secure schemes that will help them in their retirement plans and also plan policy holders’ children’s future. One of the schemes of LIC that is getting popular is LIC Jeevan Labh Policy.
This plan was launched on February 1, 2020, according to a report by DNA. It offers an option of saving along with the insurance cover. In case of an unfortunate incident, the policyholder dies, their family will receive financial support from the insurer. In such a case, a sum assured is provided to the nominee under the policy.
Another facility that is offered by LIC is that the policyholder can take a loan against their investment in the LIC Jeevan Labh Policy. In this policy, the individual can choose a tenure of 16 years, 21 years or 25 years and they have to invest for 10 years, 15 years and 16 years respectively for availing the benefits. Policyholders can pay the premium monthly, quarterly, half-yearly or annually. The minimum age to enter the scheme is 8 years and the maximum age is 59 years. A minimum sum of Rs 2 lakh is assured to be LIC for this scheme.
Here’s how to get 20 lakh rupees
To get 20 lakhs on maturity, the policyholder can choose to pay a monthly premium of Rs 7,916/per month which is roughly Rs 262/ per day. At the time of maturity after 25 years, the policyholder will receive the sum assured of Rs 20 lakh. They are also entitled to receive a bonus from LIC for their 25-year investment.
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