Planning for retirement? Save Rs 238 daily in LIC Policy to get Rs 54 lakhs on maturity

New Delhi: LIC Jeevan Labh Policy, an endowment savings plan offered by the country’s largest insurer, allows investors to save a small amount on monthly basis and get a massive sum at the time of maturity. In addition to the massive corpus received at the end of maturity, the scheme also offers financial assistance in case of the death of the policyholder. 

Due to their comparatively high returns, LIC policies are preferred by Indians who choose to invest in risk-free assets. The fact that the interest rate is unaffected by fluctuations in the stock market, especially when the markets are volatile like they are right now, makes LIC Jeevan Labh Policy attractive. (ALSO READ: Supertech puts 2 hotels, 2 shopping malls on sale to raise Rs 1,000 crore for completing projects) 

The plan provides financial assistance to the family in case of the tragic event of the death of the policyholder. For the surviving policyholder, a lump sum payment is provided at maturity. (ALSO READ: Is China responsible for Sri Lanka’s economic crisis? Former ambassador Ashok Kantha explains) 

LIC Jeevan Labh Policy Calculation

If you are 25 years old and buy the LIC Jeevan Labh Policy for a 25-year maturity period, you could receive up to Rs 54.50 lakh at maturity. For this, you need to select a basic amount of Rs 20 lakh and pay an annual premium of Rs 92,400, or around Rs 253 each day. After 25 years, the entire maturity value will be Rs 54.50 lakh. 

LIC Jeevan Labh Policy Advantages 

Jeevan Labh Policy offers numerous benefis. Upon maturity, if all required premiums have been paid and the policyholder is still alive, a lump sum payment will be made that includes the basic sum insured, vested simple reversionary bonuses, and final supplementary bonuses, if applicable. 

LIC Jeevan Labh Tax Benefits 

Section 80C of the Income Tax Act of 1961 applies to every premium payment you make for the life insurance policy. You can save about Rs 46,800 if you invest about Rs 1.5 lakhs over the course of a year.