Today we will talk about LIC’s best selling Jeevan Labh Policy . In this policy of Life Insurance Corporation ( LIC ), two types of benefits are given to the customers. This benefit is in the form of a bonus, in which the first is the Simple Revisionary Bonus and the second is the Final Additional Bonus.
The benefits of both bonuses are passed on to the customers over time. Under this policy, we will know how a customer can get maturity of Rs 5.25 lakh by paying a premium of Rs 794 every month. Along with this, you will get the benefit of life cover throughout the plan. This policy can be taken for a child of 8 years and a maximum person of 50 years can buy this plan. Loan facility is also available on this policy.
Minimum Sum Assured in LIC Jeevan Labh policy is Rs 2 lakh and there is no limit on Maximum Sum Assured. It is a limited premium policy in which the amount has to be paid for less than the policy term. 10 years for a 15-year policy, 15 years for a 21-year policy and 16 years for a 25-year policy. There are four types of riders available in this policy. These include Accidental Death and Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider and New Critical Illness Benefit Rider.
What is Jeevan Umang Policy
This policy can be understood with an example. 30 year old Umang has taken Jeevan Labh policy for Sum Assured of Rs 2 lakh. Umang has chosen 25 years as the policy term, so he has to pay the premium only till 16 years. If Umang wants to pay premium every month, then he will have to pay Rs 794. If you want to pay the annual premium, then they will have to pay Rs 9,340. In this way, UMANG will have to pay a premium of Rs 1,49,045 for the entire policy. When the policy completes 25 years, then it will get maturity.
Maturity Benefit of Jeevan Labh
Now let us know about the maturity benefit of Jeevan Labh policy. On the maturity of the policy, Umang will get Rs. 2,00,000 of Sum Assured, Rs. 2,35,000 of Vested Simple Revisionary Bonus and Rs. 90,000 of Final Additional Bonus. In this way, Umang will get a total maturity of Rs 5,25,000. Now we can see that Umang had deposited a total of Rs 1,49,045 as premium for the policy, but he would get Rs 5.25 lakh as maturity.
Now let’s see the death benefit of the policy. If Umang leaves this world during the policy period, then his nominee will get the benefit of death benefit. In this, the nominee will definitely get 2 lakh rupees of the sum assured. Along with this, vested revisionary bonus and final additional bonus will also be available. The bonus amount will depend on the number of years the policy has run. The facility of taking loan is also available on this policy.