Do you know what is the most popular policy in LIC? How much money do they make?

Jeevan Labh Policy is the most popular policy offered by LIC (Life Insurance Corporation of India). The policy has gained wide acceptance as it offers both insurance coverage and investment opportunities, which attract people from all walks of life, from the poor to the rich.

Key Features of LIC Jeevan Labh Policy:

• Guaranteed Returns: This policy ensures guaranteed returns after maturity, making it a reliable investment.
• Life insurance with investment: Along with the investment option, the policy provides security for the insured’s life, providing financial protection.
• Loan facility: Policyholders can add flexibility to their financial plan and avail loans against the policy.
• Death Benefit: In case of the death of the policyholder during the policy term, the death benefit is provided to the family. Ten times the total annual premium paid or at least 105% of the total premiums paid, whichever is higher.
• Bonus and Additional Benefits: If the policyholder survives till maturity, LIC adds bonuses and additional benefits to the sum assured which increases the total maturity value.
• Premium Flexibility: The policy offers different premium payment modes, monthly, quarterly, half-yearly and yearly, catering to different financial situations.

Eligibility and Policy Terms:

• Age: Anyone between 8 to 59 years of age can purchase the policy.
• Sum Assured: Minimum Sum Assured is Rs. 2 lakhs, with no upper limit.
• Policy Term: The policy offers investment periods of 16 years, 21 years and 25 years. However, the maximum age for maturity is restricted to 76 years.

Example:

Rs. For a 25-year-old individual who opts for the sum assured. 20 lakhs, the annual premium is around Rs. 88,910 for 16 years. Its amount is around Rs. 243 per day. By the age of 50, the policyholder can save around Rs. 54 lakhs, including bonuses and other benefits.

Why is LIC Jeevan Lab famous?

• It is a basic endowment plan, which means premiums are paid for a limited period, providing substantial benefits during the policy term and at maturity.
• Flexibility in terms of investment and premium payments allows a wide range of people to participate irrespective of their financial background.
• The combination of investment and insurance, along with guaranteed returns, makes LIC Jeevan Labh Policy a customer favourite.