This plan is considered to be better for investing in the future and for the future of children. There should be a minimum of 8 years to take this lic jeevan labh policy. This policy can be taken in three options. You can buy it for a policy period of 16 years, 21 years and 25 years. This policy (lic jeevan labh) can be taken for a minimum of 2 lakh rupees. There is no maximum limit of even scores. As much as you want, you can take the policy. Premiums will have to be paid for 10 years for a 16-year policy, 15 years for a 21-year policy, and 16 years for a 25-year policy.
What is special feature
Loan facility is also available in this policy. After paying the premium for 3 consecutive years, a loan can be taken on a lic jeevan labh policy. There is also a provision for surrender in the policy. You can surrender the policy after paying the premium for three years. Riders are also available in the policy, which can be taken for difficult situations like accidents. For this, the amount will have to be paid in addition to the premium. The premium paid under the policy is exempt under Section 80C of Income Tax. This is a completely tax free policy.
17 Lakh Returns
Talking about returns (lic jeevan labh calculator), after 16 years Sumit will get 10 lakhs of sum assured, Rs 6,88,00 as revisionary bonus, 25 thousand rupees as final additional bonus. This total amount is Rs 17,13,000 which goes on maturity. That is, Sumit paid Rs 8,22,900 in 10 years and he gets Rs 17,13,000 under maturity. This amount is more than double the amount deposited.
How much return on a policy of 21 years
If Sumit took the same policy (lic jeevan labh policy) for 21 years, then he would have to pay the premium for 15 years only. Every year, they will have to pay Rs 52,351. The total premium amount to Rs 7,85,263. In the end, on 21 years, they will get a sum assured of Rs 10 lakh, revisionary bonus of Rs 9,87,000, additional bonus of Rs 1 lakh. If you add all the amounts, then it is 20,87,000 rupees. That is, Sumit can get Rs 20,87,000 by paying Rs 7,85,265 in 15 years.