Invest Rs 7,700 in this scheme of LIC, you will get a fund of Rs 54.50 lakh

Life Insurance Corporation (LIC) is one of the most trusted brands in India. The state-owned behemoth has over 60 percent market share in the insurance sector in India. Because of trust, LIC has more insured than any other company in India. Another factor is that LIC comes up with great and innovative schemes that attract young professionals and even retired employees. LIC's Jeevan Labh (LIC Jeevan Labh) is one such policy.

LIC Jeevan Labh Policy is a non-linked plan with a death benefit. Policyholders can choose their premium amount and term. LIC's Jeevan Labh plan number is 936 and its UIN number is 512N304V02.

LIC Jeevan Labh Eligibility

LIC Jeevan Labh is a limited premium endowment plan. It also comes with a death benefit called the Sum Assured on Death. The death benefit shall not be less than 105 percent of the total premiums paid till the date of death. The sum assured will also be paid to a person after reaching the maturity date of the policy.

The minimum basic sum assured of LIC Jeevan Labh policy is Rs.2,00,000. For this policy, the age of the person should be between 8 to 59 years. For a policy term of 21 years, the maximum age of the policyholder should be 54 years; For 25 years, a person's age should be 50 years. The risk coverage of the plan will start immediately after the acceptance of the policy.

Under LIC Jeevan Labh, a person can get a huge lump sum amount on maturity. Policyholders will have to pay money for 10,13 and 16 years. They get their sum assured between 16 to 25 years. For this policy, the age of a person cannot exceed 75 years.

To get Rs 54.50 lakh at the age of 50, one needs to start investing early. They have to invest at least Rs 256 per day. This adds up to Rs 7,700 per month. That is, it is even less than the EMI of the car.

LIC Jeevan Labh holders should start investing at the age of 25. He should invest Rs 92,400 annually. If the policy is for 25 years, he would have invested Rs 20 lakh by the age of 41. After maturity, as per calculation, he will get Rs 54.50 lakh including the sum assured and bonus.