Life Insurance Corporation i.e. LIC has a policy, Jeevan Labh Savings Plan (LIC Jeevan Labh Policy), in this, if you save and deposit Rs 296 every day, then you will get Rs 60 lakh on maturity.
This insurance provides a lump sum payment at maturity to the surviving policyholder and financial support to the family in case of premature demise.
Understand this insurance scheme like this, if a person starts investing for 25 years at the age of 25, then his monthly installment will be Rs 8,893 i.e. Rs 296 per day. He will have to deposit Rs 1,04,497 in a year. On maturity, such a person can get the maturity amount of a little more than Rs 60 lakh. Under LIC’s Jeevan Labh Plan, you will also get a maturity bonus of Rs 60 lakh and a final additional bonus. Let us tell you that the basic insurance amount here is Rs 2300000.
You can become a millionaire by saving only Rs 128
If a person saves and deposits Rs 512 every day in Jeevan Labh Policy, then Rs 184320 will be deposited annually. If he invests this money for 25 years from the age of 25, he will accumulate around Rs 46 lakh and after maturity he will have Rs 1 crore 9 lakh.
On the other hand, if you save and deposit only Rs 128 every day from the age of 25, then Rs 46200 will be deposited annually and in 25 years you will deposit around Rs 10 lakh. After completion of maturity of this policy, LIC will give you Rs 27.25 lakh.
A small savings will give Rs 60 lakh in future
Its advantage is that by saving just Rs 8893 every month, you can earn a huge fund of Rs 60 lakh in future with a small savings. Let us tell you that LIC maturity amount is calculated using LIC calculator. It varies depending on age, term of insurance and basic sum assured. This calculation is for understanding purposes only.
Before buying the policy, read its details. In the event of the demise of the policyholder, the family will get financial support from this restricted premium, non-linked plan. In this, investors have the freedom to change the premium amount and insurance period.
