LIC Policy: Return 20 Lakh on maturity on payment of Rs 251, daily – details here!

Safeguard your future with LIC's Jeevan Labh Policy. Under this policy, if you deposit only Rs 251.7 per day in a few years, you get a return of Rs 20 lakh. This policy is a limited premium paying plan that offers protection and savings. The understand the calculation visit the website. Know more details about eligibility criteria, minimum sum insured and other details here:

Key highlights of LIC Jeevan Labh Policy:

• The minimum sum insured is Rs 2 lakh. 
• The Policy Term for this policy ranges from 16 to 25 years.
• The Premium Paying Term for this policy ranges from 10 to 16 years.
• People as young as 8 years old can enter this policy. The maximum age of entry in this policy is 59-years.
• You can pay premiums regularly on monthly, quarterly, half-yearly, and yearly basis.
• Grace period: A grace period of 15 days has been allowed if you pay the premium monthly. For quarterly, half-yearly and yearly payments, a period of 30 days has been permitted.
• You also get tax exemption on premiums. 
• If the policyholder dies during the term, the sum assured is paid to the nominee.

How to get Rs 20 lakh under this scheme

If a person enters the policy at the age of 20 and pays Rs 251.7 per day for 16 years, they will get Rs 20 lakhs at the age of 45 years.

Different premium rates can be easily calculated using the table given on LIC's official website.