Last Updated on November 8, 2020 by Shiv Nath Hari
Insurance: Jeevan Lakshya policy will invest Rs 76 daily, will give you 9 lakhs, know what is this complete plan
Life Insurance Corporation of India (LIC) is considered one of the most trusted insurance companies in the country. The company has different policies in which people from poor to rich section can invest easily. If you are planning to invest in long term, then you can invest in LIC’s ‘Jeevan Lakshya’ policy (Table no. 933).
This is an endowment plan. The minimum age to invest in it has been set at 18 years. The maximum age has been set at 50 years. Talking about the policy term, it is fixed at 13 to 25 years. The special thing is that out of every year you choose a term, you will have to pay a premium for less than three years.
In this policy, the minimum sum assured is Rs 1 lakh, while there is no limit for the maximum.
Death benefit is also given in this policy. In the event of death of the policyholder, premium is not taken for the remaining years. With this, the nominee gets 10% of the sum assured of the policyholder every year, till the amount is met until the maturity of the policy is completed.
In this policy, you can get a hefty amount of Rs 9 lakh by investing Rs 76 daily. Let us know from an example how: –
Death Sum Assured: 550000
Basic Sum Assured: 500000
Annual: 28553 (27323 + 1230)
Half Yearly: 14427 (13806 + 621)
Quarterly: 7289 (6975 + 314)
Monthly: 2430 (2325 + 105)
YLV Mode Average Premium / Daily: 78
Annual: 27938 (27323 + 615)
Half Yearly: 14117 (13806 + 311)
Quarterly: 7132 (6975 + 157)
Monthly: 2377 (2325 + 52)
YLV Mode Average Premium / Daily: 76
According to the above example, if a person chooses a 20-year term plan and 500000 sum assured option at the age of 23, then he has to pay Rs 76 daily (after the first year 78) for 17 years. In this way, he will have to pay a total of Rs 4,75,561. This amount will be Rs 9,55,000 on maturity.