In Jeevan Labh policy, the year you finish paying premiums and the year you get maturity money are different. This can cause confusion when you check your policy on mobile. The calculator helps you see these two dates and understand how much of the shown amount depends on future bonus.
Who can take Jeevan Labh policy?
This policy starts from eight years of age, with starting cover of two lakh rupees. The highest joining age depends on the policy years you choose, so every person cannot choose every term. Check your age and policy years together before you use the result to plan your savings.
What happens after your premiums finish?
If you choose twenty five years, you pay premiums for sixteen years and keep the base cover for the remaining nine years, provided all due premiums are paid. Your maturity money comes at the end of the policy term. You can also check the Jeevan Anand policy calculator to compare its cover after maturity.
Five lakh rupees example in Jeevan Labh policy
If we assume fifty rupees yearly bonus on every thousand rupees of cover, five lakh rupees gives twenty five thousand rupees bonus for one year. Over twenty one years, that becomes five lakh twenty five thousand rupees. This is an example; LIC may declare different bonus rates during your policy years.
FAQ
Q: Can I choose any number of premium paying years?
A: No, this plan has three fixed pairs: sixteen and ten, twenty one and fifteen, or twenty five and sixteen policy and paying years.
Q: Can bonus still get added during the last nine years?
A: Yes, if all due premiums are paid, your policy can share in bonuses LIC declares during those years. The future rate is not fixed.
Q: Will I get all my money back if I close after one year?
A: No. Under the revised plan, early closure money may be available after one completed year with a full year of premiums paid. Ask LIC for the amount.