Achieve Your Financial Goals with LIC Jeevan Labh: Discover Benefits of LIC Jeevan Labh Calculator
Achieve Your Financial Goals with LIC Jeevan Labh: Discover Benefits of LIC Jeevan Labh Calculator
Table of Contents
- I. Introduction
- II. Understanding LIC Jeevan Labh
- III. Exploring LIC Jeevan Labh Calculator
- IV. Achieving Financial Goals with LIC Jeevan Labh
- V. Tips for Effective Financial Planning
- VI. Conclusion
- VII. Frequently Asked Questions
Introduction
A. Brief explanation of LIC Jeevan Labh
When it comes to securing your financial future, LIC as a life insurance company comes to everyone's mind naturally as it has created a special place in the heart. At the same time LIC has its LIC Jeevan Labh which emerges as a prominent life insurance policy that not only offers protection but also helps in wealth creation. With its attractive features and benefits, LIC Jeevan Labh has become a popular choice for individuals seeking comprehensive financial coverage. LIC Jeevan Labh is a non-linked and participating, individual life insurance saving plan that offers both protection and saving features.
B. Overview of LIC Jeevan Labh Calculator
To facilitate effective financial planning and assist policyholders in making informed decisions, LIC provides the LIC Jeevan Labh Calculator. This powerful tool enables individuals to calculate premium amounts, maturity benefits, and potential returns based on their specific requirements. In this blog, we will delve into the benefits of LIC Jeevan Labh and explore how LIC Jeevan Labh Calculator can help you achieve your financial goals.
Understanding LIC Jeevan Labh
A. Key features and benefits of LIC Jeevan Labh policy
LIC Jeevan Labh offers a range of features and benefits that make it an attractive choice for individuals aiming for long-term financial security. These features include a death benefit, maturity benefit, tax benefits, loan facility, and optional riders for enhanced coverage. We will explore each of these features and understand how they contribute to the policy's overall value.
Death Benefit:
If the death happens to the life insured person during the policy term and all dues have been paid till that date, then "Sum Assured on Death" and bonus amount shall be paid by LIC . The "Sum Assured on Death" is normally defined as the higher of basic sum assured or 7 times of the annual premium amount and cannot be less than 105% of the total premium paid till the life insured death.
Maturity Benefit:
If the life insured person survives till the end of the policy term, and all dues have been paid till that date then the "Maturity Sum Assured" and additional bonus will be paid.
Eligibility Criteria:
Minimum Basic Sum Assured: Rs. 200000 (2 Lakhs)
Maximum Basic Sum Assured: No Limit
(The Basic Sum Assured shall be multiples of Rs 10000/-)
Policy Term/Premium Paying Term : (16/10), (21/15) and (25/16)
This means the Policy will be active till 16 years or 21 years or 25 years, but premium will be paid till 10 years or 15 years or 16 years.
Minimum Entry Age : 8 Years
Maximum Entry Age:
i. 59 years (Nearest Birthday) for 16 years policy term
ii. 54 years (Nearest Birthday) for 21 years policy term
iii. 50 years (Nearest Birthday) for 25 years policy term
Maximum Maturity Age : 75 Years (Nearest Birthday)
Date of Risk Commencement: Risk will commence immediately on acceptance of the risk
Rider Benefits:
There are some optional rider benefits available with additional premium and they are:
1. LIC's Accidental Death and Disability Benefit Rider
2. LIC's Accident Benefit Rider
3. LIC's New Term Assurance Rider
4. LIC's New Critical Illness Benefit Rider
5. LIC's Premium Waiver Benefit Rider
Settlement Option for Maturity Benefits :
In this option, one can choose to receive the maturity benefits in installments over the period of 5,10,15 years instead of receiving the entire lump sum amount at a time.
The installment amount will be paid in advance at yearly or half yearly or quarterly or monthly as per you opted.
Below is a sample illustration of the minimum amount to be paid to you as installments:
Mode of Installment payment - - - - > Minimum Installment Amount
Yearly - - - - > Rs. 50000/-
Half Yearly - - - - > Rs. 25000/-
Quarterly - - - - -> Rs. 15000/-
Monthly - - - - > Rs. 5000/-
If the net claim amount is less than the minimum installment amount as per the selected option, then the entire amount will be paid in lump sum only.
Death Benefits in Installments Option :
The policy holder or life insured can choose the option for the nominee to receive the maturity benefits in installments over the period of 5,10,15 years instead of receiving the entire lump sum amount at a time.
The installment amount will be paid in advance at yearly or half yearly or quarterly or monthly as per you opted.
Below is a sample illustration of the minimum amount to be paid to you as installments:
Mode of Installment payment - - - - > Minimum Installment Amount
Yearly ----> Rs. 50000/-
Half Yearly ----> Rs. 25000/-
Quarterly ----> Rs. 15000/-
Monthly ----> Rs. 5000/-
If the net claim amount is less than the minimum installment amount as per the selected option, then the entire amount will be paid in lump sum only.
The death claim amount shall be paid to the nominee as per option selected by life insured/policy holder.
Payment of Premium, Rebate and Loan :
The payment of premium can be paid regularly at yearly, half yearly, quarterly or monthly mode during the policy premium paying term. You can select auto debit from bank via NACH or through salary deduction as well.
Below is a sample illustration of premium payment for a basic sum assured of Rs. 2 lakhs :
There is also some rebate on your premium amount when you take the plan. Two types of rebate : Mode Rebate and High Sum Assured Rebate
In case of Mode Rebate, you will get 2% rebate on yearly premium and 1% on half yearly premium.
In case of High Sum Assured Rebate, you will get 1.25% rebate 5 lakhs to 9.9 lakhs, 1.5% rebate on 10 lakhs to 14.9 lakhs and 1.75% rebate on 15 lakhs and above basic sum assured.
You can avail loan up to 90% of surrender value as well under this policy if you have completed 2 Years of successful payment of premium.
Free-Look Period, Grace Period and Surrender:
If you are not satisfied with the terms and conditions of the policy, you can return the policy document or bond within 15 days of the receipt of the bond to the corporation by stating of the reason of objection.
On receipt of the document, LIC will refund you the amount by deducting the proportionate risk covers, expenses etc..
There is a standard grace period of 30 days for yearly, half yearly and quarterly premiums and 15 days for monthly premium from the date of unpaid premium. If still the premium is not paid during the grace period, then the policy lapses after that. You can revive a lapsed policy within 5 years from the date of first unpaid premium and before the maturity.
If you already have paid the premium for 2 Years already, then you can surrender policy at any time.
Exclusion :
If the person commits suicide within 1 Year from the start date of the policy, then LIC will not pay any amount to the nominee. However, if at least 80% of the premium is already paid, then amount higher than 80% if premium paid or surrender value on death will be paid and no other claim will be entertained.
LIC also can bring the policy under question within 3 years of the policy commencement under various grounds like fraud, false info, of intentional information hiding to leverage benefits etc, but not after 3 years.
B. Importance of goal-oriented financial planning
effective financial planning needs clear financial goals which has significance of identifying and prioritizing goals, such as education expenses, retirement planning, or purchasing a house. We will discuss in below how LIC Jeevan Labh can align with these goals.
C. How LIC Jeevan Labh aligns with long-term financial goals
LIC Jeevan Labh is designed to help policyholders build a corpus over the policy term, ensuring financial stability in the long run. We will examine how the policy's structure, premium payment options and LIC's guaranteed returns contribute to meeting long-term financial goals.
Exploring LIC Jeevan Labh Calculator
A. What is LIC Jeevan Labh Calculator and how does it work?
You can visit the LIC official website for the LIC Jeevan Labh Calculator to check the maturity benefit premium calculation, potential returns. You can explore how the calculator considers factors such as age, policy term, and sum assured to determine premiums that suit your financial capabilities.
B. Flexibility in customizing policy options and benefits
LIC Jeevan Labh Calculator enables users to customize policy options and benefits according to their preferences. You can check in the calculator in adjusting parameters like sum assured, premium payment frequency, and policy term to align with policyholders' unique financial requirements.
Achieving Financial Goals with LIC Jeevan Labh
A. Setting realistic financial goals and milestones
We should emphasize in setting realistic financial goals and milestones while considering various aspects such as income, expenses and future aspirations. When you define your clear objectives then you can align your LIC Jeevan Labh policy with your specific needs.
B. How LIC Jeevan Labh helps in achieving these goals
LIC Jeevan Labh plays a vital role in achieving financial goals and it offers a mix of savings and protection. We discussed above how the policy's guaranteed maturity benefits and bonus additions add to building a significant corpus over the period of time and it provides the necessary financial foundation to satisfy your objectives or goals.
C. Optimizing policy parameters using the calculator for desired outcomes
Policyholders can optimize their policy parameters to achieve wanted result by utilizing LIC Jeevan Labh Calculator. This calculator has the ability to provide instant calculations, enabling customers to experiment with different scenarios and adjust policy variables to align with their financial goals effectively.
Tips for Effective Financial Planning
A. Diversification of investments for a balanced portfolio
We have discussed earlier the significance of diversifying investments to mitigate risk and upgrade overall portfolio performance. By investigating different investment options and strategies, readers can acquire bits of knowledge into making a well-balanced financial plan alongside their LIC Jeevan Labh policy.
B. Regular review and adjustment of financial plans
Financial plans need to be dynamic and adaptive to changing circumstances. I urge you to routinely review and adjust the financial plans, considering factors such as income changes, life events, and developing objectives. This guarantees that the LIC Jeevan Labh policy stays aligned with the overall financial roadmap.
Conclusion
In the end, I want to give a short recap of the key benefits discussed throughout the blog, highlighting the significance of LIC Jeevan Labh and LIC Jeevan Labh Calculator in financial planning and goal achievement.
I always motivate readers to take action by encouraging them to explore the LIC Jeevan Labh Calculator and experience its benefits at high level first. Then You can contact us if you want to know more on this or if you would like to take up this or any other plan.
We aim to inspire and motivate readers to embark on their financial planning journey.
Finally, we saw how LIC Jeevan Labh, when combined with effective financial planning, can give people the necessary financial security and stability. By highlighting the policy's unique features and its ability to cater to long-term financial goals, we saw the importance of considering LIC Jeevan Labh as a valuable investment for a secure and solid future.
Frequently Asked Questions
What is LIC Jeevan Labh?
LIC Jeevan Labh is a popular and well known life insurance policy offered by the Life Insurance Corporation of India (LIC). It gives a blend of savings and protection, offering financial security to policyholders along with the opportunity to build a corpus over time.
What are the key features of LIC Jeevan Labh?
Some of the key features of LIC Jeevan Labh include a maturity benefit, tax benefits, loan facility, death benefit and optional riders for enhanced coverage. The policy offers guaranteed returns and bonus additions, making it an attractive choice for long-term financial planning.
How does LIC Jeevan Labh Calculator work?
LIC Jeevan Labh Calculator is an online tool provided by LIC to assist policyholders in calculating premium amounts, maturity benefits, and potential returns. Users input relevant information such as age, sum assured, policy term, and premium payment frequency to obtain accurate calculations and projections.
Can I customize my LIC Jeevan Labh policy using the calculator?
Yes, LIC Jeevan Labh Calculator allows policyholders to customize their policy parameters based on their specific needs. You can adjust variables such as sum assured, premium payment frequency, and policy term to align with your financial goals and preferences while taking the policy.
How accurate are the calculations provided by the LIC Jeevan Labh Calculator?
The LIC Jeevan Labh Calculator is designed to provide accurate calculations based on the information entered by the user. However, you can visit the official website to get more details about this.
How can LIC Jeevan Labh help me achieve my financial goals?
LIC Jeevan Labh offers maturity benefits and bonus additions, providing a disciplined savings avenue to policyholders. By consistently investing in the policy and aligning it with your financial goals, you can build a substantial corpus over time, helping you achieve milestones such as education expenses, retirement planning, or purchasing a house.
Are there any tax benefits associated with LIC Jeevan Labh?
Yes, LIC Jeevan Labh offers tax benefits as per the prevailing tax laws.
Can I take a loan against my LIC Jeevan Labh policy?
Yes, LIC Jeevan Labh policyholders have the option to avail a loan against their policy. The loan facility allows you to access funds based on the surrender value of the policy, providing financial flexibility when needed. The terms and conditions for availing a loan may vary, and it is advisable you to contact me for specific details.
How often should I review my LIC Jeevan Labh policy?
It is recommended to review your LIC Jeevan Labh policy periodically, especially when there are significant changes in your financial situation or goals. Regular reviews help ensure that the policy remains aligned with your evolving needs. The LIC Jeevan Labh Calculator can be used for continuous monitoring and assessment of policy performance.
Happy Investing !!! 🙏🙏🙏
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