LIC Jeevan Labh Policy – Premium, Review & Benefits

Life Insurance Corporation of India (LIC) Limited offers Jeevan Labh Policy under premium endowment plans (Table no. 936 and UIN no. 512N304V02). The special thing is that in Jeevan Labh Policy, along with life cover, attractive returns are also available. This insurance plan comes with three policy terms, with term tenures of 16 years, 21 years and 25 years but they have to pay premium for 10 years, 15 years and 16 years respectively.

The Jeevan Labh plan provides financial support for the family in case of unfortunate death of the policyholder at any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.

The minimum basic sum assured amount under LIC Jeevan Labh policy is ₹ 2 lakh, while there is no limit for the maximum basic sum assured. However, the age of the insured should be at least eight years to take this plan. At the same time, the maximum age will be 50 (in the policy term of 25 years) / 54 (in the policy term of 21 years) / 59 (in the policy term of 16 years).

LIC Jeevan Labh Policy Key Features

• Pay Premium for a Limited Period.
• 100% Tax free. Claim 80C Tax Rebate.
• No Limit of maximum sum assured, You can invest as much you want.
• This plan is available for a policy term of 16, 21, and 25 years as per nearest birthday.
• Loan facility available after payment a regulatory premium for 3 years.
• Maturity with Full Bonus and Tax Free under 10(10D).

Eligibility for LIC Jeevan Labh

Read: What is nearest birthday and how to calculate age for LIC Policy

Payment of Premiums

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode during the Premium Paying Term of the policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment.

Benefits under LIC Jeevan Labh

Death benefit:

In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit:

“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

Optional Benefit:

The policyholder has an option of availing the following Rider benefit(s):

• LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
• LIC’s New Term Assurance Rider (UIN: 512B210V01)

Download proposal form for LIC Jeevan Labh

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