LIC Jeevan Labh Plan is a limited premium endowment plan. It provides both risk cover and savings providing financial support to the aggrieved family in case of the sudden demise of the insured life. It is a traditional non linked plan.
One should be clear of the LIC Jeevan Labh Policy features before signing on it. Some of the key features of LIC Jeevan Labh are mentioned below-
- Minimum age of entry for availing the best of LIC Jeevan Labh policy benefits is 8 years.
- The maximum age on entry depends on the term of the policy which is 16, 21 and 25 years.
- Maturity age for the policy holder under LIC Jeevan Labh Plan 836 is 75 years.
- Minimum Sum Assured for the policy is Rs. 2,00,000.
- Limited premium.
LIC Jeevan Labh Policy Benefits takes care of the policy holder and his family. Some of the LIC Jeevan Labh benefits that can be availed are
In case of the unfortunate death of the policy holder during the policy term, the nominee receives a sum of Sum Assured, Simple Revisionary Bonus and Final Addition Bonus if any. The death benefit under LIC Jeevan Labh Plan 836 cannot be less than 105% of all premiums paid till the date of death.
LIC Jeevan Labh pays a sum of Sum Assured and Accumulated Bonuses on the date of maturity of the plan provided all premiums have been paid.
Apart from the above LIC Jeevan Labh benefits, the following optional benefits can be availed
- Optional Accidental Death and Disability Rider Benefit on extra premium payment offers protection against accidental death or disability.
- New Term Assurance Rider Benefit for LIC Jeevan Labh Policy benefit with the additional amount not greater than 25 lakhs is paid to the nominee under death of the insured.
- Tax exemptions under LIC Jeevan Labh tax benefits as per the Income Tax Act.
- Guaranteed Surrender Value equivalent to a percentage of the total premium paid depending on the policy term chosen and the surrender year of the policy term.
- Loan facility is available to post clearing three years of premium of LIC Jeevan Labh Policy Connect with our LIC agent to understand the LIC Jeevan Labh plan details and enroll for it with their assistance.
|Eligibility Criteria & Conditions||
|Minimum Age||8 years(Completed)
|Maximum Age||59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term
|Policy Term||16 years / 21 years / 25 years
|Premium paying term||10 years for policy term 16 years
21 years for policy term 15 years
25 years for policy term 16 years
|Minimum Sum Assured||Rs.2,00,000
|Maximum Sum Assured||No limit
|Premium payment mode||Yearly / Half yearly / Quarterly / Monthly (Thru bank)
|Loan||Eligible after 3 years
|Surrender||Eligible after 3 years
|On Death||Sum Assured + Bonus