LIC Jeevan Labh – Features and Benefits

Life Insurance Corporation of India (LIC) recently announced new endowment plan on 4th January which is called name as LIC Jeevan Labh Plan under the Table no. 836.

LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Example If policy term 16 has selected then Policyholder have to paid only 10 years time premium and maturity amount will be paid after the 16 Years of Completion

Also see Other Lic Plan: - Jeevan Lakshya, New MoneyBack Plan

Eligibility Conditions and Other Restrictions:

a)    Minimum Basic Sum Assured :Rs. 2,00,000

b)    Maximum BasicSum Assured :No Limit

(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)

c)     Policy Term/Premium Paying Term : (16/10), (21/15)(25/16)years

d)    Minimum Age at entry :[8] years (completed)

e)    Maximum Age at entry:

      [59] years (nearest birthday) for Policy Term 16 years

      [54] years (nearest birthday) for Policy Term 21 years &

      [50] years (nearest birthday) for Policy Term 25 years

f)     Maximum Maturity Age : [75] years (nearest birthday)

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.

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.





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 annualised 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.  

For more details http://licindia.in/Benefits_Jeevan_Labh.html or visit your nearest LIC branch/ or email at: sushilshm2010@gmail.com