Jeevan Labh is one of the best selling endowment plans offered by LIC. Offering the dual benefit of protection and saving, it is a non-market linked, with-profit plan that promises a substantial growth in investment over the years.
Offering the novel feature of extended life cover, the premium paying term is considerably less than the policy term i.e. in case of a 16 year policy term, the premium paying term is only 10 years.
LIC’s Jeevan Labh – Key Features
- Maturity Benefits: LIC’s Jeevan Labh is a simple endowment plan that offers financial protection and life cover. Maturity benefits include (Sum Assured + Simple Reversionary Bonus +Final Addition Bonus)
- Death Benefit: In case of death of the policy holder during the term, the nominee will receive the amount accrued under the policy (Sum Assured + Simple Reversionary Bonus +Final Addition Bonus).
- Income Tax Benefits: All premiums paid under the policy are eligible fordeduction under Section 80C of the Income Tax Act 1961. Death benefits too are exempted from tax under Section 10(10D) of the same.
- Types of Deaths Covered: Both types of deaths, natural and accidental, are covered under the plan.
- Riders:Benefits of Accidental Death and Disability Benefit Rider and New Term Assurance Rider can be enjoyed after paying an additional premium.
Policy Term and Premium Paying Term:
|Premium Paying Period|
Policy Details at a Glance:
- Sum Assured – Rs 2,00,000 to No limit
- Policy Term – 16 Years, 21 Years, 25 Years
- Entry Age: 18 Years
- Maturity Age:75 Years
- Surrender Value:The policy acquires a surrender value only if at least three premiums are paid.
- Loan:Loan can be availed against the policy in case at least three premiums are paid.
- Premium Payment Mode:Monthly, Quarterly, Half- Yearly, Yearly
Premium Chart: The chart below shows the annualized premium for a Sum Assured of Rs. 2,00,000. The premium paid varies according to the age of the insurer and the plan term chosen.
|Age (Years)||Policy Term (Years)|
- Annual Premium for Sum Assured Rs. 2,00,000
- Premium Rates may vary after application of GST
- Premium Rates may get dearer under Monthly, Quarterly and Half- Yearly modes.
Apt financial planning goes a long way in life stage planning. Take the crucial decision today and safeguard your financial goals along with life protection advantage. At InsuranceBima.com we help you choose the best plan. Call +91-9230091000 to buy LIC Jeevan Labh or to seek any further information about the plan and its features.