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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.
In case death during the policy term, Sum Assured with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable.
Sum Assured with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable to survival policyholder at the end of the maturity If all due premium have been paid.
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.
The policyholder has an option of availing the following Rider benefit(s):
Rider sum assured cannot exceed the basic sum assured.
Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly intervals (through ECS or through salary deductions).
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
Following are some of the sample annual tabular premium rates (in Rs.) (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:
LIC India offers some benefits to the policyholders by choosing specific mode and high sum assured of the plan.
Suicide:- This policy shall be void
If Life Assured commits suicide within one year from the date of risk commencement, the policy will be cancelled and cannot claim death benefit. LIC will return the extent of 80% of the single premium paid excluding taxes and any extra premium paid.
If the Life Assured commits suicide within one year from the date of revival, the amount which is higher 80% of premium paid till the date of death (excluding taxes, any extra premium paid,rider premium) or surrender value if the policy in force will be payable.