LIC's Jeevan Labh Plan

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.

Death Benefit

In case death during the policy term, Sum Assured with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

Maturity Benefit

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.

Optional Benefit:

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

Rider sum assured cannot exceed the basic sum assured.

Eligibility conditions and other restrictions

  • Minimum Basic Sum Assured : Rs. 200,000
  • Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
  • Policy Term/ Premium Paying Term : (16/10),(21/15),(25/16) years
  • Premium Paying Term : (Policy Term – 3) years
  • Minimum Age at entry : 8 years (completed)
  • 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 ;
  • Maximum Maturity Age : 75 years (nearest birthday)

Payment of Premiums:

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.

Sample Premium Rates:

Following are some of the sample annual tabular premium rates (in Rs.) (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Age (in years) Policy Term/ Premium Paying Term(in years)
16 (10) 21 (15) 25 (16)
20 85.20 54.50 45.95
30 85.50 54.95 46.60
40 86.80 56.80 48.90
50 90.95 61.85 54.80


LIC India offers some benefits to the policyholders by choosing specific mode and high sum assured of the plan.

High Sum Assured Rebate
Basic Sum Assured (B.S.A) Rebate (Rs.)
2,00,000 to 4,90,000 Nil
5,00,000 and 9,90,000 1.25% of B.S.A.
10,00,000 and 14,90,000 1.50% of B.S.A.
15,00,000 and above 1.75% of B.S.A
Premium Payment Mode Rebate
Yearly mode2% of Tabular Premium
Half-yearly mode1% of Tabular premium
Quarterly, Monthly & Salary deduction NIL

Other Features:


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.