LIC Jeevan Labh Plan

LIC Jeevan Labh Plan

Overview: LIC’s Jeevan Labh is a Non-Linked, Participating, Individual Life Assurance savings plan that provides a combination of protection and savings. The plan is designed to cater to the financial needs of the policyholder’s family in case of their untimely death and provides a lump sum amount at the time of maturity for the surviving policyholder.

Key Features:

1. Death Benefit:
   • In the event of the policyholder’s death during the policy term, the nominee receives the “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
   • The “Sum Assured on Death” is the higher of:
     • 10 times the annualized premium, or
     • Basic Sum Assured.
   • The Death Benefit will not be less than 105% of the total premiums paid up to the date of death.
2. Maturity Benefit:
   • On survival of the policyholder till the end of the policy term, the “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be payable.
   • The “Sum Assured on Maturity” is equal to the Basic Sum Assured.
3. Participation in Profits:
   • The policy participates in the profits of the Corporation and is eligible for Simple Reversionary Bonuses declared during the policy term, provided the policy is in force.
   • A 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.

Eligibility Conditions:

• Minimum Basic Sum Assured: ₹2,00,000
• Maximum Basic Sum Assured: No limit (in multiples of ₹10,000)
• Policy Term: 16, 21, and 25 years
• Premium Paying Term: (Policy Term – 3) years
• Minimum Age at Entry: 8 years (completed)
• Maximum Age at Entry:
  • For policy term 16 years: 59 years
  • For policy term 21 years: 54 years
  • For policy term 25 years: 50 years
• Maximum Age at Maturity: 75 years

Premium Payment:

• Premiums can be paid yearly, half-yearly, quarterly, or monthly (through NACH only) or through salary deductions.

Grace Period:

• 30 days for yearly, half-yearly, or quarterly premiums.
• 15 days for monthly premiums.

Additional Features:

1. Optional Rider Benefits:
   • LIC’s Accidental Death and Disability Benefit Rider.
   • LIC’s Accident Benefit Rider.
   • LIC’s New Term Assurance Rider.
   • LIC’s New Critical Illness Benefit Rider.
2. Settlement Option for Maturity Benefit:
   • Option to receive the maturity benefit in installments over 5, 10, or 15 years instead of a lump sum.
3. Loan Facility:
   • Loan facility is available under this plan, subject to terms and conditions.
4. Surrender Value:
   • The policy can be surrendered at any time provided premiums for at least two full years have been paid.
   • The Guaranteed Surrender Value is a percentage of the total premiums paid (excluding extra premiums, rider premiums, and taxes) plus the surrender value of vested bonuses, if any.

Revival:

• A lapsed policy can be revived within 5 consecutive years from the date of the first unpaid premium, subject to terms and conditions.

For more information, contact your nearest LIC branch or visit the LIC website.

This plan is ideal for individuals seeking a secure future with a blend of savings and protection.