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LIC Jeevan Labh is a non-linked, limited premium paying, with-profits endowment life insurance plan. This plan offers a combination of both savings as well as protection to the insured.
LIC Jeevan Labh offers a comprehensive life insurance cover.
To add to it, the LIC Jeevan Labh Plan offers death as well as maturity benefits with additional profit participation bonus. This plan has been rated high as one of the best-selling endowment plans offered by LIC. Being available to a group age of 8-59 years, this plan offers a host of benefits to the policyholder.
Mentioned below are the key features of the LIC Jeevan Labh Plan:
The LIC Jeevan Labh Plan offers a host of benefits as mentioned below:
Death benefit : In case the policy holder suffers a death within the policy period, then the nominee receives a death benefit in the form of the sum assured. Besides, any simple revolutionary bonuses as well as final additional bonuses if any are paid off to the nominee.
Maturity benefit : In case the policyholder survives the policy period, then the sum assured as the maturity benefit is paid along with any simple revolutionary bonuses as well as final additional bonuses.
Rebate : The LIC Jeevan Labh policy offers a rebate on 2% of the yearly premium and 1% of the half-yearly premium payments. Also, a rebate of 1.25% of the total sum assured is offered in case the sum assured is Rs.5 lakh to Rs.9.9 lakh. A rebate of 1.50% of the Basic Sum Assured if offered if the amount of sum assured is Rs.10 lakh to Rs.14.9 lakh. If the sum assured is 15 lakh and above, a rebate of 1.75% if offered.
Loans : LIC Jeevan Labh offers a loan facility once you complete 3 years of the policy period and if the premiums were paid regularly. The policy also should have acquired a surrender value to be eligible for a loan facility.
Profit participation : In case the policy is in full force, a simple revolutionary bonus is also offered to the policy holders. This is because the LIC Jeevan Labh policy itself is a participating policy in nature.
Ideal plan : The LIC Jeevan Labh Plan is an ideal plan in case you wish to plan your child’s education or marriage.
Tax benefits : The premiums paid towards the LIC Jeevan Labh policy is exempted from income tax under the Section 80C of the Income Tax Act,1961. Besides, the maturity amount receivable is also tax free under Section 10(10D).
The below mentioned riders are offered by LIC Jeevan Labh Policy:
LIC’s Accidental Death and Disability Rider: In case the insured suffers an accidental death during the policy period, an additional sum assured is offered to the nominee. However, in case the insured suffers a disability, the accidental sum assured is paid in 10 equal installments over 10 years. This rider can be opted by paying an extra premium over and above the base policy premium.
LIC’s New Term Assurance Rider: In case of death, the rider benefit increases here. You can opt for this type of rider during the policy issuance by paying an additional amount.
Some of the important details with regards to LIC Jeevan Labh Term Plan are mentioned below:
Revival period : Offers a revival period of 2 years. A policyholder can revive the policy from the date of the first unpaid premium by paying the arrears as well as the interest and other expenses.
Free look period : Offers a free look period of 15 days from the date of policy issuance.
Grace period :Offers a grace period of 30 days in case you miss the due date to make the premium payment in case of yearly, semi-annual and quarterly mode. The grace period is 15 days in case of monthly payment mode.
LIC Jeevan Labh Policy by LIC of India offers a comprehensive life insurance cover to the policyholder. Since it's a combination of both investment as well as savings, it is a recommended product to opt for. One of the endowment plans based on investment, has gained popularity due to its unique features. The variety of riders offered by this plan would enhance your base plan at a minimal rate.