LIC Jeevan Labh

Let’s understand the premium amount and offered benefits with an illustration.

To give a clear view, we have mentioned the sample of LIC Jeevan Labh plan premium for a sum assured of INR 2 lakhs. The sample illustration of premium payments will be as follows

• The main objective of the illustration is to make the policy buyer understand the flow of LIC Jeevan Labh Plan, the features, and the flow of benefits in different circumstances.
• The illustration applies to a standard life wherein riders do not opt.
• Benefits are subject to change as per future performance
• The chart is based on the illustration stated by LIC and approved by IRDAI.

The plan is specially designed to provide individuals with the special benefits of life cover and investment. Your financial goals may change at different milestones of life, to provide maximum benefits, LIC Jeevan Labh comes up with additional features. Some of the major features are mentioned below

Rebates are also offered based on the sum assured.

• Policy Loan: Loans can be availed against Jeevan Labh policy if you have paid at least two full years’ premium and the policy has acquired a surrender value. The policyholder can avail of the maximum loan as a percentage of surrender value in the following conditions
  For in-force policies– upto 90%
  For paid-up policies– upto 80%
• Rider customization: Five additional riders can be availed under LIC’s Jeevan Labh by paying the additional premium. These rider benefits help to increase the life cover amount as well as cover the possible risks. You can select from the following LIC Jeevan Labh riders

  1. Accidental death and disability benefit rider

   

  2. Accidental benefit rider

   

  3. Term assurance rider

   

  4. Critical illness rider

   

  5. Premium waiver benefit

• Tax Benefits: A maximum limit of Rs. 1.5 lakh in a financial year, and the maturity amount proceeds are exempted from tax under Section 80 C and Section 10 (10 D) of the Income Tax Act.
• Free-look period: LIC Jeevan Labh 936 allows a freelook period of 15 days from the policy buying date. If the policyholder is unsatisfied with the terms and conditions of the policy, they can cancel it within 15 days.
• Grace period:The policy offers a grace period of 30 days for payments in yearly, half-yearly, quarterly modes and 15 days for monthly payment modes from the date of the first unpaid premium. During this period, the policy will remain in force, and if the policyholder misses paying the premium, the policy lapses.
• Revival:The lapsed policy can be revived within 5 consecutive years from the first date of unpaid premiums and before the date of maturity. The policyholder must pay all outstanding premiums, interest, and other expenses.
• Rebate:LIC is popularly known for serving the most affordable premium plans. Jeevan Labh plan offers rebates on different premium modes.
• Surrender value: A policyholder can surrender the policy anytime after paying two full years' premiums. In such cases, the Jeevan Labh LIC acquires a surrender value. The insured will receive the surrender value, termed as Guaranteed Surrender Value or Special Surrender Value, whichever is higher.
• Paid-up Value:If a policyholder has paid a premium of less than two years and subsequent premiums are not duly paid, all policy benefits cease after the grace period expires. If at least two years' premiums are duly paid, and any subsequent premiums are not paid, the policy acquires a paid-up value until the end of the term.
• Settlement option of Maturity Benefit:The policyholder gets a settlement option to receive the maturity benefit in instalments over a chosen period of 5 years, 10 years, or 15 years instead of a lump sum amount. This benefit is allowed for in-force and paid-up value policy only.
• Build a retirement fund: When planning for retirement, LIC Jeevan Labh becomes the first choice for investors as the plan offers a risk-free option to build a retirement fund in the most affordable premium payment (around Rs. 253 per day if you choose 25 years-plan tenure). Do you know the best part? When the policy matures upon your retirement, you can opt to take the monthly payments for up to 15 years.