LIC's Jeevan Labh Plan is a Non-Linked Limited Premium Paying Endowment Assurance Plan.This plan offers a combination of protection and saving features. Lic New Jeevan Labh Plan provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium.LIC New Jeevan Labh Plan primary feature is a limited premium payment option. For 16-year policy term, the customer has to pay a premium for 10 years. For 21 and 25 years of the policy term, the policyholder has to pay the premium for 15 and 16 years respectively.
- High bonus rates ensures financial independency in future.
- Financial Assistance is provided to the family of Life Assured if dies before the Maturity Period.
- At the time of Maturity of the Policy, lump sum amount is provided to the Policyholder.
- The Proposer can avail the LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider option on payment of additional premium.
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
|Eligibility Criteria Of Jeevan Labh Plan:|
|Minimum Age at Entry||8 Years (Completed)|
Maximum Age at Entry
59 Years For 16 Year Policy Term
54 Years For 21 Year Policy Term
50 Years For 25 Year Policy Term
|Maximum Maturity Age||75 Years(Nearest Birthday)|
|Policy Term & (Premium Paying Term)||16 & (10), 21 & (15), 25 & (16)|
|Minimum Sum Assured||200000/-|
|Maximum Sum Assured||No Limit (sum assured in multiple 10000/-)|
Yearly,Half-Yearly,Quaterly,Monthly (NACH only)
Rebate Of Mode Of Premium
Quaterly & Monthly-- Nil
High Sum Assured Rebate
2,00,000 to 4,95,000 -- Nil
5,00,000 to 9,90,000 -- 1.25% on B.S.A.
10,00,000 to 14,90,000 -- 1.50% on B.S.A.
15,00,000 and above -- 1.75% on B.S.A.
|Loan||After payment of premiums for at least 3 full years|
|Surrender||Allowed after 3 year|
Death Benefits: The Nominee will receive the Death Benefit from the Corporation if the Policyholders Death occurs during the Policy Term. The Death Benefit should not be less than the 105% of all the premiums paid as on date of death.
- Sum Assured on Death = 10 Times of Annualised Premium or Absolute Amount assured to be paid on Death, i.e., Basic Sum Assured.
- Death Benefit = Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus.