Insurance

LIC Jeevan Labh Insurance Plan : Best LIC Policy

Posted By: Admin
December 10, 2022 |

Best combination of Protection and Saving, Life Insurance Company offering best insurance plan LIC Jeevan Labh

LIC Jeevan Labh: When you think of buying an insurance plan in which you invest for a limited period of time and get returns your whole life, the LIC’s Jeevan Labh is the best suitable Insurance plan in the market. LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan. The Jeevan Labh offers the buyer a combination of protection and savings.

In case of the unfortunate death of the policyholder anytime before maturity, the plan provides financial support for the family and a lump sum amount at the time of maturity for the surviving policyholder.

The policy holder can also avail loan against Jeevan Labh Policy in case of urgent fund requirement.

Lets Know the complete details of the Jeevan Labh Plan in this article.

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Table of Content

Basic Details of LIC Jeevan Labh Insurance Plan
LIC Jeevan Labh Insurance Plan Benefits
Eligibility to buy LIC Jeevan Labh Insurance Plan, Conditions and restrictions
LIC Jeevan Labh Riders
LIC Jeevan Labh Loan Facility

Basic Details of LIC Jeevan Labh Insurance Plan –

The LIC Jeevan Labh Insurance Plan’s basic details include UIN No., Plan No., Type of Plan etc.

LIC Jeevan Labh UIN No	512N304V02
LIC Jeevan Labh Plan No.	936
Type of Plan	Limited Premium Endowment Plan
Plan Info	Non-Linked, Participating, Individual, Life Assurance Plan

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LIC Jeevan Labh Insurance Plan Benefits –

There are many unique benefits of this insurance Plan which you may not get in any other insurance plans.

1. LIC Jeevan Labh Death benefit:

The obvious purpose of the Life insurance plan is to provide financial stability after the death of a policyholder. This insurance plan offers better death benefits compared to other insurance plans.

Death benefit is always payable in case of death of the Life Assured during the policy term.

The policy should be in-force which means all due premiums have been paid.

LIC Jeevan Labh Sum Assured on Death is transferred to the beneficiary along with vested Simple Reversionary Bonuses and Final Additional bonus, if any.

The Jeevan Labh Sum Assured on Death is the higher of Basic Sum Assured or 7 times of annualised premium.

This death benefit will be more than 105% of total premiums paid upto the date

of death.

It is to note that the premiums referred above do not include taxes, extra premium and rider premium(s), if any.

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2. LIC Jeevan Labh Maturity Benefit:

The specialty of the plan is that it offers benefit on maturity to the policy holder on survival till the end of the policy.
The Jeevan Labh policy holder gets Sum Assured on Maturity which is basic sum assured along with vested Simple Reversionary bonuses and Final Additional bonus, if any.

3. Sharing of yearly company profit –

The Life Insurance Company offers sharing in the profits every year to the policy holder which is referred as Simple Reversionary Bonuses.

The company declares this bonus annually and adds the bonus amount to Final (Additional) Bonus when the policy results in a claim either by death or maturity. However the company does not pay the Final Additional Bonus under paid-up policies.

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Eligibility to buy LIC Jeevan Labh Insurance Plan, Conditions and restrictions –

Minimum Basic Sum Assured	Rs.2,00,000
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
Minimum Age at entry	8 years (completed)
Maximum Age at entry	59 years (nearest birthday) for PolicyTerm 16 years 54 years (nearest birthday) for PolicyTerm 21 years & 50 years (nearest birthday) for PolicyTerm 25 years
Maximum Maturity Age	75 years (nearest birthday)
Date of commencement of risk under the plan	Immediately on acceptance of the risk

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LIC Jeevan Labh Riders

To enhance the insurance plan benefits the company has come up with the riders which a policy holder can buy to get extra coverage and feature in the running Jeevan Labh policy.

Five optional riders are available under this plan which you can get by paying additional premium

LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)

The benefit of this LIC rider is available in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.

However, In case of accidental disability due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years.

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LIC’s Accident Benefit Rider (UIN:512B203V03)

A policy holder can anytime opt for this rider within the premium paying term of the Base. Benefit of this rider is that the Accident Benefit Sum Assured will be payable in lumpsum in case of death of the policy holder.

LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)

This rider is available when you buy Jeevan Labh Policy. On first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.

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LIC Jeevan Labh Loan Facility

In case of urgent fund requirement, the policy holder can avail loan against LIC policy under Jeevan Labh Policy. If the policy holder has paid minimum 2 full years’ premiums, he is eligible to avail loan against LIC policy.

LIC policy loan conditions –

For in force policies – upto 90%
For paid up policies – upto 80%

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