LIC Jeevan Labh
LIC Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
Premium Payment Mode: Yearly, Half-yearly, Quarterly, Monthly(ECS)
Options under LIC Jeevan Labh plan are :
- 936/16/10 – Pay for 10 years – Maturity on 17th year
- 936/21/15 – Pay for 15 years – Maturity on 22nd year
- 936/25/16 – Pay for 16 years – Maturity in 26th year
LIC Jeevan Labh plan features
- Minimum Entry Age: 8 Year Completed
- Maximum Entry Age: 59 Year (Nearest Birthday)
- Maximum Maturity Age: 75 Year
- Minimum Sum Assured: 2,00,000
- Maximum Sum Assured: NO LIMIT (Depending upon Income)
- Maximum Accidental Death and Disability Benefit Rider up to age 70.
LIC Jeevan Labh Policy Benefits :
On Death :
Basic Sum-Assured, OR 7 times of Annualized Premium, OR 105%of all Premiums paid as on death, WHICHEVER IS HIGHER.
On Survival :
On survival Basic Sum-Assured + Reversionary Bonus+ Final Additional Bonus.
Surrendered Value :
The Policy can be surrendered at any time during the policy term provided at least two full years of premiums have been paid.
Loan: Loan Facility is available under this plan, after payment of premiums for at least 2 full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).