LIC Jeevan Labh Plan provides a comprehensive life insurance cover and maturity benefit. This plan can also be described as a limited premium paying endowment assurance plan. What this means is that the policy holder does not have to pay a premium for the entire duration of the policy term. If the policy holder dies within the policy term, the assured sum and bonuses will be paid to the nominee as a death benefit. On the other hand, if all is well with the policy holder even after the policy matures, the sum assured and bonuses will be paid as a maturity benefit.
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.
In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder’s nominee
additional sum assured is payable in installments. Additional rider available : Critical Illness rider.
This plan can be seen as insurance or an aid for long term investments. For many people, it is the ideal financial tool to plan ahead for their childrena’s future. The key features of this policy are:
This policy can be bought in the name of an adult up to the age of 59 years or a child who is over 8 years old. So, hurry contact an authorized LIC agent today.
|Eligibility Criteria & Conditions|
|Minimum Age||8 years(Completed)|
|Maximum Age||59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term<
|Policy Term||16 years / 21 years / 25 years|
|Minimum Sum Assured||Rs.2,00,000|
|Premium paying term||10 years for policy term 16 years
21 years for policy term 15 years
25 years for policy term 16 years
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly / Half yearly / Quarterly / Monthly (Thru bank)|
|Loan||Eligible After 3years|
|Surrender||Eligible After 3 Years|
|On Death||Sum Assured + Bonus|
|On Maturity||Sum Assured + Bonus|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non taxable u/s 10(10d)