LIC Jeevan Labh

LIC Jeevan Labh Plan is a limited-year premium payment, with profits, non-linked, individual Endowment Plan. Jeevan Labh Plan offers an attractive combination of protection and savings features. This combination provides a lump sum amount at the time of maturity for the policyholder and financial support for the deceased policyholder’s family in case of the policyholder’s unfortunate death at any time before maturity. This plan also takes care of liquidity needs through its loan facility.

LIC Jeevan Labh Policy details

Minimum Entry Age	8 years
Maximum Entry Age	Term PPT Max Entry Age 16 years 10 years 59 years 21 years 15 years 54 years 25 years 16 years 50 years
Maximum Maturity Age	75 years
Policy term	Term Premium Paying Term 16 years 10 years 21 years 15 years 25 years 16 years
Minimum Sum Assured	₹2,00,000 and in multiples of ₹10,000 thereafter
Maximum Sum Assured	No limit
Sum Assured on Death	Basic Sum Assured
Death Benefit	Sum Assured on Death + Vested Bonus + Final Additional Bonus if any.
Maturity Benefit	Basic Sum Assured + Vested Bonus + Final Additional Bonus if any.
Maturity or Death Claim in Installments	Maturity or Death Claim in Installments for 5/10/15 years for Full or Part of Maturity or Death Claim Amount This Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Available Riders	ADDB (Accidental Death Disability Benefit) or Accidental Benefit Rider, Term Rider, Critical illness Rider and Premium Waiver Benefit Rider up to age 25 of child.
Mode of Premium Payment	Yearly Half Yearly Quarterly Monthly (SSS and NACH only)
Mode Rebate	Yearly : 2% Half Yearly : 1 %
High Basic Sum Assured Rebate	Upto 4.90 lacs : Nil 5 lacs to 9.90 lacs : ₹ 1.25 % of Basic SA 10 lacs to 14.90 lacs : ₹ 1.50 % of Basic SA 15 lacs & Above : ₹ 1.75 % of Basic SA
Grace Period	15 days for monthly mode and 30 days for other modes
Claim Concessions	Available under Base Plan only. Not apply to Riders and Death due to Suicide.
Paid up, Surrender, Policy Loan	Available after payment of premium of 2 full years.
Revivals	Within 5 years of FUP.
Back Dating	Allowed with lean Month’s benefits.
Proposal Form	300, 360
Cooling off	30 Days from the date of receipt of the Policy in Physical/Electronic mode, whichever is earlier.
Tax Benefits	On Basic Premiums: u/s 80C Maturity/Death Benefit: Tax-Free u/s 10(10D) under Basic Sum Assured is 10 times of Annualised Premium

Example of LIC Jeevan Labh Policy