Features of LIC Jeevan Labh 936 Policy:
Here LIC Jeevan Labh Policy some of the main Properties Given:
1. The plan offers limited premium paying option.
2. The scheme is available for policy term of 16, 21 and 25 years to make goal-based investment easier for the investors.
3. This non-linked, with with profit plan, ensures both comprehensive protection and assured returns for investors in the form of death and maturity benefits.
4. Policyholders can avail loan facilities on this plan, after paying regular premiums for three years. 5. Tax benefits can be availed under Section 80C and 10(10D) of the Income Tax Act. 6. The plan offers the option to avail the death benefit in instalments.
LIC Jeevan Labh Policy Benefits:
LIC Jeevan Labh Policy Death benefit is paid by the insurer to the beneficiary of the policy if the life assured has an unfortunate death during the policy term. The death benefit payable to the nominee of the policy is the Sum Assured on death plus vested Simple Reversionary Bonuses and Final Additional Bonus (if any). The Sum Assured on Death is defined as:
1. More than 7 times of the annualized premium or;
2. Basic Sum Assured
The death benefit paid to the nominee of the policy shall not be less than 105% of the total premiums paid.
If the life assured survives the entire policy term, provided all the premiums paid for the policy are reduced and the policy is in force. Maturity benefit is paid to the life assured in the form of Sum Assured on maturity along with a vested Simple Reversionary Bonus and Final Additional Bonus (if any). The Sum Assured on Maturity is equal to the Basic Sum Assured of the policy.
LIC Jeevan Labh Policy Profit Participation:
The policy participates in the profits of the Corporation and is entitled to receive a simple reversionary bonus declared as per the experience of the Corporation, provided the policy is in force. Final Additional Bonus is also declared under the policy in the year when the claim is made form death or maturity
LIC Jeevan Labh Policy Tax Benefits:
The policy participates in the profits of the Corporation and is entitled to receive a simple reversionary bonus declared as per the experience of the Corporation, provided the policy is in force. Final Additional Bonus is also declared under the policy in the year when the claim is made either on death or maturity.
If a person takes a term plan of 16 years at the age of 23 and opts for 10 lakh sum assured, then he will have to pay Rs 233 per day for 10 years. In this way he will have to pay Rs.855107. This amount will become Rs 17,13,000 on maturity i.e. at the age of 39 years. This policy has nothing to do with the stock market, which means your money is completely safe in this scheme. Not a single penny of yours is invested in the share market.
LIC Jeevan Labh Policy Plan Eligibility Criteria,
Let us have a look at the eligibility criteria of the policy.
|entry age||8 years||pt 16 yrs to 59 yrs
pt 21 yrs to 54 yrs
PT 25 Years to 50 Years
|sum assured||Rs 2,00,000||no limit|
|maturity age||NA||75 years|
|policy term||16, 21& 25 Years|
|premium paying term||10, 15 & 16 Years|
LIC Jeevan Labh Policy Riders,
Under LIC Jeevan Labh policy, there are five optional riders which the policyholder can avail by paying additional premium. Rider benefits can be purchased along with the base plan to enhance the coverage of the policy. Let us look at these 5 optional rider benefits in detail.
Accidental Death and Disability Benefit Rider,
The policyholder can opt for this rider anytime within the premium paying term of the base plan provided the outstanding PPT of the base plan is at least 5 years. This rider can be purchased along with the base plan to enhance the coverage of the policy. In this rider option, the Accidental Death Benefit Sum Assured is paid to the nominee of the plan along with the death benefit offered under the base plan.
In addition, this rider option also provides coverage in case of accidental disability to the life assured. The Accidental Disability Insurance amount is paid to the life assured in equal monthly installments for a period of 10 years. Also, the future premiums of the policy are waived off.
Accidental Benefit Rider,
The policyholder can opt for this rider anytime within the premium paying term of the base plan provided the outstanding PPT of the base plan is at least 5 years. In this rider option, in case of accidental death of the life assured within 180 days from the date of accident, the Accidental Death Benefit Sum Assured is paid to the nominee of the policy.
Term Assurance rider,
This rider option can be availed at the time of inception of the policy. This rider provides the benefit of additional sum assured in the form of additional term assurance to the beneficiary of the policy in case of unfortunate death of the life assured during the term of the policy. The term assurance rider benefit is offered along with the basic death benefit offered by the policy.
Critical Illness rider,
Critical illness rider benefits can be purchased at the inception of the policy. The benefits offered under this rider option can be availed by the life assured during the policy term if he/she is diagnosed with any one of the 15 critical illnesses mentioned under the rider.
Premium Waiver Benefit,
Under this rider option, all future premiums of the plan are waived off in case of unfortunate death of the life assured. However, if the premium paying term of the Base Plan exceeds the term of the Rider, then all due future premiums under the Base Plan from the date of expiry of the Rider shall be payable to the Life Assured. If the policyholder fails to pay the policy premium, it will become a paid-up policy.
LIC Jeevan Labh Policy Grace Period:
A grace period of 30 days is offered by the insurer to pay the premium due if the policyholder fails to pay the premium of the plan within the premium payment period. A grace period of 30 days is provided to the policyholders for non-payment of unpaid premiums for those with annual, half-yearly and quarterly premium payment modes. However, if the policyholder has opted for the monthly premium payment mode, then the grace period is reduced to 15 days.
LIC Jeevan Labh Policy Free-Look Period , Free-look Period ,
If the policyholder is not satisfied with the terms and conditions of the policy, they can cancel the policy within the free-look period of 15 days given by the insurer from the date of inception of the policy.
Documents required for LIC Jeevan Labh Policy:
To avail the benefits offered by LIC Jeevan Labh plan, certain documents must be kept handy. Let’s see it.
1. Residence Certificate
2.Other KYC Documents: Aadhaar Card, PAN Card, Tax Details, etc.
3. Age proof
4.Proposal Form/Application Form duly filled in
5. Medical diagnosis reports as required
LIC Jeevan Labh Policy Maturity Value:
LIC Jeevan Labh Policy Maturity is calculated only after the completion of the policy term. LIC Jeevan Labh 936 Premium works as follows:
Basic Sum Assured Accumulated Simple Reversionary Bonuses Final Additional Bonus (FAB) during the policy term
Simple Reversionary Bonuses are declared every financial year during the policy term and keep on adding to the policy. FAB is the lump sum bonus declared for the year in which the policy is maturing.