LIC Jeevan Labh Policy 2022 Updates

Features of LIC Jeevan Labh Policy:

LIC Jeevan Labh Policy some of the main Properties are given:

1. The plan offers limited premium payment option.
2. The plan is available for policy terms of 16, 21 and 25 years to make goal-based investing easy for the investors.
3. This non-linked, with profit plan, ensures both comprehensive protection and assured returns in the form of death and maturity benefits for the investors.
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 of the death benefit in the installations.

LIC Jeevan Labh Policy Benefits:

Death Benefit:

LIC Jeevan Labh Policy The death benefit is paid by the insurer to the beneficiary of the policy if the life insured dies in an unfortunate event during the policy term. The Death Benefit payable to the Policy Nominee is the Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus (if any). Sum Assured on Death is defined as:

1. More than 7 times of the annual premium or;
2. Basic Sum Assured
The death benefit paid to the policy nominee should not be less than 105% of the total premiums paid.

Maturity Benefits:

If the Life Assured survives for the entire policy term, provided all the premiums of the policy are paid less 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 Participation in Profits:

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 the claim is made in the form of death or maturity

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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 in the form of 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 no relation with the stock market, that is, your money is completely safe in this plan. 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.

Criteria Minimum Maximum
entry age 8 years 59 Years to PT 16 Years

54 Years to PT 21 Years

50 years to PT 25 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 the LIC Jeevan Labh policy, there are five optional riders that the policyholder can avail by paying an 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 insured. Accidental Disability Sum Assured is paid to the insured in equal monthly installments for a period of 10 years. Also, future premiums of the policy are waived off.

Accidental Benefit rider ,

That 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, Accidental Death Benefit Sum Assured is paid to the nominee of the policy in case of accidental death of the Life Assured within 180 days from the date of accident.

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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. Term Assurance Rider Benefit is given 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 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 payable future premiums under the Base Plan shall be payable to the Life Assured from the date of expiry of the Rider. 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 in case the policyholder fails to pay the premium of the plan within the premium paying period. A grace period of 30 days is provided to 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 monthly premium payment mode, the grace period has been 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 cancel the policy within a free-look period of 15 days given by the insurer from the date of commencement of the policy.

Documents Required for LIC Jeevan Labh Policy:

In order to avail the benefits offered by the LIC Jeevan Labh plan, there are certain documents to be kept handy. Let’s look at it.

1.Residence Certificate
2.Other KYC Documents: Aadhar Card, PAN Card, Tax Details, etc.
3.Age Proof
4. Properly filled proposal form / application form
5. Medical Diagnostic Report as required
6. Medical History

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 during the policy term Simple Reversionary Bonus Final Additional Bonus (FAB)

Simple Reversionary Bonus is declared in every financial year during the policy term and gets added to the policy. FAB is the lump sum bonus declared for the year in which the policy is maturing.

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