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LIC’s Jeevan Labh is a non-linked, with-profits & limited premium paying endowment plan that provides savings plus protection. This plan provides a lump sum amount at maturity in the case of survival of the policy holder. It also provides financial cover for your family, in case of the demise of the policy holder. This plan also provides loan facility.BUY NOW
In the event of the death of the life assured during the term of the policy, the death benefit payable is Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional bonus. ‘Sum Assured on Death’ is higher of Absolute amount assured to be paid on death or 10 times of annualized premium.
The death benefit cannot be less than 105% of all the premiums paid till the date of death.
If the life assured survives till the end of the policy term, Sum Assured on Maturity along with vested Simple Reversionary bonuses and Final Additional bonus is payable as a lump sum. Sum Assured on Maturity is equal to the Basic Sum Assured.
Simple Reversionary Bonuses is declared annually at the end of each financial year. This bonus is added from the date of commencement of the policy until the completion of the policy term or death of the life assured, whichever occurs earlier.
Final Additional Bonus may also be declared on death or maturity during the term of the policy.
Loan amount can be availed under this policy, provided at least three full policy years’ premium have been paid.
Surrender Value (as applicable) can be acquired on payment of at least 3 consecutive policy years. The guaranteed surrender value payable is equal to the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. Special Surrender Value is payable, when it is favorable to the Policyholder.
Benefits payable under this plan are eligible for tax exemption under Income Tax Act, subject to prevailing tax laws.
|Age (as on last birthday)||8 Years||59 Years (policy Term- 16 Years), 54 Years (policy Term- 21 Years), 50 Years (policy Term- 25 Years)|
|Age at Maturity||-||75 Years|
|Policy Tenure||16/21 Years||25 Years|
|Premium Paying Term||10/15 Years||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly & Monthly||-|
|Sum Assured||Rs 2 Lacs||No Limit (subject To Underwriting)|
|Freelook Period||15 Days From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
Following riders can be opted under this plan, on payment of additional rider premium.
Let’s understand the plan with the help of below illustrated example.
Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s Jeevan Labh with the policy term of 25 years, pays the annual premium of Rs 9,134 for 16 years and the sum assured is Rs 2 Lacs.
Scenario A: Raman Survives through the Policy Term
If Mr. Raman survives till the end of the policy term, a lump sum of Rs 2 Lacs plus vested Simple Reversionary bonuses and Final Additional bonus is payable. The maturity benefit can be used to build wealth, so you can fulfill your financial goals.
Scenario B: Raman dies during the Policy Term
In the event of demise of Mr. Raman during any policy year, Rs 2 Lacs plus vested Simple Reversionary Bonuses and Final Additional bonus is payable as the death benefit to the nominee. This payout provides financial security for the family.
Note: The non-guaranteed benefits as illustrated above are calculated at Projected Investment Rate of Return of 4% per annum (scenario 1) and 8% per annum (scenario 2), respectively.