LIC Jeevan Labh Plan who is non Linked (Not Dependent on Share Market) limited Premium Paying Endowment Plan So for this Table no. 836 Policy holder pay term in less than policy term For Example If policy term 16 has selected then Policyholder have to paid only 10 years time premium and maturity amount will be paid after the 16 Years of Completion. This Jeevan Labh Policy is same liek jeevan shree which is currently close on sale and it is one of the highest bonus attracting plan of LIC in history. So all the policy holder may try this Jeevan Labh Policy.
Key Features of LIC Jeevan Labh Plan
Higher Return due high bonus
under this policy Premiums need to be paid for less number of years than Maturity year
Ideal Plan for planning Child’s Education and Marriage
Options to avail accidental benefit and term riders
Paid premiums on this policy are exempted from income tax under 80C
Maturity amount of jeevan labh is tax free under 10 (10D)
Table No. 836 – Jeevan Labh Plan Parameters
| Minimum Age at Entry | 8 Years (Completed) |
|---|---|
| Maximum Age at Entry | 59 Years for 16 Year Term |
| 54 Years for 21 Year Term | |
| 50 Years for 25 Year Term | |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Your Premium |
| Policy Term (Premium Payment Term) | 16(10), 21(15), 25(16) |
| Basic Sum Assured amount | 2,00,000 and above (in multiple of 10,000) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
| Rebate on High Sum Assured (Per 1000 of Sum Assured) | 0% up to 4,90,000 |
| 1.25% for 5,00,000 to 9,90,000 | |
| 1.50% for 10,00,000 to 14,90,000 | |
| 1.75% for 15,00,000 and above | |
| Loan Facility | After 3 years |
| Surrender info | After 3 years of full premium payment |
Maturity Benefits:
On survival of the Life Assured after the completion of policy term at maturity,
Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Death Benefits:
In case Policy holder death during the policy term then Death Benefit : ‘Sum Assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Ho to Buy Jeevan Labh LIC Policy ?
If you want to buy LIC Jeevan Labh Policy then below is the require document for that.
Application form/ Proposal form No. 300, 340 and 360 along with a photo.
Address proof.
Age proof.
Medical reports(if required).
On survival of the Life Assured after the completion of policy term at maturity,
Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Death Benefits:
In case Policy holder death during the policy term then Death Benefit : ‘Sum Assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Ho to Buy Jeevan Labh LIC Policy ?
If you want to buy LIC Jeevan Labh Policy then below is the require document for that.
Application form/ Proposal form No. 300, 340 and 360 along with a photo.
Address proof.
Age proof.
Medical reports(if required).
Can This Policy Provide the Loan Facility ?
Yes, Jeevan Labh Plan provide the Loan facility If you paid payment of premiums for at least 3 full years subject to the policy conditions.
Grace Period for Premium Payment in Jeevan Labh ?
Under the LIC Jeevan Labh Table no. 836 Plan grace period is given one month for a yearly payment of premium.
Participation in Profit ?
Yes This Plan of Jeevan Labh is participate in Profits of Corporation so receive simple reversionary bonuses.
Paid up Value
Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
Surrender Value
You can Close / Surrendered this plan at any time 3 Full years premium necessary for full payment.
Suicide Clause
If policy holder suicide before 12 month from the commencement of risk date then he/she will be return 80% amount of premiums paid and its are excluding taxes.
