If you're looking for LIC Jeevan Labh endowment insurance plan, you're at right place. This article will give you all details about LIC Jeevan Labh.
LIC Jeevan Labh Introduction
LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Labh Eligibility
Minimum Basic Sum Assured :Rs. 2,00,000
b) Maximum BasicSum Assured :No Limit
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
c) Policy Term/Premium Paying Term : (16/10), (21/15)(25/16)years
d) Minimum Age at entry :[8] years (completed)
e) Maximum Age at entry:[59] years (nearest birthday) for Policy Term 16 years
[54] years (nearest birthday) for Policy Term 21 years &
[50] years (nearest birthday) for Policy Term 25 years
f) Maximum Maturity Age : [75] years (nearest birthday)
LIC Jeevan Labh Death Benefit
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LIC Jeevan Labh[/caption]In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death",vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.
LIC Jeevan Labh Maturity Benefit
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
LIC Jeevan Labh Bonus
Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
LIC Jeevan Labh Policy Document
You may download the policy document from here.