Buy LIC Jeevan Labh Online

LIC Jeevan Labh Policy Terms and Conditions

Minimum Age	8 years(Completed)
Maximum Age	59 years for 16 years policy term 54 years for 21 years policy term 50 years for 25 years policy term
Policy Term	16 years / 21 years / 25 years
Premium paying term	10 years (for 16 years policy term) 15 years (for 21 years policy term) 16 years (for 25 years policy term)
Minimum Sum Assured	Rs.2,00,000
Maximum Sum Assured	No limit
Premium payment mode	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible after 2 years
On Death	Sum Assured + Bonus
On Maturity	Sum Assured + Bonus + Final bonus
Income Tax Benefits	(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is Non taxable u/s 10(10d)

How does LIC Jeevan Labh Plan work

LIC Jeevan Labh Benefits

Death Benefit

If the policy holder of the LIC Jeevan Labh plan expires during the plan duration, the death benefits will include:

• Sum Assured on death
• Any vested bonuses
• Final Bonus as declared by LIC

The Sum Assured on Death is higher of the following:

• 105% of the Basic Sum Assured
• 10 times the annual premium

Maturity Benefit

In Jeevan Labh, a policyholder needs to pay premium during Premium Paying Term (PPT) and then the policyholder has to wait for completion of Policy Term before receiving maturity amount which is equal to Basic Sum Assured + Simple Reversionary Bonus + Final Addition Bonus (FAB), if any.

Surrender

LIC Jeevan Labh Plan also comes with a Surrender Value feature under which a particular percentage of the Premium Amount is given back to the insured in case the policy holder decides to surrender the policy after completion of 3 policy years.

Loan

A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring a surrender value

Income Tax Benefit

The policy’s tax benefits include an exemption on the deposited premium of up to Rs 1.5 lakh per financial year which falls under 80C of the Income Tax Act, and a maturity amount equal to 10 times the annual premium is also exempt from taxes under section 10(10D).

Profit Participation

LIC Jeevan Labh LIC Jeevan Labh Online Purchase participates in the profits of LIC and the policy accumulates Simple Reversionary Bonuses and Final Additional Bonus which enhance the benefits and is declared based on the experience of the company. Simple Reversionary Bonus is offered to the insured in case of a Death Benefit or as a part of the Maturity benefit.

Life Cover:

On the death of the policy holder, the nominee will receive Sum Assured on death plus any vested bonuses & final Bonus as declared by LIC. By opting for additional premium and opting for riders, the policy holder can also be covered against Accidental Death & Disability and can avail of Term Assurance benefit LIC’s Term Assurance Rider on his life.

Additional Benefits of LIC Jeevan Labh Plan

Riders

i. Accidental death and disability rider benefit

With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly instalments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.

ii. New Term Assurance Rider

LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure. This rider option is available for a policy tenure of 35 years or until the plan anniversary when the policyholder turns 75 years of age, whichever happens first.

Bonus

i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.

ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you

Frequently Asked Questions