LIC Jeevan Labh Policy

LIC Jeevan Labh Plan (Table 836) is a limited premium paying endowment plan 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 and surrender value option. LIC Jeevan Labh Policy gives major three benefits; First benefit is its kind of LIC short term plan pay only for specific period of time; Second benefit is maturity benefit at end of the policy term, Third benefit is life insurance coverage to the policy holder for a specific period of time (policy term) even after paying the premium, Best LIC policy for short term in India with good return. Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2017.

LIC Jeevan Labh Policy are the best tool to achieve Short-Term as well as Long-Term Financial Goals & for Retirement savings. LIC Policy gives highest return of bonus, final addition bonus in the Life Insurance Industry of India, Plans available Like, 10 years, 15 years, 16 years, this policy helpful to to double the money easily, plans are also helps for girl or boy baby child future Higher Education, Carrier, future Marriage.

LIC Jeevan Labh Policy (Table No. 836)

Policy Main Specification

• Age at Entry (Last Birthday): 8 Years
• Maximum Age at Entry (Last Birthday): 55 Years
• Maximum Maturity Age (Last Birthday) :
  1. Age 59 Years for 16 Years Policy Term (PT)
  2. Age 54 Years for 21 Years Policy Term (PT)
  3. Age 50 Years for 25 Years Policy Term (PT)
• Policy Term (PPT):
• 16 Years Policy Term (PT) = 10 Years Premium Paying Term (PPT)
• 21 Years Policy Term (PT) = 15 Years Premium Paying Term (PPT)
• 25 Years Policy Term (PT) = 16 Years Premium Paying Term (PPT)
• Minimum Sum Assured: 2,00,000
• Maximum Sum Assured: No bound (based on income Limit) in multiples of 10,000
• Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC Jeevan Labh Policy

• LIC Limited Period Endowment Policy is a Higher Returns with higher bonus
• In this policy Premiums will be paid only lesser number of years than the policy maturity year
• A Plan for planning Children’s future Education, Business and Marriage
• If the life insured person (policy holder ) may die within the period of policy year, the death and other benefits will be paid to the nominee.
• Policy other additional coverage shall be opt with additional premium as per the conditions

Benefits of LIC Jeevan Labh Policy

• Bonus: Policy holder can be eligible for LIC declared bonus and also Final Additional Bonus.
• Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
• Death Benefit: Life Insured (policy holder) die within the period year, LIC will provide the full basic Sum Assured on Death and added Bonuses shall be payable to the nominee.
  1. 10 times of annualized premium (or)
  2. Subject to a minimum of 105% of the total premiums paid as on date of death, whichever is higher
• Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider
• Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
• Loan : Three full policy year premiums has to paid to eligible for the Loan
• Mode and High S.A. Rebates:
• Mode Rebate:
  1. Yearly mode – 2% of Tabular Premium
  2. Half-yearly mode – 1% of Tabular premium
  3. Quarterly & Monthly mode – NIL
  4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
• Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

LIC Jeevan Labh Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

strong>Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300/340/360 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy.

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