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Posted on 02 12, 2016 by pfadmin
Key Benefits & Highlights of Jeevan Labh Policy
“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.”
Policy Main Specification
Age at Entry (Last Birthday): 8 Years
Maximum Age at Entry (Last Birthday): 55 Years
Maximum Maturity Age (Last Birthday) :
Age 59 Years for 16 Years Policy Term (PT)
Age 54 Years for 21 Years Policy Term (PT)
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’s Jeevan Labh Policy
Benefits of LIC’s Jeevan Labh Policy
Sample Premium Detail with Rates
Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):
|Age (in years)||
Policy Term/Premium Paying Term (in Years)
|16 (10)||21 (15)||25 (16)|
LIC’s 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.
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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