LIC Jeevan Labh Plan (836)
LIC Jeevan Labh ( Not dependent on share market) limited premium paying endowment assurance plan which means premium paying term is less than policy term for example, if policy term 16 has been selected then premium will be paid for 10 years only and maturity will be paid after completion of 16 years. This policy is one of the highest bonus attracting plans of LIC.
Key Features
High Bonus Attracting Plan
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 are exempted from income tax under 80C
Maturity amount is tax free under 10 (10D)
Eligibility Conditions and Other Restrictions
Minimum Basic Sum Assured :Rs. 2,00,000
Maximum BasicSum Assured :No Limit
Policy Term/Premium Paying Term : (16/10), (21/15)(25/16)years
Minimum Age at entry :[8] years (completed)
Maximum Age at entry:[59] years (nearest birthday) for Policy Term 16 years
Maximum Maturity Age : [75] years (nearest birthday)
Benefits
Death benefit: 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.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.
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.
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.
Payment of Premiums: Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode during the Premium Paying Term of the policy.
