Overview
LIC Jeevan Labh (Plan No: 936) is a limited premium paying, non-linked (not dependent on equity-based funds or the money/share market) with-profit endowment plan that offers various benefits to its clients.
It provides a combination of protection and savings, ensuring you stay protected and can save money efficiently. It also offers financial support to the family in need in case of the insured's unfortunate demise.
This is a basic endowment plan where you pay premiums for a limited time. At the end of the policy term, you receive the Maturity Benefits. In case of the policyholder's death during the policy term, the nominee will receive the Death Benefit, which includes the Sum Assured and bonuses.
LIC Jeevan Labh Plan offers a range of benefits, including:
- Death Benefits
- Maturity Benefits
- Loan Facility
- Profit Participation
- Rebates
Key Features
How to Buy LIC Jeevan Labh Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), then proceed to pay.
Benefits of LIC Jeevan Labh Plan
There are various benefits to buying the LIC Jeevan Labh Plan. Let's understand each of them in detail:
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Death Benefit: In case of the insured's death, the nominee will be liable to receive the following benefits:
- Sum Assured (not less than 105% of all premiums paid).
- Any Simple Reversionary Bonuses (which is the higher of 10 times the annualized premium or Basic Sum Assured).
- Final Additional Bonus, if any, shall be paid to the nominee.
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Maturity Benefit: When the policyholder survives the policy period, the insured will receive the following benefits:
- Sum Assured on maturity.
- Any Simple Reversionary Bonuses (declared based on LIC's experience).
- Final Additional Bonus (if any).
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Rebate: LIC offers several perks to its customers in the form of rebates.
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Rebate based on premium paying mode:
- Yearly mode: 2% of table premium.
- Half-yearly mode: 1% of table premium.
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Rebate based on high basic Sum Assured chosen:
- For Sum Assured between Rs. 5 lakhs to Rs. 9.9 lakhs: 1.25% of the Basic Sum Assured per Rs. 10,000 of the Basic Sum Assured will be provided.
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Profit Participation: If the policy is in-force, a Simple Reversionary Bonus will be provided to the insured, as this is a participating policy. An Additional Bonus may also be declared under the policy in the year when the policy results in a claim, either by death or maturity.
Cooling-off Period
If the policyholder is not satisfied with the terms & conditions or any clause of the policy, he/she can cancel the policy within 15 days from receipt of policy document(s).
Loan Facility
LIC Jeevan Labh Plan comes with a loan facility.
A loan can be taken against the policy if premiums have been paid regularly for the first 3 full years.
Ideal Plan
This policy is an ideal plan if one wishes to plan for their child's education or marriage.
Income Tax Benefit
The premiums paid are eligible for income tax deduction under Section 80C of the Income Tax Act, 1961. Additionally, the maturity amount is tax-free under Section 10(10D).
How to Buy LIC Jeevan Labh Plan from LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC Jeevan Labh'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such cases, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC Jeevan Labh Plan
Here is the list of documents required to buy the LIC Jeevan Labh Plan:
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Photo ID Proof: (any one) - Passport, Aadhaar card, PAN card, Driving license.
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Age Proof: (any one) - Passport, Aadhaar card, PAN card, Driving license.
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Address Proof: (any one) - Utility bill, passport, voter ID, ration card.
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Medical Records: Medical Records of the policyholder if requested.
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Income Proof: (any one) - Bank statement, last three months' salary slips (if salaried).
Plan At a Glance
| What's Good Here |
What's Missing |
| Death Benefits |
Premium Offset |
| Survival Benefits |
Return of Premiums |
| Loyalty Additions |
Auto cover continuance |
| Loan Facility |
Top-up premium |
In a Nutshell
If you are looking for a limited premium paying, non-linked, with-profits endowment plan that offers various benefits, the LIC Jeevan Labh Plan is an ideal choice.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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