LIC Jeevan Labh Plan

LIC Jeevan Labh Plan – Table No. 836

LIC Jeevan Labh is a simple endowment plan. You pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits. In case of death of the policyholder anytime during the policy term, the nominee will get the Death Benefit.
LIC Jeevan Labh Policy is a traditional, non-linked, with-profits plan offering investment and insurance benefits. It is a limited premium payment plan – you don’t have to pay the premiums for the entire duration of the term of the policy. We will explain the plan benefits with the help of an example.

Launch Date22 Dec 2015
Plan DetailsTable No. 836
Policy TypeTraditional Endowment Plan

How does LIC Jeevan Labh Policy work?

When buying the LIC Jeevan Labh Plan, the customer has to decide on the following:

  1. Sum Assured (this is the amount of cover that you want)
  2. Policy Term (this is the period for which you wish to have the cover). The premium payment term gets decided automatically based on the policy term as follows:
  • If you select a policy term of 16 years, you have to pay premiums for 10 years
  • If you select a policy term of 21 years, you have to pay premiums for 15 years
  • If you select a policy term of 25 years, you have to pay premiums for 16 years

Based on the above 2 factors and the age at which you are taking the policy, your annual premium will be decided.
Since it is a Participating plan, you will be eligible for the following at various points through the policy term. These are not guaranteed and you will only know the values as and when they are declared by LIC.

  • Simple Reversionary Bonus
  • Final Addition Bonus

Benefits in the LIC Jeevan Labh Plan

  • Death Benefit in LIC Jeevan Labh Plan: In case of death of the policyholder at anytime during the policy term, the nominee will receive the sum of the following:
    • Sum Assured
    • Simple Reversionary Bonus which has been declared will date
    • Final Addition Bonus if declared in that year
  • Maturity Benefit in LIC Jeevan Labh Plan: At the time of maturity of the plan, that is when the policy term gets over, the policyholder will receive the sum of the following:
    • Sum Assured
    • Simple Reversionary Bonus which has been declared at the end of every year
    • Final Addition Bonus if declared in that year
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