LIC Jeevan Labh Plan is new launch from LIC of India in 2016. LIC Jeevan Labh Plan Table 836 is limited payment with profit Endowment Plan. LIC Jeevan Labh will be launched on 4th January, 2016.
Tax saving session is ON and it seems LIC wants to take full advantage of it. In earlier tax saving season also, LIC has launched similar Limited Premium Endowment Plan Table 830. LIC Jeevan Labh Plan is projected as a combination of protection and savings. Key features and benefits details of LIC Jeevan Labh Plan is given below.
Key Features and Benefits of LIC Jeevan Labh Plan
- Premium paying term of LIC Jeevan Labh Policy is limited. For 16 years policy term premium payble is for 10 years and for 21 and 25 years of policy term premium payable is for 15 and 16 years.
- This policy provides death coverage of Sum Assured + Bonus + FAB (if any) during the term of the Policy.
- Minimum Age at entry for Life Assured: 8 years
- Maximum Age at entry for Life Assured:
- 59 years (NBD) for Policy Term 16 years
- 54 years (NBD) for Policy Term 21 years
- 50 years (NBD) for Policy Term 25 years
- Maximum Age at Maturity for Life Assured: 75 years
- Policy Term/Premium Paying Term: 16/10,21/15 and 25/16 years
- Minimum Basic Sum Assured: Rs. 2,00,000/-
- Maximum Basic Sum Assured: No Limit
- The Basic Sum Assured shall be in multiples of Rs. 10,000/- only.
The benefits payable under an in force policy are as under:
On Death of Life Assured –
On the death of the life assured during policy term Sum assured on death along with 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 Basic Sum Assured.
On Maturity of Life Assured –
On survival till maturity of the policy term, Basic sum assured and simple reversionary bonus along with final additional bonus shall be payable.
Suppose Mr.X age 30 years takes LIC Jeevan Labh policy with sum assured of 2 Lac for 25 years. Premium paying term for Mr.X under this case will be 16 years.
Mr.X stops paying a premium after 16 years, however, policy continues till 25 years.
On Death of Mr.X – Nominee will receive sum assured + Bonus + FAB (if any)
On Survival of Mr.X – Mr.X will receive the Basic sum assured + Bonus + FAB (if any).
Other Conditions and Features of LIC Jeevan Labh
- LIC Jeevan Labh offers an additional option for accidental death and disability rider.
- Loan facility is avaialable after 3 years of premium payment.
- Tax benefits under 80 C on the premium paid.
- Policy can be surrendered anytime during policy term provided 3 years premium is paid.