LIC Jeevan Labh Plan (836)

LIC Jeevan Labh Plan (836): Features, Benefits, other details and Premium Calculator

LIC Jeevan Labh Plan (836)

LIC Jeevan Labh Plan (836): Features, Benefits, others details and Premium Calculator:

LIC Jeevan Labh Plan is limited premium paying, non-linked, with profits endowment plan of LIC. This plan is also one of the  most popular plan of LIC,  in which premium paying term is less than the terms of the policy. For example  if policy term for 16 years has been selected than the policy holder has to pay premium for 10 years only and the policy amount is paid at the maturity i.e. after 16 years.

The LIC Jeevan Labh Plan offers a combination of protection and savings. The Plan provide financial support for the family in case of unfortunate death of  the policyholder any time before maturity and a lump sum amount at the the time of maturity for the surviving policyholder.

This Plan also takes care of the liquidity needs through its loan facility.

Jeevan Labh Plan is similar to Jeevan Shree Policy of LIC, which is now closed, and it is one of the highest bonuses attracting Policy of LIC.

Key Features of LIC  Jeevan Labh Plan (836):

  • Jeevan Labh Plan is one of the highest bonus attracting Plan of LIC.
  • Premium needs to be paid for less number of years than the policy term.
  • This is a  participating plan.
  • Accidental death and disability riders makes this plan more beneficial.
  • Rebate is also offered to policy holder if he opt for higher sum assured.
  • Premium Paid are exempted from income tax under section 80C.
  • Amount received on maturity or on death is exempted under section 10 (10D).
  • This Plan ideal for planing child’s education and marriage.

Benefits of LIC  Jeevan Labh Plan (836):

Death Benefits:

On the death during policy term policyholders nominee will get Sum Assured on death, vested Simple Reversionary Bonuses and Final Additional Bonus if any.

Maximum Sum Assured on Death can be absolute amount assured on death i.e. basic sum assured  or 10 times of annualized premium which ever is higher. The death benefit shall not be less than 105% of all the premium paid till the date of death.

Maturity Benefits:

If the policy holder survive till the end of policy term he will get Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus if any provided all the premiums have been paid.

Participation in Profit:

The policy also participate in the profit of the corporation. The policy holder is entitled to receive bonuses declared by LIC from time to time provided the policy is in full force.

Optional Benefits:

Accidental Death and Disability Benefits Rider and LIC’s New Assurance Rider  are also available on the payment of additional premium during the policy term. However  Rider sum assured can not exceed the basic sum assured.

Tax Benefits:

Premium paid is exempted u/c 80C and the amount received on death or maturity is also exempted u/s 10 (10D).

Loan Facility: Loan facility is also available after the completion of 3 years.

Eligibility and other restrictions:

  • Minimum age of entry   :    18 years
  • Maximum age of entry : 59 years for policy terms 16 Years, 54 years for policy terms 21 Years and 50 years for policy terms 25 Years
  • Maximum Age of  Maturity: 75 years
  • Basic Sum Assured  :   Minimum Rs. 200000 and Maximum no limit (in multiple of Rs.10000).
  • Policy Term/Premium Paying Term: (16/10), (21/15), (25/16)

Mode of Payment of Premium:

Premium can be paid monthly, quarterly, half yearly and yearly.

Rebate on mode and high sum assured:

  • Quarterly and monthly mode  nil
  • Half yearly mode      1%
  • Yearly mode               2%

Basis sum assured rebate:

  • 200000 to 490000         Nil
  • 500000 to 990000        1.25% of Basic Sum Assured
  • 1000000 to 1490000        1.5% of Basic Sum Assured
  • 1500000 and above       1.75% of Basic Sum Assured

Lapse, Revival and paid up value: If the premium is not paid within the grace period the policy will lapse. Lapsed Policy can be revived within a period of two consecutive years from the date of first unpaid premium on the payment of all the arrears of premium with interest. However if at least three full years premium have been paid and any subsequent premium be not duly  paid, this policy shall continue  as a paid up policy.

Surrender Value:

The policy can be surrendered for cash provided at least three full years premiums have been paid. The surrender value percentage will depend on the policy term and the policy year in which surrendered.

Premium Calculator: For the calculation of  premium of LIC  Jeeevan Labh Plan (836), LIC Premium Calculator can be used. To calculate premium click on Premium Calculator

For more details of the Plan visit: LIC Jeevan Labh Plan

Also See: LIC New Jeevan Anand Plan: Features, Benefits and premium calculator

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