{"id":1595,"date":"2018-02-25T23:52:22","date_gmt":"2018-02-25T18:22:22","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=1595"},"modified":"2018-07-04T13:58:31","modified_gmt":"2018-07-04T08:28:31","slug":"lics-jeevan-labh-plan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/lics-jeevan-labh-plan\/","title":{"rendered":"LIC\u2019s Jeevan Labh Plan"},"content":{"rendered":"

This is a limited premium paying non-linked\u00a0endowment life insurance policy<\/a><\/strong><\/em>\u00a0that provides both savings and protection to policyholders.<\/p>\n

Eligibility Criteria for LIC Jeevan Labh<\/h2>\n\n\n\n\n\n
Minimum entry age<\/strong><\/td>\n8 years (completed)<\/td>\n<\/tr>\n
Maximum entry age<\/strong><\/td>\n\n
    \n
  • 59 years (nearer birthday) for a policy term of 16 years<\/li>\n
  • 54 years (nearer birthday) for a policy term of 21 years<\/li>\n
  • 50 years (nearer birthday) for a policy term of 25 years<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Maximum Age at maturity<\/strong><\/td>\n75 years (nearest birthday)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key Features of LIC Jeevan Labh<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Plan type<\/strong><\/td>\nNon-linked endowment plan with limited premium paying term<\/td>\n<\/tr>\n
Plan basis<\/strong><\/td>\nIndividual<\/td>\n<\/tr>\n
Premium paying terms (PPT)<\/strong><\/td>\n\n
    \n
  • 10 years<\/li>\n
  • 15 years<\/li>\n
  • 16 years<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Policy term<\/strong><\/td>\n\n
    \n
  • 16 years (10 years PPT)<\/li>\n
  • 21 years (15 years PPT)<\/li>\n
  • 25 years (16 years PPT)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Premium payment frequency<\/strong><\/td>\n\n
    \n
  • Yearly<\/li>\n
  • Half-yearly<\/li>\n
  • Quarterly<\/li>\n
  • Monthly (payment only through ECS mode)<\/li>\n
  • SSS (salary savings scheme) mode<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Loan<\/strong><\/td>\nLoans can be availed against this policy. Loans are available provided if at least 3 full years\u2019 premiums have been paid and the policy has acquired a Surrender Value.<\/td>\n<\/tr>\n
Revival<\/strong><\/td>\nPolicy can be revived any time within 2 years from the date of first unpaid premium by paying all the premium arrears along with interest and other expenses.<\/td>\n<\/tr>\n
Free look period<\/strong><\/td>\n15 days from the date of receiving policy documents. Premium amount already deposited will be returned after deducting proportional risk premium for the cover period, medical examination expenses, reports, stamp duty etc.<\/td>\n<\/tr>\n
Nominations<\/strong><\/td>\nNomination facility provided as per the Insurance Act<\/td>\n<\/tr>\n
Basic Sum Assured<\/strong><\/td>\n\n
    \n
  • Minimum<\/strong>\u00a0\u2013 Rs.2 lakh<\/li>\n
  • Maximum<\/strong>\u00a0\u2013 No limit<\/li>\n<\/ul>\n

    Basic Sum Assured are in multiples of Rs.10,000 only<\/td>\n<\/tr>\n

Policy coverage<\/strong><\/td>\nMaturity Benefit, Death Benefit, Simple Reversionary Bonus and Final (Additional) Bonus (if any)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Benefits of LIC Jeevan Labh<\/h2>\n

Major\u00a0benefits of LIC<\/strong><\/em>\u00a0Jeevan Labh policy are as follows:<\/p>\n