LIC’s New Plan Jeevan Labh (Plan no. 836)

LIC’s New Plan Jeevan Labh (Plan no. 836)

LIC, Life Insurance

LIC of India’s Jeevan Labh (Plan No. 836) is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. This policy is available from a child of 8 years old to a person of age 59. The main feature of this plan is a very limited premium payment option, for the 16-year policy term customer have to pay the premium for 10 years and for 21 and 25 years of policy term policyholder have to pay the premium for 15 and 16 years respectively.

Benefits of Jeevan Labh Plan

Benefits payable under an inforce policy are:

Death Benefit

On the death of the life assured during the term of the policy, the Death Benefit defined as the sum of “Sum Assured on Death” and vested 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 annualized premium or absolute amount assured to be paid on death i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Premium mentioned above will not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium if any

हिन्दी में पढें: एल आई सी की नयी योजना जीवन लाभ (तालिका क्र. 836)

Maturity Benefit in Jeevan Labh

On survival to the end of the policy term, “Sum Assured on Maturity” along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable. Where Sum Assured on Maturity is equal to Basic Sum Assured (BSA)

Optional Benefits

  1. LIC’s Accidental Death and Disability Rider UIN (512B209V01): If this benefit is opted for an additional amount equal to the Accidental Benefit Sum Assured is payable on death due to an accident, provided the rider is in full force at the time of the accident.
  2. LIC’s New Term Assurance Rider UIN (512B210V01): If policyholder opts for this rider then, an amount equal to Term Assurance Rider sum assured will be payable to on the death of the Life Assured during the policy term, provided the rider cover is in full force at the time of death.

Other conditions and policy feature of Jeevan Labh

  1. Policy will acquire paid up value if at least 3 full years’ premiums have been paid
  2. Jeevan Labh policy can be surrendered at any time during the policy term provided at least three full years’ premium have been paid
  3. Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to conditions: Maximum loan for inforce policy-90% of surrender value and for paid up policies 80% of surrender value.
  4. Policy can be taken from backdate up to current financial year
  5. Nomination and assignment in this policy are available
  6. policy can be revived within the 2 years of First Unpaid Premium (FUP) by paying all the due premiums

LIC of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)

LIC of India’s New insurance plan “Jeevan Tarun” (Plan No. 834)

LIC, Life Insurance

The new policy is named as Jeevan Tarun (Plan No. 834), and it’s a non-linked, with profit, limited premium payment policy, specially designed to meet the requirement of growing children. Premium paying term is 5 years less that the policy term. In this plan, proposer can choose any of the four options for survival benefit between the 20 to 24 years of child age and the maturity at the age of 25 years of child’s age.

The four options are as follows:

OptionSurvival BenefitMaturity Benefit
Option 1No survival benefit100% of Sum Assured
Option 25% of Sum Assured every year for 5 years75% of Sum Assured
Option 310% of Sum Assured every year for 5 years50% of Sum Assured
Option 415% of Sum Assured every year for 5 years25% of Sum Assured

Benefits of Jeevan Tarun Policy:

Benefits payable to an inforce Jeevan Tarun (834)policy are as under

Death Benefit:

On death before the date of Commencement of risk:

The death benefit is paid as the total amount of Premiums paid excluding taxes, extra premium and rider Premiums (if any).

On death after the date of Commencement of risk: Death benefit is paid as Sum Assured on death + Vested Simple Reversionary bonuses and Final Additional Bonus (if any). Where “Sum Assured on death” is defined as higher of 10 times of the annualized premium or absolute amount assured to be paid on death ie 125% of Basic sum assured.

Survival Benefit:

Survival benefit is paid to the life assured in last five year of the policy if he/she survives between the next policy anniversary falling after life assured complete the age of 20 and up to24 years of age, amount of the survival benefit will depend on upon the option chosen by the proposer at the proposal stage. There are four options to choose from to get the survival benefit. Once the option is chosen at proposal stage it cannot be altered later on.

Policy Anniversary coinciding with/following completion of agesPercentage (%) of Sum assured to be paid as Survival Benefit
Option 1Option 2 Option 3Option 4
20 to 24 years Nil 5% each year10% each year15% each year

Maturity Benefit:

Under Maturity benefit, the policyholder will receive the Sum Assured on Maturity + Vested Simple Reversionary bonuses and Final Additional Bonus (if any).

Sum Assured on maturity depends on survival benefit in which the option is chosen by the policyholder. If Policyholder opts for any of the four options then the maturity benefits given to policyholder are as follows.

Option 1: 100% of Basic Sum Assured

Option 2: 75% of Basic Sum Assured

Option 3: 50% of Basic Sum Assured

Option 4: 25% of Basic Sum Assured

Jeevan Tarun Policy will participate in the profit of corporation if, in inforce stage, No final additional bonus will be paid if the policy is in reduce paid up condition.

Premium Waiver Benefit Rider

Premium waiver benefit rider is available with this plan, and can be taken at the proposal stage by paying an extra premium or it can be taken later in policy term provided at least 5 years of premium paying term is left.

Date of commencement of risk under the plan: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, the risk will commence immediately.

Date of vesting under the plan: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Eligibility Conditions of Premium Waiver Benefit Rider (Optional)

  1. Minimum age at entry:  18 years (LBD)
  2. Maximum age at entry:  55 years (NBD)
  3. Policy term:    20-age at entry of child at the time of opting the rider
  4. Cover ceasing age:  70 years

This plan is best suitable for the planning of higher education child.  To know more about Jeevan Tarun Please Visit the official website of LIC of India.