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:
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 тАЬSum Assured on DeathтАЭ 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
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Maturity Benefit in Jeevan Labh
On survival to the end of the policy term, тАЬSum Assured on MaturityтАЭ 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)
Participation in Profits
This policy will participate in the profits of the Life Insurance Corporation of India and will be entitled to receive simple reversionary bonus declared as per the experience of LIC, provided the policy is in full force.
Final additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or death.┬аThe final additional bonus will not be payable on paid-up policies.
- LICтАЩs 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.
- LICтАЩs 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
- Policy will acquire paid up value if at least 3 full years’ premiums have been paid
- Jeevan Labh policy can be surrendered at any time during the policy term provided at least three full years’ premium have been paid
- 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.
- Policy can be taken from backdate up to current financial year
- Nomination and assignment in this policy are available
- policy can be revived within the 2 years of First Unpaid Premium (FUP) by paying all the due premiums