Benefits and Features of LIC Jeevan Labh - LICIndia.in

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LICIndia.in - Benefits and Features of LIC Jeevan Labh. It is a non-linked plan, that is, it is not dependent on the share market. It is a limited premium paying plan. It is one of the highest bonus attracting plan of LIC. 

Benefits and Features of LIC Jeevan Labh - LICIndia.in

LIC Jeevan Labh
In this policy, the premium paying term is less than the policy term. The maturity amount is payable at the end of the policy or at the death of the plan holder.This plan is similar to LIC limited payment endowment plan, which was launce by LIC last year. 

It is a good traditional plan with a fixed tenure feature. 


Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)

Certain parameters that are included in the plan -

Minimum Age at Entry 8 Years (Completed)
Maximum Age at Entry 59 Years for 16 Year Term
54 Years for 21 Year Term
50 Years for 25 Year Term Calculate Age
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Your Premium
Policy Term (Premium Payment Term) 16(10), 21(15), 25(16)
Basic Sum Assured 2,00,000 and above (in multiple of 10,000)
Premium Payment Mode rebate 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured (Per 1000 of Sum Assured) 0% up to 4,90,000
1.25% for 5,00,000 to 9,90,000
1.50% for 10,00,000 to 14,90,000
1.75% for 15,00,000 and above
Loan After 3 years
Surrender After 3 years of full premium payment

Features of LIC Jeevan Labh

1. Tax free maturity amount.
2. High bonus
3. Very Ideal plan for preparing children’s education and marriage.
4. Offer to avail accidental benefit.
5. The grace period given for the premium payment of 1 year is just 1 month.
6. if the policy holder wants to surrender the plan, or close it, then he or she can close it any time.
7. For getting full payment, a 3 year premium is required.
8. Loan facility is available under LIC Jeevan Labh Policy.

Benefits by LIC Jeevan Labh Plan –

1.    MATURITY BENEFITS –
 
Maturity benefit = Basic sum assured + Final additional bonus (if any) + Vested Simple reversionary bonus.

This benefit can be attain on survival of the life assured during holding of the LIC Jeevan Labh policy.
 

2. DEATH BENEFIT –
 

Death benefit = Sum assured on death + Final additional bonus (if any) + Vested simple reversionary bonus.

This benefit can be obtain by the nominee or the family of the policy holder, if the policy holder dies during the policy terms time.
 

3. DISABILITY BENEFIT –
 

It gives the sum assured to the policy holder in a monthly installment, if the holder gets permanently disable within 180 days of the accident.
 

4. Assurance of Tax free return.
 

5. Maturity amount is also tax free.

Jeevan Labh yearly Premium Rates

Lets take an example, if you want Rs.12 Lac of sum assured, for 25 years. For 12 lac, person needs to pay Rs.56,357 (plus service tax) yearly for next 16 years. Below is premium rate table for Jeevan Labh.
 
Year Age Total Paid Premium Normal Life Cover (Approx.) Accidental Life Cover (Approx.)
2016 29 56357 1262400 2462400
2017 30 111727 1324800 2524800
2018 31 167097 1387200 2587200
2019 32 222467 1449600 2649600
2020 33 277837 1512000 2712000
2021 34 333207 1574400 2774400
2022 35 388577 1636800 2836800
2023 36 443947 1699200 2899200
2024 37 499317 1761600 2961600
2025 38 554687 1824000 3024000
2026 39 610057 1886400 3086400
2027 40 665427 1948800 3148800
2028 41 720797 2011200 3211200
2029 42 776167 2073600 3273600
2030 43 831537 2172000 3372000
2031 44 886907 2240400 3440400
2032 45 -- 2314800 3514800
2033 46 -- 2389200 3589200
2034 47 -- 2493600 3693600
2035 48 -- 2622000 3822000
2036 49 -- 2720400 3920400
2037 50 -- 2872800 4072800
2038 51 -- 2995200 4195200
2039 52 -- 3117600 4317600
2040 53 -- 3300000 4500000


This is one of the best saving plan, which provides more return and is ideal of knowing as the best LIC plan which offers more bonuses and good return, than other LIC plan, offered by the L I C.

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