LIC’s Jeevan Labh Plan is a Non-Linked Limited Premium Paying Endowment Assurance Plan. This plan offers a mix of security and sparing highlights. Lic New Jeevan Labh Plan gives Optional Benefit, Accidental Death and Disability Benefit Rider by instalment of extra premium. LIC New Jeevan Labh Plan essential element is a restricted premium instalment alternative. For the 16-year arrangement term, the client needs to pay a premium for a long time. For 21 and 25 years of the approach term, the policyholder needs to pay the premium for 15 and 16 years separately.
- High extra rates guarantee money related independence in future.
- Money related Assistance is given to the group of Life Assured if demise happens before the Maturity Period.
- At the season of Maturity of the Policy, the aggregated amount is given to the Policyholder.
- The Proposer can profit the LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Term Assurance Rider alternative on the instalment of extra premium.
- Paid premiums are exempted from personal duty under 80C
- Maturity sum is tax exempt under 10 (10D)
Qualification Criteria of Jeevan Labh Plan
|
Least Age At Entry |
8 Years (Completed) |
| Most extreme Age At Entry | 59 Years for 16 Year Policy Term54 Years for 21 Year Policy Term
50 Years for 25 Year Policy Term |
| Most extreme Maturity | Age 75 Years(Nearest Birthday) |
| Approach Term and (Premium Paying Term) | 16 and (10), 21 and (15), 25 and (16) |
| Least Sum Assured | 200000/ – |
| Most extreme Sum Assured | No Limit (Sum Assured In Multiple 10000/ – ) |
| Approach Mode | Yearly, Half-Yearly, Quarterly, Monthly (NACH Only) |
| Refund Of Mode Of Premium | Yearly-2%Half-Yearly-1%
Quarterly and Monthly-Nil |
| High Sum Assured Rebate | 2,00,000 To 4,95,000 – Nil5,00,000 To 9,90,000 – 1.25% On B.S.A.
10,00,000 To 14,90,000 – 1.50% On B.S.A. 15,00,000 And Above – 1.75% On B.S.A. |
| Mortgage | After Payment Of Premiums For At Least 3 Full Years |
| Surrender | Permitted After 3 Year |
Maturity Benefits:
If there should be an occurrence of life guaranteed gets by through the arrangement term, s/he will get Sum Assured on Maturity together with vested revisionary rewards and Final Additional Bonus, assuming any.
Development advantage (Benefits payable on development) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, assuming any.
Demise Benefits:
- The Nominee will get the Death Benefit from the Corporation if the Policyholders Death happens during the Policy Term. The Death Benefit ought not to be not exactly 105% of all the premiums paid as on date of death.
- Amount Assured on Death = 10 Times of Annualized Premium or Absolute Amount guaranteed to be paid on Death, i.e., Basic Sum Assured.
- Amount Assured on Death = 10 Times of Annualized Premium or Absolute Amount guaranteed to be paid on Death, i.e., Basic Sum Assured.
