LIC’s Jeevan Labh (Table No. 936)
INTRODUCTION :- LIC’s Jeevan Labh Plan (Table No. 936) is a non-linked, participating, with profits limited premium payment life assurance saving plan, which offers an attractive combination of protection and savings features. This Jeevan Labh plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity or a lump sum amount at the time of maturity for the surviving policyholder. LIC’s Jeevan Labh policy is the best insurance policy in terms of return on investment. The benefits and other basic features of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s Jeevan Labh Plan (Table No. 936): –
a) Minimum Basic Sum Assured:- ` 200000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of 10000/-)
c) Minimum Age at entry:- 8 years (completed)
d) Maximum Age at entry:- 59 years (nearer birthday) for Policy Term 16 years
54 years (nearer birthday) for Policy Term 21 years
50 years (nearer birthday) for Policy Term 25 years
e) Maximum Maturity Age:- 75 years (nearer birthday)
f) Policy Term & Premium Paying Term:- 16 – 10, 21 – 15, & 25 – 16 years
Modes of Payments:- Premium can be paid in Yearly, Half-yearly, Quarterly, Monthly (SSS and NACH)
Death Benefit:- “Sum Assured on Death” becomes payable in case of death claims provided the death occurs before the maturity date and the policy is in force at the time of death. Sum Assured on death shall be the highest of 7 times of annualized premium, or 105% of all premiums paid as on date of death, or Basic Sum Assured.
Option to take Death/Maturity Benefit in Instalments:- This is an option to receive death/maturity benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death/Maturity benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.
Riders Available:- LIC’s Accident Benefit Rider, LIC’s Accidental Death and Disability Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider and Premium Waiver Benefit rider can be opted by paying extra premium.
Maturity Benefit:- On Life Assured surviving the policy term, provided the policy is in-force, “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.