LIC is one of the best insurance sellers in India and it provides a wide range of benefits to its customers. LIC Jeevan labh is among one of its policies and it is offered by LIC India. There are a ton of benefits provided in this policy
This policy applies to the age group of 8 years to 59 years. LIC Jeevan labh covers death benefits and maturity benefits. In this article, we are going to discuss LIC Jeevan labh in detail.
LIC Jeevan Labh features
Below given are the features which are being provided by LIC Jeevan lab-
- There is the availability of a limited premium payment option.
- This plan is available for 16, 21and 25 years policy terms.
- Goal-based investment is much easier in this policy.
- This plan ensures assured return and comprehensive protection as this is a non-linked profit plan and it is being provided in the form of maturity benefit and death.
- Mr person is paying a regular premium for straight 3 years the person can also get a loan.
- You can also receive death benefits in installments.
Benefits of LIC Jeevan labh
Below given points tell you about the benefits which are being provided in the LIC Jeevan labh policy-
The death benefit is being paid to the nominee and below is the sum assured in the death benefit-
- Annualized premium which should be higher than 7 times.
- assured amount of the basic sum.
The death benefit which is being paid to the nominee should be more than 105% of the premium paid.
Maturity benefit is the total amount of the assured amount, and it is provided to the insurer who survives its entire policy tenure and he/she had paid the whole premium of the policy.
In the corporation profit, the policy participates, and the insurer receives a revisionary bonus according to the corporation experience the bonus is announced within a year and should be collected within a month.
Benefit of tax
Under this policy, the insurer can take the advantage of tax benefits. In the policy, the total amount of the premium is 1.5 lakh within a financial year.
Eligibility of LIC Jeevan labh
Below given is the liberty criteria which should be fulfilled to apply for this policy-
- the minimum age requirement is 8 years and the maximum requirement is 50 years to apply for this policy.
- The minimum sum assured is ₹2,00,000 and the maximum sum assured is N/A (no limit).
- The minimum maturity is N/A and the maximum maturity is 75 years.
This policy is available to the person between the age group of 8 years to 59 years and it covers death benefits and maturity benefits. The death benefits are being provided to the nominee and the help of the loan facility also provides help to the family.
Below given is the LIC Jeevan rider lab provided under this policy-
Disability benefit or accidental death-
The PPT plan is for 5 years and you can purchase this plan in the base policy plan also. In this plan, the total sum amount of accidental death or disability benefit is being transferred to the nominee’s bank account this plan covers accidental benefit also and it is being paid monthly for 10 years.
In this plan, the total amount is paid to the nominee for accidental death and it is being paid within 180 days of the accident.
The critical illness amount is only provided if the person is diagnosed with the 15 diseases which have been mentioned in the list.
Assurance of the term
If the person dies in an accident the benefit of an extra sum assured is provided to the beneficiary and it is provided with the benefit of the basic death under this policy.
Due to the unfortunate demise of the person, all the premiums of the future are waived off. But if the Rider tenure is being surpassed by the base plan then the future premiums will be paid to the assured person. In any scenario, if the policyholder does not face the policy premium this plan will become a paid-up policy.
Details of LIC Jeevan Labh
Below given points tell you about the other details of the LIC Jeevan labh policy-
There are 30-day grace period to pay the due premiums if the policyholder fails to pay the premium in time. This grace period is provided to those policyholders who are paying the premium yearly, half-yearly, or quarterly mode. But on the other hand, if the policyholder spacer premium per month the grace period is reduced to 15 days only.
If any person is not satisfied with this policy the person can cancel the plan within 50 days of registering.
Surrendering of policy
There is a surrender value of LIC Jeevan labh if a person is paying the premiums for 3 years.
- Special surrender value- special surrender value is paid to that policyholder whose value of special surrender is greater than its guaranteed surrender value and it is the discounted value of the vested bonus.
- Guaranteed surrender value- it is equal to the premium payment total percentage. The premium total percentage is excluding extra rider, net of taxes, and extra premium paid and is completely dependent on the selection of a term of the policy.
- The value which is paid up
If a policyholder does not pay any premiums for straight 2 years all the benefits and the plan of the policyholder are canceled out.
If a person pays the premium Dully phone street 2 years then the plan becomes a paid-up policy.
Document required for LIC Jeevan labh
Below given is the documentation required to apply for the LIC Jeevan labh policy-
- Aadhar card.
- pan card, tax details, and other KYC documentation.
- Proof of the age.
- y filled up the application form.
Exclusion of policy
Below given is the exclusion of the policy of LIC Jeevan labh in case of suicide-
- If any person commits suicide in the first year of the policy initiation out of the total amount 80% of the amount is being transferred to the beneficiary’s account.
- If any person commits suicide after one year I will talk about the total amount more than 80% of the amount is transferred to the beneficiary’s account.
Frequently asked questions
What is LIC Jeevan labh’s policy?
LIC Jeevan labh is an insurance policy and it covers death benefits and maturity benefits. This policy applies to the age group of 8 years to 50 years of the person and there are several benefits and features provided in this policy.
Explain the working of LIC Jeevan labh policy?
LIC Jeevan labh policy is available to the person between the age group of 8 years to 59 years. It covers death benefits and maturity benefits. The death benefits are provided to the nominee.
Explain the maturity benefit of this policy?
The maturity benefit of this policy is calculated after the end of the policy and it has a total of 936 premiums and it is the sum of the basic sum assured final additional bonus, and accumulated bonus.