Jeevan Labh – new insurance scheme
Life Insurance
Corporation of India (LIC) introduced a limited premium paying, non-linked
with-profits Endowment Assurance plan “Jeevan Labh”.
What is Jeevan Labh plan?
Jeevan Labh is a
limited premium paying endowment plan which means premium paying shall be less
than the policy tenure and policyholder’s nominee will receive the maturity
benefit together with any other benefits at the end of the policy term or on
the death of the policy holder, whichever is earlier.
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Minimum Sum Assured
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Rs. 2. Lakh
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Maximum Sum Assured
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No Limit
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Policy Term
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16 years / 21 / years / 25 years
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Minimum Entry Age
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8 years
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Maximum Entry Age
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59 years for 16 years policy term
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54 years for 21 years policy term
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50 years for 25 years policy term
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Premium Paying Term
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10 years / 15 years / 16 years
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Maximum Maturity Age
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75 years
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Premium Payment
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Yearly, Half – Yearly, Quarterly or
Monthly
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In case of Death
·
If death of the life assured happens
during the policy term, the death benefit “Sum Assured on Death” and vested
Simple Reversionary Bonuses and Final Additional bonus, if any, shall be
payable.
·
The death benefit would not be less
than 105% of the total premiums paid as on date of death.
·
LIC’s Accidental Death and Disability
Benefit Rider (AD&DB) is available as an optional rider by payment of
additional premium. LIC’s New Term Assurance Rider is also available at the
inception of the policy on payment of additional premium and as per rules.
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