Here are some of the benefits offered by LIC under the 936 Jeevan Labh insurance policy.
- Death Benefit:
The insurance company is liable to pay a death benefit to the nominees of the insured if they die during the policy period. The death benefit can either be the basic sum assured amount or 7 times the annual premium; whichever is higher is paid to the beneficiary.
- Maturity Benefit:
If the policyholder survives the policy period, they are eligible to receive the maturity benefits. The condition, however, is that the policyholder must not have any outstanding premiums. The maturity benefit is equal to the basic sum assured including the vested simple reversionary bonus and final additional bonus.
- Tax Benefits:
Under Section 80C and 10(10D) of the Income Tax Act, the premium paid for upto Rs. 1.5 lakh in a financial year towards the policy is exempted from tax.
Key Inclusions and Exclusions of the Plan
What's Not Included
- LIC may reject your claim request if suicide is the cause of death of the life assured. The conditions are as follows: 80% of the premium paid will be reimbursed to the nominee if the insured commits suicide within 1 year of the policy. The acquired surrender value or 80% premium paid amount, whichever is higher would be paid to the beneficiary if the life assured commits suicide from the beginning of the 2nd year of the policy.
FAQs on LIC Jeevan Labh Health Insurance Plan
Which payment modes are available to pay the premium for the LIC Jeevan Labh plan?
You can pay the premium regularly on a yearly, half-yearly, quarterly, or monthly basis either through the National Automated Clearing House (NACH) or salary saving scheme (SSS).
Can parents buy a LIC Jeevan Labh plan for their children?
Yes, parents can buy the Jeevan Labh policy for children above the age of 8 years. As a parent, you will pay the premium for the plan, and the child, in this case, will be considered the life assured. The maturity amount will be paid in full to the life assured if they survive the policy period.
Can I renew my lapsed LIC Jeevan Labh life insurance policy?
A policyholder can renew their lapsed LIC Jeevan Labh life insurance policy within 2 years. However, before doing so, an insured must pay all the outstanding premiums.
Is it possible to discontinue my LIC Jeevan Labh plan?
You can cancel your policy within 15 days in case you are not satisfied with the terms and conditions of the life insurance policy.
What is the condition to avail loan on my LIC Jeevan Labh plan?
A policyholder can avail of a loan only if the two-year premium of the plan is paid in full to the insurance company. The maximum amount for the loan must be equal to the percentage of the surrender value mentioned in the terms and conditions of the policy document.
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