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LIC Jeevan Labh Policy Life Insurance Riders

9 reviews Rate This
Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

Listed below are the five additional riders from which a policyholder can buy to enhance their policy coverage.

  • Accidental Death and Disability Rider:

A policyholder can buy this rider by paying an extra premium on their standard insurance premium. You can buy this rider for 18 years to 70 years to get an additional sum assured if any accidental death happens during the policy period. However, the sum assured for the disability benefit is paid in 10 equal installments over the period of 10 years.

  • Accident Benefit Rider:

If the premium paying period is 5 years or above, an insured can buy an accident benefit rider at any time during that term. A policyholder can avail themselves of the benefits of this rider only during the premium payment period.

  • New Term Assurance Rider:

With this rider, a policyholder can increase the death benefit on their insurance policy. However, you can buy this rider only at the time of the policy\'s initiation.

  • Premium Waiver Benefit Rider:

A minor policyholder can buy this benefit if the premium paying duration is upto 5 years. Moreover, the benefits of this rider are only available during the premium payment period.

  • Critical Illness Benefit Rider:

A policyholder can buy this rider at the time of policy initiation. Through this rider benefit, the sum assured will be paid to the insured if they are diagnosed with any critical illness that is mentioned in the policy document.

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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.

LIC Jeevan Labh Reviews

4.6
Rating based on
9 User reviews
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What users are saying
  • All
  • Best policy for children

    One of my friends who had the LIC of India- LIC Jeevan Labh suggested that I buy the same. On having a word with the InsuranceDekho team, I realized that this plan can actually help me secure the financial future of my children and look after their educational and other needs. Thanks a lot to the team.

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    M
    By Mohseen Khan
    On: Aug 25, 2023
  • Perfect saving plan for me

    I want to thank you InsuranceDekho for helping me find the LIC of India- LIC Jeevan Labh. I was looking for a plan that gives me guaranteed annual income payouts after the premium payment term is complete. I am satisfied that I had you to guide me with the same. 

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    V
    By Vijay Pal
    On: Aug 11, 2023
  • Happy with InsuranceDekho

    I am very happy with the entire team of InsuranceDekho. You guys are so supportive and understanding of the customer’s needs. Because of you, I was able to get the LIC of India- LIC Jeevan Labh issued which otherwise would have been a difficult task for me. Thanks a lot! 

    Read More

    T
    By Tejas Pandit
    On: Jul 31, 2023
  • Tailored Coverage to Suit My N...

    InsuranceDekho's wide range of life insurance plans allowed me to find the perfect coverage for my unique requirements. They offered the customizable LIC of India- LIC Jeevan Labh policy that fit my budget and provided the financial protection my family needed. The process of getting quotes and comparing plans was convenient, and I felt confident in my decision thanks to the detailed information provided. 

    Read More

    L
    By Laxmi Charya
    On: Jul 28, 2023
  • Simple and Clear Policy Docume...

    I found the policy documents for LIC of India- LIC Jeevan Labh from InsuranceDekho to be straightforward and easy to understand. There were no complex jargons, making it accessible to all customers.

    Read More

    S
    By Shishir Kumar
    On: Jul 21, 2023
View All LIC Jeevan Labh Reviews

LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium

    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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