All About LIC Jeevan Labh Endowment Plan
Updated On Apr 23, 2021
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LIC Jeevan Labh is an endowment plan that promises to offer life coverage and savings features. This plan is a limited premium paying plan. Under this plan, if the life assured passes away during the policy term, the nominee is provided with the death benefit. In case the life assured survives the entire policy term, a maturity benefit will be provided to the life assured. LIC Jeevan Labh is a participating plan, which means the insurance provider declares annual bonuses upon the endowment plan and this additional bonus is provided along the death benefit or the maturity benefit.
LIC Jeevan Labh plan allows to increase the coverage of the base plan by providing the option to add riders in the plan. This plan also offers the benefit to avail loan against the policy. LIC Jeevan Labh will help you ensure that your family has financial support to meet their financial requirements even when you are not around.
Features of LIC Jeevan Labh Plan
Following are some of key features of LIC Jeevan Labh plan:
- Availability of Limited Premium Payment
- Encourages Long-Term Investment
- Offers Additional Annual Bonus
- Offers Death Benefit
- Offers Maturity Benefit
- Availability of Loan Against the Policy
Also Read:- Benefits of Purchasing Endowment Plans
Benefits of LIC Jeevan Labh Plan
Following are some of the benefits of LIC Jeevan Labh plan:
1. Death and Maturity Benefit
LIC Jeevan Labh plan is a type of life insurance plan, which means that this plan will provide life coverage. Under this plan the nominee receives the death benefit amount in case of an unfortunate demise of the life assured. This plan offers an option to receive the death benefit as a lump sum amount or as a way of regular incomes. If the life assured survives the entire policy term he/she will be provided with the maturity benefit.
2. Availability of Loan
Loan is available under this plan. You can avail the benefit of applying for loan against this plan. The loan will be granted when the surrender value of the policy has been acquired. Loan against the policy can be taken when regular premium payment is made for 3 years.
3. Availability of Riders
You can enhance the coverage of your LIC Jeevan Labh plan by adding riders in the plan. Under this plan you can choose from different rider offered such as LIC's Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider and LIC’s Premium Waiver Benefit Rider.
4. Tax Benefits
The premiums paid towards the LIC Jeevan Labh policy qualifies for tax exemption under the Section 80C of the Income Tax Act, 1961. The maturity amount receivable is also tax free under Section 10(10D) of the Income Tax Act, 1961.
5. Additional Bonus
LIC Jeevan Labh is a participating endowment plan, where the insurance provider declares annual bonuses upon the insurance plan. The additional bonus is provided along the death benefit in case of an unforeseen demise of the life assured. In case the life assured survives the entire policy term, the additional bonus is paid along the maturity benefit at the time of plan maturity.
Eligibility Criteria of LIC Jeevan Labh Plan
LIC Jeevan Labh comes with the following eligibility conditions -
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Eligibility Criteria of LIC Jeevan Labh Plan |
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Minimum Sum Assured |
INR 2,00,000 |
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Maximum Sum Assured |
No Limit |
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Policy Term |
16,21 and 25 years |
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Premium Payment Term |
10,15 and 16 years |
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Minimum Entry Age |
8 years |
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Maximum Entry Age |
59 (for 16 years of policy term), 54 (for 21 years of policy term), and 50 (for 25 years of policy term) |
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Maximum Maturity Age |
75 years |
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Premium Payment Mode |
Monthly, Quarterly, Half-Yearly and Yearly. |
Conclusion
LIC Jeevan Labh haa been considered as one of the best selling plans from LIC. This plan not only provides life coverage but also provides a savings feature. This plan helps you ensure that in your absence your family has financial resources to meet their future financial needs.
You May Also Like to Read:- The 5 Most Popular Endowment Plans In India
