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LIC JEEVAN LABH Plan (LIC TABLE NO 836) is a traditional plan which means not related to market. LIC Jeevan Labh Endowment plan is a combination of insurance and savings. LIC's Jeevan Labh Endowment Plan is a participating limited premium paying, non-linked, with-profit endowment Insurance Plan. New LIC Jeevan Labh Plan is a comprehensive Endowment plan that ensure a financially secure and guarantees your peace of mind. New Jeevan Labh plan provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of Jeevan Labh plan is it has the limited premium payment option. For the 16-years policy term policy holder have to pay the premium for 10 years and 21 and 25 years of policy term policy holder have to pay the premium for 15 and 16 years respectively.
Minimum age at Entry – 8 years (Completed).
Maximum age at Entry
|Term of the Policy||Maximum age at Entry|
|16||Max. age is 59 yrs.|
|21||Max. age is 54 yrs.|
|25||Max. age is 50 yrs.|
|Policy Term||16, 21, 25 yrs..|
|Premium Payment Term||10, 15, 16 yrs.|
|Min. Sum Assured||Rs. ,200,000.|
|Max. Sum Assured||No Limit.|
|Premium payment mode||SSS, ECS, Quarterly, Half Yearly and Yearly.|
|Max. Accident Death Benefit||50 LACS.|
Rebate means discount on premium.Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|Premium Payment Mode||Percentage(%)|
|Half yearly Mode||1%|
|Quarterly and Monthly||Nil|
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
|Basic Sum Assured (BSA)||Rebate per Rs. 1000 /- S.A.|
|Rs. 2,00,000 to Rs. 4,90,000||NIL|
|Rs. 5,00,000 to Rs. 9,90,000||1.25 % of(B.S.A)|
|Rs. 5,00,000 to Rs. 9,95,000||1.50 % of (B.S.A)|
LIC Bima 836 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bouns(FAB).
LIC JEEVAN LABH Endowment Plan Death Benefits
LIC Jeevan Labh Plan Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bouns(FAB).
LIC JEEVAN LABH Endowment Policy Surrender Value
Policy can be surrendered after 3 years.
After 3 years, if premium is not paid by the policy holder then policy becomes reduced paid up means policy value will be changed based on premium paid till that time. No Further Bonus will be added. But policy will not become inactive fully. Sum assured on death becomes reduced paid up sum assured amount and maturity sum assured becomes reduced paid up sum assured.
An example of VINOD who is purchasing this Plan with following details.
Sum Assured: Rs.5,00,000
Policy Term: 21 Years
Premiun Payment Term:15 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 27749
If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.
|Maturity Year||Age at Maturity||Maturity Amount(approx)|
Following table provides details of year-wise risk cover.
|Year||Age||Risk Cover Normal||Risk Cover Accidental||Premium||Tax Saved||Net Premium||Amount Received|
Revival: Policy should be revived before 3 years from last un-paid premiums.
Loan Facility: Loan facility is available under LIC Jeevan Labh plan, after at least 3 full years payment of premiums.
Riders Facility:Accidental Death and Disability Benefit Rider and Term Assurance Rider.
Suicide Clause: If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling off Period: Policy holder can return back policy within 15 days from date of receiving the policy.
Date Backing Facility: Available.
Proposal Form: Form No 300,340,360.