Product Summary: Jeevan Labh is a regular premium, non – linked, with profit Endowment Assurance plan. Provides high returns at a lower premium compared to sum assured opted.
Premium Payment Mode
Yearly, Half Yearly, Quartely, Monthly(SSS and NACH)
Term
16 Year, 21 Year, 25 Year.
Minimum Age at Entry
8 Year completed
Maximum Age at Entry
59 year (Nearest birth day)
Maximum Maturity Age
75 Year
Minimum Sum Assured
2,00,000
Maximum Sum Assured
No Limit (Subject to other conditions)
Riders Available
ADDB/AB, Critical illness Rider, Term Rider
Accidental Death and Disability Benefit (ADDB)
Available up to age 70
Policy Benefit
On Death
125% of Sum Assured + Vested Bonus + Final Addition Bonus(FAB) if any, OR 7 times of Annualized Premium, OR 105% of all premiums paid as on death, WHICH EVER IS HIGHER.
On Survival
Basic Sum Assured + Vested Bonus + Final Additional Bonus(FAB)
Surrender Value
Policy can be surrendered at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Loan
Loan can be availed at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Income Tax Benefit
Premium paid under the policy is eligible for Tax rebate under section 80C. Maturity benefit under this policy is tax free under section 10 (10 D) of income tax act.
Let’s see an Example
Lic Jeevan Labh Policy (Plan 936)
Mr. ShyamAge -30 years think to buy lic jeevan labh policy
Premium paying term(PPT)- 15 Years
Sum Assured– 2,00,000
first-year premium with gst 4.5%
Mode
yearly
half yearly
quarterly
monthly
total premium
11516
5815
2936
979
2nd year to last year(15th) premium with gst 2.25%
