LIC's Jeevan Labh Plan No. 936

Jeevan Labh is a limited premium paying, non-linked, with-profit endowment assurance Plan. Unique identification number (UIN) of Jeevan Labh plan is 512N304V01. Lic New Jeevan Labh Plan provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium. LIC Jeevan Labh Plan also takes care of Liquidity needs through its loan facility. This plan offers a combination of protection and saving features. This policy is available from a child of 8 years old to person of age 59. LIC Jeevan Labh Plan 936 is an endowment plan newly introduced on January 4th, 2016 for customers by LIC. The LIC New Jeevan Labh Endowment Plan Unique identification number is 512N304V01. LIC New Jeevan Labh Plan primary feature is a limited premium payment option. For 16-year policy term, the customer has to pay a premium for 10 years. For 21 and 25 years of the policy term, the policyholder has to pay the premium for 15 and 16 years respectively.

LIC's Jeevan Labh Plan No. 936

Benefits of Jeevan Labh Endowment Plan

Maturity Benefits:

In case of life assured survives through the policy term, s/he will receive Sum Assured on Maturity together with vested revisionary bonuses and Final Additional Bonus, if any.

Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.

Death Benefit:

On death of the life assured during the term of the policy, the Death Benefit defined as sum of “Sum Assured on Death” and vested simple reversionary bonuses and Final Additional Bonus, if any, shall be payable.

Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

Where  “Sum Assured on Death” is defined as the higher of 10 times of annualized premium or absolute amount assured to be paid on death i.e. Basic Sum Assured.

This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Premium mentioned above will not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium, if any

Jeevan Labh Key Features: 

• Minimum Age at entry: 8 years
• Maximum maturity age : 75 years
• Policy Term options : 16 years / 21 years / 25 years
• Premium Paying Term options : 10 years / 15 years / 16 years respectively.
• Minimum Sum Assured : Rs 2 Lakh
• Death Benefit under Jeevan Labh : The policyholder’s nominee will receive; Sum Assured + Bonus + Final Additional Bonus (if any).
• Maturity Benefit under Jeevan Labh : Sum Assured + Bonus + Final Additional Bonus (if any).
• Optional riders like Term insurance rider (TR) & DAB (Double Accident Rider) are available.

Additional Information about New Jeevan Labh LIC Endowment Plan

Following is the additional information about the LIC New Jeevan Labh Endowment Plan.

·    Loan: Loan facility is available under LIC New Jeevan Labh 936 Plan after paying the premiums for 3 years.

·      Riders: Riders are available under this  LIC Jeevan Labh 936 Plan. Availability of Accidental Death and Disability Benefit Rider.

·     Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the date of revival, then 80% of the premium for what he had paid will be returned to his assignees or nominees.

·   Income Tax Reduction: Available for premiums paid and for Maturity returns.

·         Policy Revival: If you do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.

·      Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Labh Plan 936.

·         Tax: Service tax payable by the policyholder on premiums.

·     Free Look (Cooling Off) Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.

·         Backdating interest: The policy can be backdated within the same financial year.

·     Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Labh 936 plan.

·         Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).

·         Surrender Value: This policy can be surrendered at any time, paying the premiums for 3 full years. The guaranteed surrender value is the percentage of total premiums paid.

Policy Stamping: Under, LIC New Jeevan Labh Plan stamping charges will be 20 paise per thousand Sum Assured.