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.
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| 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.
