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.

KANYADAN POLICY - Jeevan Lakshya Plan No. 933 - LIC KA BEHTRIN PLAN

भारत जैसे देश में बेटी की शादी करना हर बात के लिए बहुत ही खास मौका होता है। हर बाप चाहता है कि वह अपनी बेटी की शादी धूमधाम से करे, लेकिन इसमें बहुत सारे पैसे भी खर्च होते हैं। अगर आप भी अपनी बेटी के शादी को लेकर चिंतित हैं और उसकी शादी के लिए पैसे जोड़ना चाहते हैं तो एलआईसी की कन्यादान पॉलिसी आपके लिए बेहद मददगार साबित हो सकती है। आप रोज अगर सिर्फ 300 रुपये भी बचाते हैं तो बेटी की शादी के लिए आपके पास 65 लाख रुपये जमा हो जाएंगे। अगर आप और अधिक पैसे जमा करना चाहते हैं तो प्रति माह करने वाला निवेश बढ़ा सकते हैं। वहीं आयकर अधिनियम की धारा 80सी के तहत आपको 1.5 लाख रुपये तक पर टैक्स में छूट भी मिलती है।

LIC Jeevan Lakshya is a new plan introduced in March 2015 by LIC of India. Jeevan Lakshya is a limited premium paying conventional profit linked Endowment Assurance plan which provides Annual Income Benefit to fulfill the family requirements. In case of death of the policy holder takes place prior to the maturity, 10% of the basic sum assured will be paid on every policy anniversary, further it also provides a lump sum amount at the time of maturity regardless of survival of the policyholder. The Unique Identification Number (UIN) for Jeevan Lakshya Lic plan is 512N297V01.

LIC Jeevan Lakshya Policy Benefits

Death Benefit

·         If Death Occurs during the policy term 10% of the basic sum Assured will be paid to nominee every year from the year of death till the date of maturity.

·         At end of policy term/ maturity date Nominee will be paid  Sum Assured on death(110% of sum assured) + Vested simple Revisionary Bonuses + Final Additional Bonus (If Any).

Maturity Benefits

On survival of policy holder till the end of the policy term provided all due premiums have been paid,

Maturity Amount = Sum Assured + vested Simple Revisionary bonuses + Final Additional bonus (if any).

Where Sum Assured on Maturity is equal to Basic Sum Assured.

LIC Jeevan Lakshya Policy Riders

LIC Jeevan Lakshya 933 provides the following optional riders by payment of additional premium:

1. LIC Accidental Death and Disability Benefit Rider: This rider can be opted at any time within the premium paying term of the Basic Plan. The benefit cover under this rider shall be available during the policy term.

If this rider is opted:

In Case of death during the policy term: Amount equal to the “Accident Benefit Sum Assured” will be payable.

In case of accidental permanent disability: Accident Benefit SA will be paid in the form of dividing the amount into equal monthly installments spread over 10 years and all Future premiums for Accident Benefit rider are waived off.

On Survival: On survival Basic Sum Assured + Vested Bonus + FAB if any.

Surrendered Value: The Policy can be surrendered at any time during the policy term provided at least 36 months premiums have been paid.

Loan : Available after payment of premium of 36 months.

Income Tax Benefit: 

• Premium paid under this plan is eligible for TAX rebate under section 80c.

• Maturity under this plan is free under sec 10(10D).

Plan Parameters

Age of Entry	18 to 50 years
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term	13 to 25 years
Premium Paying Term	(Policy Term - 3) years
Sum Assured	100000 and above (in multiples of 10000)
Premium Payment Mode rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
High Sum assured Rebate	0% of SA on 0 to 2,00,000 2% of SA on 2,00,000 to 4,90,000 3% of SA on 5,00,000 and above
Loan	After 3 Years
Surrender	After 3 Years
Revival	Within 2 Years of Lapse