LIC Jeevan Labh Plan is a limited period premium payment endowment plan from lic of India. There are already similar kind of endowment plan is their in lic of India’s kitty. This plan has launched recently. In this plan one have to pay a less premium when the life cover will be continue for more years. This is a Non-Linked, with Profit Endowment Assurance plan. The benefits payable to the Insured are sum assured plus vested Simple Reversionary Bonuses and Final Additional bonus. The Unique Identification Number of LIC’s Jeevan Labh Plan that is 512N304V01. In this page we will share every details about this policy like LIC Jeevan Labh Plan premium calculators, LIC Jeevan Labh Plan benefits & features, LIC Jeevan Labh Plan maturity value, surrender details and many more information at one place.
Key Features of LIC Jeevan Labh Plan 836
- This plan is promising high bonus on maturity value.
- Premium payment duration is less than policy tenure.
- LIC is targeting this plan to make children’s future expenses like Marriage, education.
- Options to avail accidental benefit and term riders
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
Eligibility of LIC Jeevan Labh Plan
- Minimum: 8 years (completed).
- 59 years (nearest birthday) for Policy Term 16 years.
- 54 years (NBD) for Policy Term 21 years.
- 50 years (NBD) for Policy Term 25 years.
|Maximum Maturity Age:
- 75 years (nearest birthday).
- 16 years.
- 21 years.
- 25 years.
|Premium Paying Term:
- 10 years.
- 15 years.
|Premium Payment Mode:
- Yearly, Half-yearly, Quarterly or Monthly mode (through ECS only or through salary deductions).
- Minimum: Rs.2,00,000/-.
- Maximum: No limit.
- Sum Assured shall be in multiples of Rs. 10,000/-.
|Documents required for a new policy:
- Application form/Proposal form along with a photo.
- Address proof.
- Age proof.
- Medical reports (if required).
Lic Jeevan Labh Endowment Plan 836 Benefits
Death Benefits: In case of unfortunate death of the Life Assured during the policy term, the nominee will get ‘Sum Assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus, if any as death benefit.
Maturity Benefits: On survival of the Life Assured to the end of policy term, insurer will get Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any as maturity value. Please read the policy terms to understand the return calculation clearly.
Survival Benefits: It is similar to the maturity benefit only.
Income Tax Benefit: The premium paid can be income tax exempted under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Loan Facility: Available after payment of 3 years of premium only
Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
Riders available: Yes, LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V01) and LIC’s New Term Assurance Rider UIN (512B210V01).
||2% of tabular premium
||1% of tabular premium
|Quarterly and monthly mode
High Basic Sum Assured Rebate:
|Basic Sum assured
||Rebate as per Rs.1000 B.S.A
|Rs. 2,00,000/- to Rs. 4,90,000/-
|Rs. 5,00,000/- to Rs. 9,90,000/-
||1.25 % Basic Sum Assured.
|Rs. 10,00,000/- to Rs. 14,90,000/-
||1.50 % Basic Sum Assured.
|Rs. 15,00,000/- and above
||1.75 % Basic Sum Assured.
Surrender Value: After payment of 3 years premium the policy can be surrendered.
Suicide Clause: If the life assured commits suicide before 12 months from the date of commencement of risk, he/she would be returned with 80% of premiums paid excluding any taxes and extra premium, if any.
LIC Jeevan Labh Plan 836 Premium Calculator
Simply visit lic of India official website and loo for the lic online premium calculators segment where you will find respective calculators to know how much premium is necessary for a fixed sum assured value.
For more details about this policy, please visit LIC Jeevan Labh Plan 836 official page.