Life Insurance Corporation of India (LIC) introduced a limited premium paying, non-linked with-profits Endowment Assurance plan “Jeevan Labh”.
What is Jeevan Labh plan?
Jeevan Labh is a limited premium paying endowment plan which means premium paying shall be less than the policy tenure and policyholder’s nominee will receive the maturity benefit together with any other benefits at the end of the policy term or on the death of the policy holder, whichever is earlier.
Key features of Jeevan Labh
|Minimum Sum Assured||Rs.2 lakh|
|Maximum Sum Assured||No Limit|
|Policy Term||16 years / 21 years / 25 years|
|Minimum Entry Age||8 years|
|Maximum Entry Age||59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term
|Premium Paying Term||10 years / 15 years / 16 years|
|Maximum Maturity Age||75 years|
|Premium Payment||Yearly, Half-Yearly, Quarterly or Monthly|
In case of Death
If death of the life assured happens during the policy term, the death benefit “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
- The death benefit would not be less than 105% of the total premiums paid as on date of death.
LIC’s Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium. LIC’s New Term Assurance Rider is also available at the inception of the policy on payment of additional premium and as per rules.
Chairman – S.K Roy
Headquarters – Mumbai
Founded – September 1, 1956
Parent organization – Government of India
Tagline – “yogakshemam vahamyaha” in Sanskrit language which means “Your welfare is our responsibility”