LIC Jeevan Labh plan
LIC Jeevan Labh plan is a limited premium, non-linked, with-profits endowment plan. LIC Jeevan labh is a combination of protection and savings. Jeevan Labh provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
Features of Jeevan Labh plan
- Min Sum Assured: Rs. 200000/-
- Max Sum Assured: No limit (depending upon income)
- Min Entry Age: 8 years completed
- Max Age: 59 years (nearest birthday)
- Max maturity age: 75 year
- Payment mode: Mly from Bank only (NACH), Quarterly, Half-yearly & Yearly
- Policy Term: 16 years, 21 years, 25 years
- Premium paying term: 10 yr for 16 year term, 15 yr for 21 year term, 16 yr for 25 year term
- Surrender Value: Policy can be surrendered after 3 full years premium have been paid. The surrender value shall be a percentage of the total premiums paid.
- Loan: Loan can be availed under the policy provided the policy has acquired a surrender value.
- Income Tax Benefit: Premium paid under this plan is eligible for tax rebate under section 80C. Maturity or any claim under LIC Jeevan Labh is free under section 10(10D)
Benefits of Jeevan Labh plan
On Survival at Maturity: Basic Sum Assured + Reversionary Bonus + Final Additional Bonus
On Death: Basic Sum Assured Or 10 times of annualized premium Or 105% of all premiums paid as on death
Why LIC Jeevan labh plan ?
This policy has three terms, choose the term which suits your needs and fulfills your responsiblity :
- Pay 10 years, maturity 17th year beginning
- Pay 15 years, maturity 22nd year beginning
- Pay for 16 years, maturity at 26th year beginning
LIC Jeevan Labh plan is a 100% Tax saving plan under section 80C and returns are also tax free under section 10(10D) of Income Tac Act.,
For more info in LIC Jeevan Labh plan,write to us.