- Jeevan Labh is a life assurance savings plan with limited payment option.
- This is ideal plan for those who want to pay the premium for a shorter period
- The risk coverage under this plan enhances every year as LIC declared the bonuses.
However, the premium does not change
- The customer gets the tax-free maturity under this plan which includes the bonus
also along with Sum Assured
- This plan has an option of choosing the Accidental Life cover, Disability Benefit &
Critical illness cover
- In case of a minor, this plan also has the premium waiver benefit in case of death of
the parent
- This plan also has the option of taking the Maturity proceeds in instalments as the
policy-holder can choose the no of year as 5, 10 or 15.
- In a similar way, the policyholder also has the option of choosing the death benefit
in instalments
- LIC also offer the discount in the premium in case the mode of payment is Yearly.
- The loan is also available to the policyholder after the completion of 2 years of the
policy
- Settlement option avilable on Maturity and Death in Installments of 5,10 or 15 Years
How Does This Policy Work
Sample illustration
| Eligibility Criteria |
|
Min. |
Max. |
| Age |
8 Years (Completed) |
59 Years for Policy Term = 16
54 Years for Policy Term = 21
50 Years for Policy Term = 25 |
| Policy Term |
16 Years |
21 Years |
25 Years |
| Premium Payment Term |
10 Years |
15 Years |
16 Years |
| Basic Sum Assured |
Rs.2 Lacs |
No Limit |
| Maximum Maturity Age |
75 Years (Nearer Birthday) |
| Rider |
LIC’s NEW CRITICAL ILLNESS BENEFIT RIDER(CIR) |
| Rider |
LIC's ACCIDENTAL DEATH AND DISABILITY BENEFIT RIDER |
| Rider |
LlC's ACCIDENT BENEFIT RIDER |
| Rider |
LIC’s PREMIUM WAIVER BENEFIT RIDER (PWB) - If life assured is Minor |
| Rider |
LIC's NEW TERM ASSURANCE RIDER (TR) |
