Introduction to Jeevan Labh.
Jeevan Labh (Table 836) – introduced by Life Insurance Corporation of India on 4th January 2016 is a Limited Payment Endowment plan where premium paying term is lesser than actual term of the plan. LIC has wisely selected three terms to choose for this plan. The terms allowed are 16 years 21 years and 25 years and the premium paying periods allowed are 10 years 15 years and 16 years respectively. Jeevan Labh has a minimum joining age of 8 years and the maximum maturity age of 75 years. Minimum Sum Assured allowed is Rs. 200000 with no limit for maximum insurance.
Who can go for Jeevan Labh?
As the premium paying term is lower than the term of the policy, this plan is mainly advisable to people with higher income in the initial period. People with uncertainty in continued income for a long period and people who do not want to continue the premium for long period can also go for this plan. It is generally suitable for Non Resident Indians (NRIs) as the premium will not be a burden even if they are returning back after a period of time. The longer term of the policy will provide the policy holder with insurance for a longer period which is always desirable. This plan can also be used to meet the children’s marriage or educational expenses if the policy holder have young children.
- The term of the policy is fixed in such a manner that the policy holder is benefited with maximum returns. One thing which usually people do not notice is that LIC declares the bonus of plans in relation with term of the plan.For example Plan with 16 years of term will get a return at the rate of policies having term between 16 to 20 and term 21 years will get bonus which is declared for the terms 21 and above.
- As the term of the plan is higher the maturity value of the policy will also be really high.
- Total premium for the plan is considerably less compared to the Sum Assured and that makes the plan even more attractive.
Examples of benefit illustration (at current declared rates of comparable plans.)
- Download a software to calculate the maturity value and other benefits of all popular LIC policies by clicking here.
- Download a Jeevan Labh leaflet and Ready Recon-er of premiums by clicking here
- Download Premium and Benefit Calculator of LIC Policies.
- Download a software to calculate the revival amount of LIC policies
- Health Insurance plan – Jeevan Arogya- Benefit calculator.
- How to use LIC’s e-Services to track your policies
- Know all about income tax rules applicable to Insurance Policies.
- Download a Free Software to Manage All Your Clients
- Download a free presentation software for ULIP plans of LIC
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