LIC Jeevan Labh Plan (Table No. 936)

LIC Jeevan Labh Plan (Table No. 936)

Plan Type: Endowment Plan with Profits

Objective: A combination of protection and savings. Provides financial support to the family in case of the unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholders.

Key Features:

1. Policy Term: 16, 21, and 25 years.
2. Premium Paying Term:
   • 10 years for 16 years policy term.
   • 15 years for 21 years policy term.
   • 16 years for 25 years policy term.
3. Minimum Basic Sum Assured: ₹2,00,000
4. Maximum Basic Sum Assured: No Limit (in multiples of ₹10,000)
5. Age at Entry:
   • Minimum: 8 years
   • Maximum:
     • 59 years for a policy term of 16 years.
     • 54 years for a policy term of 21 years.
     • 50 years for a policy term of 25 years.
6. Age at Maturity: Maximum 75 years

Benefits:

1. Death Benefit:
   • If the policyholder dies within the policy term, the nominee will receive the Death Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
   • Death Sum Assured is higher of:
     • 10 times the annualized premium.
     • Basic Sum Assured.
     • 105% of all premiums paid up to the date of death.
2. Maturity Benefit:
   • On survival till the end of the policy term, the policyholder receives the Sum Assured on Maturity plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
   • Sum Assured on Maturity is equal to the Basic Sum Assured.
3. Participation in Profits:
   • The policy participates in the corporation’s profit and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the corporation.
4. Optional Riders:
   • LIC’s Accidental Death and Disability Benefit Rider.
   • LIC’s New Term Assurance Rider.
   • LIC’s Accident Benefit Rider.
   • LIC’s New Critical Illness Benefit Rider.
   • LIC’s Premium Waiver Benefit Rider.

Rebate:

1. Mode Rebate:
   • Yearly: 2% of Tabular Premium.
   • Half-yearly: 1% of Tabular Premium.
   • Quarterly & Monthly: NIL.
2. High Sum Assured Rebate:
   • ₹2,00,000 to ₹4,90,000: NIL.
   • ₹5,00,000 to ₹9,90,000: 1.25% of Basic Sum Assured.
   • ₹10,00,000 and above: 1.50% of Basic Sum Assured.

Grace Period:

• A grace period of 30 days is allowed for payment of yearly, half-yearly, or quarterly premiums. For monthly premiums, the grace period is 15 days.

Revival:

• A lapsed policy can be revived within 5 years from the date of the first unpaid premium by paying all due premiums with interest.

Surrender Value:

• Guaranteed Surrender Value: Available after payment of at least two full years’ premiums.
• Special Surrender Value: Higher of the Guaranteed Surrender Value and Special Surrender Value as applicable at the time of surrender.

Loan Facility:

• Loan can be availed against the policy provided the policy has acquired a Surrender Value.

Exclusions:

• In case of suicide within 12 months from the date of commencement of risk, 80% of the premiums paid will be returned.
• In case of suicide within 12 months from the date of revival, higher of 80% of the premiums paid or acquired Surrender Value will be returned.

How to Apply:

• Interested individuals can visit the official LIC website or contact a LIC agent 7231814845 to apply for the Jeevan Labh plan.