LIC or Life Insurance Corporation of India, the country’s largest life insurance company, offers a range of insurance products including endowment and term insurance plans. LIC’s Jeevan Labh Policy is one of the endowment insurance plans being offered by the company. LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings, according to LIC’s website – www.licindia.in. The LIC Jeevan Labh policy can be purchased by any individual in the age group of 8 and 59 years, according to the insurer.
Here are details of premium, benefits, sum assured being offered by LIC under its Jeevan Labh Policy:
Any individual between the age of 8 and 59 years can purchase the LIC Jeevan Labh policy for minimum sum assured of Rs. 2 lakh and it has no maximum limit for the amount of sum assured, LIC noted on its website. Individuals opting for LIC Jeevan Labh Policy can increase their sum assured above Rs. 2 lakh in multiples of 10,000, LIC added.
LIC Jeevan Labh Policy plan provides financial support for the family in case of death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder, according to LIC.
LIC Jeevan Labh policy comes in three different policy maturity terms and premium paying terms. The three different policy maturity terms and premium paying terms are 16 years policy term and 10 years premium paying term, 21 years policy maturity term and 15 years premium paying term and 25 years policy maturing term and 16 years premium paying term, according to LIC.
Below are sample LIC Jeevan Labh Plan premium rates per Rs. 1,000 for basic sum assured:
|Policy Term/Premium Paying Term (in Years)|
|16 (10)||21 (15)||25 (16)|
Premium for LIC Jeevan Labh policy can be paid regularly at yearly, half-yearly, quarterly or monthly basis, LIC said.