LIC Jeevan Labh, a non-linked, participating, limited premium, an individual savings plan that offers both protection and savings, is available.
The policy provides financial assistance to the family in case of an emergency but also covers future financial needs for the family, even if the insured is not there.
LIC policy is a top-rated insurance provider in India and a popular choice when it comes time to buy insurance.
LIC Jeevan Labh, in addition to the many policies offered by LIC, is also one of the most popular endowment insurance plans offered by the LIC of India.
The insurance buyer will enjoy a variety of benefits when they purchase LIC Jeevan Labh policies. We will continue to discuss the LIC Jeevan Labh policy.
LIC Jeevan Labh – Privileges
If the life insured can survive the entire policy term, all premiums must be paid and the policy remains in force.
The insured person receives a maturity benefit as a lump sum, along with a vested simple reverse bonus and final bonus (if any). The basic sum assured amount is the sum assured upon maturity.
If the insured dies during the policy’s term, the insurer will pay the death benefit to the beneficiary.
The death benefit payable by the policy nominee is the sum assured upon death, plus any vested simple reverse bonus or final bonus if any.
The policyholder has the right to take advantage of tax benefits. The premium paid to the policy up until the maximum limit is Rs. 1.5 lakh per financial year, and the maturity proceeds, are exempt from tax under Sections 80C and 10(10D of the Income Tax Act.
Participation in Profits
If the policy is in effect, the policy will be included in the profits of the corporation. The policy can also receive a simple bonus reversionary as determined by the experience of that corporation.
In the year of the claim, the final bonus is also declared.
LIC Jeevan Labh – Eligibility
Entry age – 8 to 59 years
Mature Age -75 Years
Premium Payment Term – 10/15/16 Years
Policy Term 16/21/25 Years
Insurers offer a grace period of 30 days to the insured for payment of premiums if the policyholder does not pay premiums within the prescribed time.
For those who pay quarterly, semi-annual, or yearly premiums, policyholders have a grace period of 30 days if they fail to pay the premium.
If a policyholder chooses a monthly premium payment method, however, the grace period is reduced to 15 days.
No-hassle Period for LIC Jeevan Labh Plan
The policyholder can cancel the policy at any time within the 15-day free-look period offered by the insurer.
Required Documents to LIC Jeevan Labh Plan
Certain documents are required to be able to access the plan benefits. Let’s take an in-depth look at them.
- Age proof
- Address proof
- Additional KYC documents include Aadhaar Card and PAN Card as well as Tax Details.
- Properly filled Application/Proposal form
- Required Medical Diagnosis Reports
- Medical History