LIC Jeevan Labh Plan Review
LIC Jeevan Labh Plan is a Limited Premium Paying, With-Profits Endowment Plan. LIC of India has introduced this Plan to provide an attractive combination of protection and saving features. LIC Jeevan Labh Policy (Plan No. 836) was introduced on 02nd January 2016 with a Unique Identification Number (UIN) of 512N304V01.
LIC Jeevan Labh Endowment Plan Provides Financial Support to the Family of the Policyholder in the case of Sudden Death of the Policyholder before completion of Maturity Period. A lump sum Amount will be Payable at the Time of Maturity on Surviving of the Policyholder. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Labh Policy Benefits & Features
LIC Jeevan Labh Endowment Plan Benefits
Death Benefit:
If the Policyholders Death occurs during the Policy Term Corporation will pay the Death Benefit to the Nominee. The Death Benefit is defined as the Sum of “Sum Assured on Death”, Vested Simple Reversionary Bonuses and Final Additional Bonus. The Death Benefit should not be less than the 105% of all the premiums paid as on date of death.
Sum Assured on Death = 10 Times of Annualised Premium or Absolute Amount assured to be paid on Death i.e., Basic Sum Assured.
Maturity Benefit:
On Surviving of the Policyholder till the Maturity Period Policyholder will receive Maturity Benefit, which is equal to Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional bonus.
Participation in Profits: By taking this Policy the Policyholder will receive Share in Profits of the Corporation as Simple Reversionary Bonuses declared as per the experience of the Corporation.
Key Features of LIC Jeevan Labh Policy
- LIC Jeevan Labh Plan is a Limited Premium, With-Profits Endowment Plan.
- LIC Jeevan Labh Policy is introduced to provide an attractive combination of protection and saving features.
- It Provides Financial Assistance to the Family of the Deceased Policyholder.
- The Policyholder will Receive a lump sum Amount on Maturity of the Policy.
- An Additional “LIC’s Accidental Death and Disability Benefit Rider” and “LIC’s New Term Assurance Rider” are available under this Plan.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly mode of premium payment.
- The Policy can be Surrendered at any time during the Policy Term after successful Payment of Premium for three full years or Two years depends on the Policy Term.
- The Policyholder will get a Guaranteed Surender Value and Special Surrender Value on Surrendering the Policy.
- You have the Facility to Return your Policy before Completion of Free-look Period if you are not Satisfied with the Terms and Conditions of the Policy.
Eligibility Conditions for LIC Jeevan Labh Policy (Plan No. 836)
| Entry Age | Minimum: 08 years. |
Maximum:
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| Policy Term |
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| Premium Paying Term |
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| Maximum Maturity Age | 75 years (Nearest Birthday) |
| Sum Assured (Sum Assured shall be in multiples of Rs. 10,000/-) | Minimum: Rs.2,00,000/- |
| Maximum: No limit. | |
| Premium Payment Modes (ECS & SSS) |
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LIC Jeevan Labh Policy Riders
Life Insurance Corporation of India is offering a Special “LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)” and “LIC’s New Term Assurance Rider (UIN: 512B210V01) are available under this Jeevan Labh Endowment Plan (Plan No. 836). People who wish to get these Riders available under Jeevan Labh Plan should meet the below Eligibility Conditions.
Eligibility Conditions for LIC Accidental Death and Disability Benefit Rider:
| Entry Age | Minimum: 18 years |
| Maximum:
The Cover can be Opted at Inception or at any Policy Anniversary after that. |
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| Maximum Cover Ceasing Age | 70 years (nearest Birthday) |
| Minimum Accident Benefit Sum Assured | Rs. 100,000/- |
| Maximum Accident Benefit Sum Assured | An Amount Equal to BSA Subject to Maximum of Rs. 100 lakh Overall Limit taking Existing Policies of the Life Assured. |
Eligibility Conditions for LIC New Term Assurance Rider
| Entry Age | Minimum: 18 years |
Maximum:
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| Policy Term | Same as Basic Plan |
| Premium Paying Term | Same as Basic Plan |
| Minimum Term Assurance Rider Sum Assured | Rs. 100,000/- |
| Maximum Term Assurance Rider Sum Assured | The Maximum Term Rider Sum Assured shall be less than or equal to the Basic Sum Assured under the Base Plan. (The Term Assurance Rider Sum Assured can be taken in Multiples of Rs. 10,000/- only). |
LIC Jeevan Labh Endowment Plan Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC Jeevan Labh Endowment Plan is given below.
Mode Rebate:
- Yearly Mode: 2% of Tabular Premium.
- Half-yearly Mode: 1% of Tabular Premium.
- Quarterly and Monthly: NIL.
High Sum Assured Rebate:
| Basic Sum Assured | Rebate (Rs.) |
| Rs. 200,000/- to Rs. 4,90,000/- | NIL. |
| Rs. 5,00,000/- to Rs. 9,90,000/- | 1.25% of BSA |
| Rs. 10,00,000/- to Rs. 14,90,000/- | 1.50% of BSA |
| Rs. 15,00,000/- and Above | 1.75% of BSA |
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The CEIS Rebate Rates are as follows.
| Policy Term | CEIS Rebate |
| 8 to 14 years | 5% |
| 15 years & above | 10% |
LIC Jeevan Labh Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Jeevan Labh Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Sample Premium Rates:
| Age (in years) |
Policy Term/Premium Paying Term (in Years) | ||
| 16 (10) | 21 (15) | 25 (16) | |
| 20 | 85.20 | 54.50 | 45.95 |
| 30 | 85.50 | 54.95 | 46.60 |
| 40 | 86.80 | 56.80 | 48.90 |
| 50 | 90.95 | 61.85 | 54.80 |
LIC Jeevan Labh Endowment Plan Buying Procedure
You can Buy the LIC Jeevan Labh Endowment Plan from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC Jeevan Labh Plan no. 836 are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC Jeevan Labh Plan Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Jeevan Labh Claim Process are
- Claim Form.
- NEFT Form.
- Proof of death.
- Medical treatment prior to Death, School / College / Employer’s Certificate, whichever is applicable.
- Age proof.
LIC Jeevan Labh Policy Details
Policy Loan: Loan facility is available under this plan after the Successful Payment of Premiums for at least Three Years. The Maximum Loan that will be Granted as a Percentage of Surrender Value are
- For in force /Fully Paid-up policies: upto 90%.
- For paid-up policies: upto 80%.
Policy Revival: LIC Jeevan Labh Plan can be revived before two years from the date of First Unpaid Premium (FUP).
Riders: A Special Riders Namely “LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)” and “LIC’s New Term Assurance Rider (UIN: 512B210V01) are available under this Plan.
Surrender Value:
LIC Jeevan Labh Policy can be Surrendered at any time during the Policy Term after Successful Payment of Premium for Three Successful years. The Policyholder will receive Guaranteed Surrender Value and Special Surrender Value on Surrendering of the Policy.
Guaranteed Surrender Value:
The Guaranteed Surrender Value, which is equal to the total premiums paid (excluding taxes, extra premium and rider premium, if any) along with the Surrender Value of Simple Reversionary Bonuses which is equal to Vested Bonuses multiplied by the Guaranteed Surrender Value factor applicable to vested Bonuses, will be Payable.
Special Surrender Value: The Special Surrender Value of Maturity Sum Assured and Vested Simple Reversionary Bonuses if any will be payable.
Paid-up Value: If the Policy Holder has paid Premiums for at least Two years or Three Full years depends on the Premium Paying Term and any Subsequent Premiums be not paid, all the Benefits under this policy will be ceased after Grace Period has completed.
Death Paid-up Sum Assured Value
[(Number of premiums paid/Total Number of premiums payable under the Policy) x Sum Assured on Death].
Maturity Paid-up Sum Assured Value
[(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy).
More Information on LIC Jeevan Labh Plan
Free Look (Cooling Off) Period: If the Policy Holder not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.
Back-Dating Interest: The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will be charged by the Corporation from time to time of completion of policy.
Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Suicidal Exclusion:
- If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 80% of the Premiums paid excluding any taxes and Extra Premium paid.
- If the Life Assured commits suicide at any time Within 12 Months from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.
Proposal Forms: Proposal Form no. 300, 340 and 360 issued by U & R Department will be useful for this Plan.
FAQ’s on LIC Jeevan Labh Policy (Plan No. 836)
- Are any Riders available under this Plan?
Ans: Yes, A Special Riders Namely LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)” and “LIC’s New Term Assurance Rider (UIN: 512B210V01) are available under LIC Jeevan Labh Plan.
2. What is Cooling-off Period for the LIC Jeevan Labh Plan?
Ans: You have the Cooling-off (Free-look) Period of 15 Days to return the Jeevan Labh Policy if you not satisfied with the Terms and Conditions.
3. Can I Revive My LIC Jeevan Labh Endowment Policy?
Ans: Yes, you can revive your Lapsed LIC Jeevan Labh Plan within two consecutive years from the Date of First Unpaid Premium.