LIC Jeevan Labh Plan

This is a limited premium paying non-linked endowment life insurance policy that provides both savings and protection to policyholders. The plan offers both death and maturity benefits along with profit participation bonuses.

Eligibility Criteria for LIC Jeevan Labh

Minimum entry age 8 years (completed)
Maximum entry age
  • 59 years (nearer birthday) for policy term of 16 years
  • 54 years (nearer birthday) for policy term of 21 years
  • 50 years (nearer birthday) for policy term of 25 years
Maximum Age at maturity 75 years (nearest birthday)

Key Features of LIC Jeevan Labh

Plan type Non-linked endowment plan with limited premium paying term
Plan basis Individual
Premium paying terms (PPT)
  • 10 years
  • 15 years
  • 16 years
Policy term
  • 16 years (10 years PPT)
  • 21 years (15 years PPT)
  • 25 years (16 years PPT)
Premium payment frequency
  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly (payment only through ECS mode)
  • SSS (salary savings scheme) mode
Loan Loans can be availed against this policy. Loans are available provided if at least 3 full years’ premiums have been paid and the policy has acquired a Surrender Value.
Revival Policy can be revived any time within 2 years from the date of first unpaid premium by paying all the premium arrears along with interest and other expenses.
Free look period 15 days from the date of receiving policy documents. Premium amount already deposited will be returned after deducting proportional risk premium for cover period, medical examination expenses, reports, stamp duty etc.
Nominations Nomination facility provided as per the Insurance Act
Basic Sum Assured
  • Minimum – Rs.2 lakh
  • Maximum – No limit
Basic Sum Assured are in multiples of Rs.10,000 only
Policy coverage Maturity Benefit, Death Benefit, Simple Reversionary Bonus and Final (Additional) Bonus (if any)

Benefits of LIC Jeevan Labh

Major benefits of LIC Jeevan Labh policy are as follows:

  • Maturity Benefit – On maturity of the policy, the policyholder will receive the Sum Assured on Maturity as lump sum, which is equal to Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
  • Death Benefit – Death benefits are paid out as the sum of ‘Sum Assured on Death’ plus Simple Reversionary Bonuses plus Final Additional Bonus (if any). The Sum Assured on Death is the highest of either 10 times of annual premium paid or the Basic Sum Assured. The death benefit will not be lower than 105% of overall premium amount paid as of date of death.
  • Profit Participation – This policy is participating in nature and policyholders are entitled to get the Simple Reversionary Bonuses as declared by the company if the policy is in full force. A Final Additional Bonus may also be given when a claim has been filed for maturity or death.
  • Tax Benefits – Tax benefits are available as per relevant sections of the Income Tax Act, 1961.
  • Loans – Loans are available as per the table given in the ‘Key Features’ section above.
  • Rebate – In terms of premium frequency, 2% of annual premium and 1% of half-yearly premium payments are offered as rebates. Sum assured of Rs.2 lakhs to Rs.4.9 lakhs receive a rebate of 1.25% of Basic Sum Assured, Rs.10 lakhs to Rs.14.9 lakhs receive 1.50% and Rs.15 lakhs and above receive 1.75%.
  • Surrender Value – The life insurance policy can be surrendered at any point of time in the policy term subject to payment of at least 3 consecutive years’ premium. The Guaranteed Surrender Value will be equal to the total amount of premiums paid (minus any additional charges incurred such as underwriting decisions or rider premiums) multiplied by the Guaranteed Surrender Value Factor. The Guaranteed Surrender Value Factor at different points in the policy term are as follows:
Guaranteed Surrender Value Factor
Policy Year PPT 16 years PPT 21 years PPT 25 years
3 30% 30% 30%
4 50% 50% 50%
5 50% 50% 50%
6 50% 50% 50%
7 50% 50% 50%
8 53.75% 52.30% 51.80%
9 57.50% 54.60% 53.50%
10 61.25% 56.90% 55.30%
11 66.00% 59.20% 57.10%
12 68.75% 61.50% 58.80%
13 72.50% 63.80% 60.60%
14 76.25% 66.20% 62.40%
15 80.00% 68.50% 64.10%
16 80.00% 70.80% 65.90%
17 73.10% 67.60%
18 75.40% 69.40%
19 77.70% 71.20%
20 80.00% 72.90%
21 80.00% 74.70%
22 76.50%
23 78.20%
24 80.00%
25 80.00%

Example of LIC Jeevan Labh Policy

Suppose Mr. Gupta opted for LIC’s Jeevan Labh Plan with a tenure of 25 years, premium paying term of 16 years, Yearly premium payment mode and Sum Assured of Rs.2 lakhs. He is 35 years old and paying an annual premium a little over Rs.9,100.

At the end of 25 years on maturity, he will receive Rs.2.2 lakhs which includes interest at 4% p.a. or Rs.3.7 lakhs at 8% p.a. interest. In case of his unfortunate demise in the 22nd policy year, his nominees will receive a lump sum amount of Rs.2.17 lakhs (4% interest) or Rs.3.41 lakhs (8% interest) as death benefit. The interest rates are subject to company policies. In either of the above cases, Mr. Gupta will be paying an overall amount of Rs.1.46 lakhs as premium in 16 years to avail a basic sum assured of Rs.2 lakhs and other bonuses.

Riders

There are 2 riders that may be availed with this policy to increase coverage:

  1. LIC’s Accidental Death and Disability Rider: This rider can be purchased on payment of additional premium over the base policy premium. The rider is available for ages 18 years to 70 years (maturity). It offers additional sum assured in case of accidental death during policy coverage. In case of disability, the Accident Benefit sum assured will be paid out in 10 equal instalments spread over 10 years.
  2. LIC’s New Term Assurance Rider: This rider increases the cover in case of death benefit. The rider can be opted for at inception of the policy by paying additional premium over the base policy’s premium.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.5 / 5.0   by 17 users
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LIC’s Jeevan Labh Plan Reviews

Page 1 of 1
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on 5 months back. The policy is for 16 years and the policy name is Jeevan labh. I am paying premium in yearly package for nearly 30 thousands . While getting a policy my agent has given an information about the policy details. It covers up to myself. I visit directly to office to do the payment.
    Was this review helpful? 0
    , nellore
    Reviewed on Oct 13, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 20 years and it jeevan labh. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Aug 07, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have been using the policy since from last 1 year with LIFE INSURANCE CORPORATION OF INDIA, it is a trusted company so taken. The name of the policy is JEEVAN LABH, the premium paying for yearly once. The maturity period is for 20 years.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jul 29, 2019
  • LIC Life Insurance
    "Okay policy"
    0.5 3.0/5 "Satisfactory"
    LIC is a trusted brand and its there in the market for a long times. Since the jeevan Labh is giving a good returns i have chosen this policy. I am paying the premium amount of Rs. 1 year annually. The term period of the policy is 25 years. I get a sum assured amount of Rs. 1 Crore.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, the agent had properly explain me the plan benefits and policy coverage, the policy name is jeevan labh, i need to pay for 16 years and i will get the money at the age of 53 years, for i need to pay for 13 years premium, the premium amount is up to 9,000 on quarterly basis i need to pay through their mobile application i pay premium.
    Was this review helpful? 0
    , nellore
    Reviewed on Jul 07, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    JEEVAN LABH is the plan i am using with the LIFE INSURANCE CORPORATION OF INDIA where the policy has the coverage for self also it has the maturity period of 25 years and i am using the policy since from last few years. At the beginning executive collected the documents done smooth.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 26, 2019
  • LIC Life Insurance
    "BEST"
    0.5 5.0/5 "Blown Away!"
    I have purchased the policy and using it since from last 2013 and the name of policy is JEEVAN LABH the benefit of this policy is they give the good returns. The maturity period is for 25 years and premium paying for monthly once through ecs. The sum assured amount of 15L rupees. The coverage is for accidental also death coverage.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Life protection policy"
    0.5 3.0/5 "Satisfactory"
    Bought my life insurance policy from LIFE Insurance Corporation of India. Since its undertaken by Government of India i have chosen this company. The plan name is Jeevan Labh. This is a 12 years tenure period policy. I'm satisfied with the coverage policy and i won't get much benefits from this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • LIC Life Insurance
    "Always good"
    0.5 4.0/5 "Great!"
    I hold a policy with LIC and it was started month ago. Its Government sector and I can save my tax, it has more offers too. The tenure period is 16 years and policy name called JEEVAN LABH. I am satisfied with the benefits. I have done quarterly payment and the next due date is August and I can choose any payment mode like cheque or online.
    Was this review helpful? 0
    , chennai
    Reviewed on May 31, 2019
  • LIC Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I hold around 6 policies with LIC, its a long term policies and the tenure is 21 years. I took all Jeevan Labh policy because of my child education. The maturity will be around 16 years of my child. I have not contacted the customer service but have been using the online website and its good. The payment mode is online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 28, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the JEEVAN LABH policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last few years and the maturity period of this policy is for 21 years. The premium paying for 6 months once with this insurance policy.
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 30, 2019
  • LIC Life Insurance
    "Happy benefits"
    0.5 4.0/5 "Great!"
    Recently I have taken a policy in LIC for mother. I am happy with the benefits and the policy Jeevan Labh. The tenure period is 10 years and the maturity will be after 16 years. The customer service was very good. I have paid the premium through online to the person and he have done the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 08, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the JEEVAN LABH insurgence policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it from last one month but i haven't received the bond papers. The maturity period is for 25 years along with that the coverage is for self and family.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Feb 01, 2019
  • LIC Life Insurance
    "Good Policy with Life Coverage"
    0.5 5.0/5 "Blown Away!"
    I have agent who coordinate with me for my life insurance, they are responding well, the customer support is good, they have different payment options. The policy name called Jeevan labh its for 15 years I get the benefits as lump sum amount with life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Good policy to hold"
    0.5 5.0/5 "Blown Away!"
    I have been maintaining my life insurance policies with LIC for more than 12 years. I have 3 policies in LIC which are Jeevan Mitra for 15 years, Jeevan Labh for 16 years, New Bhima Kiran for 5 years of which the total sum assured is 7 lakhs. The premium for all 3 policies are Rs. 35,000 annually.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2018
  • LIC Life Insurance
    "Better policy to use"
    0.5 4.0/5 "Great!"
    I got the LIC Jeevan Labh life insurance policy around 6months ago. I pay the premium around Rs,7900 in every 6months once. This policy has the tenure of 15years. The customer support is good with LIC. I pay the premium through Online. The plan benefits and the coverage is good with this policy.
    Was this review helpful? 0
    , karaikudi
    Reviewed on Nov 06, 2017
  • LIC Life Insurance
    "Excellent JEEVAN LABH"
    0.5 5.0/5 "Blown Away!"
    Holding a Jeevan Labh life insurance policy with LIC for more than 3 years. The plan benefits and the policy coverage is very good with this policy. This policy has the tenure of 14 years. I pay the premium of Rs.13000. I pay the premium through the net banking which is easy to do.
    Was this review helpful? 0
    , pune
    Reviewed on Sep 04, 2017
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