LIC Jeevan Labh Plan (Table No. 836)

Plan Overview:

A new plan launched by the LIC, the Jeevan Labh insurance plan not only provides the policyholder with comprehensive life insurance cover, but also has a maturity benefit if the life insured survives till plan maturity. The plan also includes the policyholder in a share of the profits of the company through simple reversionary bonuses and offers rebates on the premium paid based on the premium paying mode and the amount of basic sum assured. This LIC plan also incorporates a range of riders to cover specific eventualities. In addition to all this, policyholders can also take out loans against the LIC Jeevan Labh Insurance plan.

Eligibility Criteria:

Entry Age

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.

Maturity Age

Maximum - 75 years.

Sum Assured

Minimum: Rs.2,00,000.

Maximum: No limit on the maximum sum assured.

Key Features:

Basis

Single.

Coverage

Death Benefit – In the unfortunate event that the life insured dies, his / her nominees will be entitled to:

  • Sum Assured on Death, and

  • Vested Simple Reversionary Bonus (which is the higher of 10 times the annualized premium, or Basic Sum Assured), plus

  • Final Additional bonus (if any, as applicable).

Death Sum Assured will not be less than 105% of all premiums paid.

Maturity Benefit – On completing the policy term by surviving till the maturity date, the policyholder will be entitled to get the Sum Assured on Maturity (= Basic sum assured) plus Vested Simple Reversionary Bonus plus Final Additional Bonus (if any).

The Simple Reversionary Bonus will be declared based on the experience of LIC.

Rebates

The plan offers rebates in the following ways:

  1. Rebate based on premium paying mode:

  • Yearly mode: 2% of Table Premium.

  • Half-yearly: 1% of Table Premium.

  1. Rebate based on high basic Sum Assured chosen:

  • Rs.5,00,000 to Rs.9,90,000: 1.25% of Basic Sum Assured per Rs10,000 of Basic Sum Assured.

  • Rs.5,00,000 to Rs.9,95,000: 1.50% of Basic Sum Assured per Rs.10,000 of Basic Sum Assured.

  • Rs.15,00,000 and above: 1.75% of Basic Sum Assured per Rs.10,000 of Basic Sum Assured.

Policy term

There are 3 policy term options:

  • 16 years.

  • 21 years.

  • 25 years.

Premium paying Term Options

  • 10 years for a policy term of 16 years.

  • 15 years for a policy term of 21 years.

  • 16 years for a policy term of 25 years.

Premium paying mode

  • Annual.

  • Semi-annual.

  • Quarterly.

  • Monthly (only through the process of ECS or salary deductions).

Surrender Value

If the premiums are paid for 3 full policy years and the policy has been in force for 3 full policy years, the policy will acquire a surrender value.

The Guaranteed Surrender Value is based on the percentage of the total premiums paid (net of taxes, excluding rider premiums and extra premiums). The percentage will depend on the chosen policy term and the policy year in which the plan has been surrendered.

The surrender value of simple reversionary bonuses will also be payable (if applicable). This is equal to the vested bonuses, multiplied by the applicable surrender value factor.

Special Surrender Value will be paid out to the life insured on surrendering the policy if the special surrender value is higher than the guaranteed surrender value. This will be the discounted value of the sum of the vested simple reversionary bonuses and the maturity paid-up sum assured.

Loans

  • A loan can be taken against the policy if the premiums for the policy have been paid up for 3 full years.

  • The maximum loan that can be availed is 90% of the surrender value for in-force policies.

  • The maximum loan that can be availed is 80% of the surrender value for paid-up policies.

  • Interest rate for the loan will be decided on a case by case basis by LIC.

Tax benefits

Tax benefits are applicable as per applicable taxation laws.

You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Grace Period

There is a grace period of 30 days on non-payment of the unpaid premium for annual, semi-annual, and quarterly modes. 15 days in the case of monthly mode.

Free Look Period

There is a free look period of 15 days from the date of receipt of policy documents.

Exclusion

In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not be liable to pay any benefits (including but not limited to the Sum Assured) except refunding 80% of the premiums received without any interest.

Advantages:

  • Comprehensive life insurance cover.

  • Death benefit payable to surviving dependants / nominees on the policyholder’s death, and maturity benefits payable if the policyholder survives the term of the policy.

  • Premiums are very affordable, and the policy offers comprehensive coverage.

  • Multiple Sum Assured options.

  • Flexibility to choose premium paying term.

  • Flexibility to choose policy term.

  • Flexibility to choose premium paying mode.

  • Rebates based on premium paying mode, and sum assured chosen.

  • Tax Benefits under Section 80C and Section 10(10D).

  • How the plan works:

    Step 1: Pick a premium amount to pay, depending on the coverage you require.

    Step 2: Choose a premium paying mode.

    Step 3: Pay regular premiums for the appropriate duration, based on the Sum Assured option chosen:

    - 10 years for a policy term of 16 years.

    - 15 years for a policy term of 21 years.

    - 16 years for a policy term of 25 years.

    Step 4: On surviving till the maturity date you will receive the Sum Assured + Vested Simple Reversionary Bonus – making your long-term investment goals a reality.

    Step 5: In the event of your death during the policy term, your family will receive financial assistance in the form of Sum Assured + Vested Simple Reversionary Bonuses.

    Riders:

    1. Accidental Death and Disability Benefit rider:

    • Entry age:

      • Minimum: 18 years.

      • Maximum: 65 years.

    • Cover ceases at the age of 70.

    • Minimum accident benefit sum assured: Rs.10,000.

    • Maximum accident benefit sum assured is the Basic Sum Assured (subject to a ceiling of Rs.100 lakh).

    • The benefit will be paid in multiples of Rs.10,000.

    1. New Term Assurance rider:

    • Entry age:

      • Minimum: 18 years.

      • Maximum:

        • 59 years for a 16 year policy term.

        • 54 years for a 21 year policy term.

        • 50 years for a 25 year policy term.

      • Policy term will be the same as the base plan.

      • Premium paying term will be the same as the base plan.

      • Minimum sum assured under this rider: Rs.1,00,000.

    *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks, NBFCs, insurance providers, financial service providers, companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank, company, NBFC, financial service provider before making any financial commitments.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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