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Investment Plans 6700 views February 27, 2020
LIC Jeevan Labh is a non-linked, endowment plan for individuals looking for a limited premium paying term. This plan offers the policyholder with the dual benefits of protection and savings.
As the name suggests, it provides financial support to the nominee in case of the unfortunate demise of the policyholder any time before maturity. Under this plan, the surviving policyholder is entitled to receive a lump sum amount at the time of maturity. LIC Jeevan Labh also provides other liquidity benefits to the policyholder.
Table of Contents
The features of LIC Jeevan Labh are as follows.
If the policyholder commits suicide at any time within 12 months from the date of the start of risk or revival, the corporation is liable to pay only 80% of the total premiums paid provided the policy is in full force.
LIC Jeevan Labh provides individuals with the dual benefit of protection and savings. The key benefits of LIC Jeevan Labh are as follows
On survival of the policyholder at the end of the policy term, he/she is paid the basic sum assured+ simple reversionary bonus+ final additional bonus in a lump sum. This is only possible if all the premiums for the policy are paid.
In case of the unfortunate demise of the policyholder during the policy term, his/her family receives a financial benefit in the form of the sum assured on death plus vested simple reversionary bonuses plus final additional bonus, if any, provided all the premiums for the policy are paid.
The sum assured on death is higher of A or B
LIC Jeevan Labh provides the policyholder with additional options that he/she can avail.
They are as follows
In case the premium on the plan is not paid by the policyholder within the grace period of 15/30 days, the insurance policy will lapse. The lapsed policy can be revived by paying the outstanding amount of the premium together with interest at a rate fixed by the corporation within a period of two years from the date of the first unpaid premium.
The policyholder is eligible for a loan against the policy provided he/she has paid timely premiums for three years.
The policyholder is eligible to enjoy tax benefits as per the Income Tax Act, 1961.
The eligibility conditions of LIC Jeevan Labh are as follows
Conclusion
LIC Jeevan Labh provides the policyholder with multiple benefits. It is a dual policy-insurance plus savings and gives the individual flexibility with riders and financial security under unforeseen circumstances.