LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
Key Features of LIC New Jeevan Labh
- LIC Jeevan Labh is a plan for offering high bonus rates.
- Premium paying term is lesser than the policy term.
- Ideal plan for women
- Policy is available for a term of 16, 21 or 25 years and premium paying term of 10, 15 and 16 years respectively.
- Maturity benefit is Sum Assured + Bonus
- Policy holder can take a loan against the policy after paying a premium for three years.
This is an Endowment plan with lesser premium paying term with the option of paying a premium monthly, quarterly, biannually or annually.
Premiums paid towards New Jeevan Labh is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Maturity/ Death claim paid under Jeevan Labh is 100% Tax-free under Section 10(10d)
Eligibility Conditions And Restrictions
- Minimum Age : 8 Years Completed
- Maximum Age : 59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term
- Policy Term : 16 years / 21 years / 25 years
- Premium Paying Term : 10 years / 15 years / 16 years
- Minimum Sum Assured : Rs.2,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3years
- On Maturity Sum Assured + Bonus Payable