LIC Jeevan Labh :

LIC  Jeevan Labh is a Limited Premium paying Non-Unit-Linked, With Profits Endowment Insurance plan which offers a combination of protection and savings. The key benefits and eligibility conditions are given below :

Ø  Death Benefit : The higher of 10 times of annualised premium or absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Ø  Maturity Benefit : Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy.

Ø  Optional Benefit : The following optional riders are available

i)  LIC's Accidental Death and Disability Benefit Rider

ii) LIC's New Term Assurance Rider(can for additional coverage as Term Assurance )

Rider sum assured cannot exceed the basic sum assured.

Ø  Minimum Basic Sum Assured : ` 2,00,000, Maximum Basic Sum Assured :No Limit

Ø  Policy Term/Premium Paying Term : (16/10), (21/15) (25/16) years

Ø  Minimum Age at entry :[8] years (completed), Maximum Age at entry 59 years (nearest birthday) for Policy Term 16 years, 54 years (nearest birthday) for Policy Term 21 years & 50 years (nearest birthday) for Policy Term 25 years

Ø  Maximum Maturity Age : 75 years (nearest birthday)

Ø  Loan can be availed under the policy

Why one should go for this plan :

Ø  Higher Return due high bonus under this policy

Ø  Premiums need to be paid for less number of years than maturity year so this is an Ideal Plan for planning Child’s Education and Marriage

Ø  Options to avail accidental benefit rider

Ø  To remove the risk of  inadequate insurance coverage, this plan gives the rider of term insurance. By adding this rider, you can increase the death benefit.

Ø  Paid premiums on this policy are exempted from income tax under 80C Maturity amount is tax free under 10 (10D)

What goes against :

Ø  As the premium paying term is less than policy term the premium amount is more than other endowment plans where the premium paying term and policy term are same, for the same Basic Sum Assured value.

For more details visit http://www.licindia.in/Benefits_Jeevan_Labh.html