LIC Jeevan Labh offers both insurance and savings advantages to policyholders. Additionally, this savings program provides bonuses that raise the final returns to which a client is entitled. This LIC policy looks after your family’s financial needs while you are away in addition to giving you a future safety net for money.
LIC Jeevan Labh:
An endowment plan called LIC Jeevan Labh Plan 936 (formerly LIC Jeevan Labh 836) combines the advantages of savings with life insurance. If you live out the policy term, you will get maturity benefits from the plan. Due to its participatory nature, consumers might receive a portion of LIC of India’s profits. As a result, it is the best option for maximizing returns, cutting costs, and getting insurance protection all in one.
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LIC Jeevan Labh: Eligibility
- Entry age: 8 years
- Sum assured: Minimum Rs 2 lakh
- Maturity age: Maximum 75 years
- Policy term: 16, 21 and 25 years
- Premium paying term: 10, 15 and 16 years
LIC Jeevan Labh: Benefits
Death benefit:The death benefit under LIC Jeevan Labh will be either of the following –Basic sum assured amount or 7 times the annualized premium.
Maturity benefit: It is equal to the basic sum assured plus a vested simple reversionary bonus and a final additional bonus.
Tax benefit: The premium paid towards the policy up to the maximum limit of Rs.1.5 lakh in a financial year and the maturity proceeds are tax-exempted
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LIC Jeevan Labh: Features
- Customers must pay premiums to benefit from long-term protection for some time.
- After two years of consistent premium payment under this plan, policyholders may use loan facilities.
- The plan gives participants the choice of receiving the death and maturity benefits throughout 5, 10, or 15 years.
- Parents can purchase the Premium Waiver Benefit Rider from the LIC along with the plan if it is being purchased for a kid. Future premiums are waived if the parent passes away by LIC, saving the child the cost of maintaining the coverage.
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LIC Jeevan Labh: Calculator
You can accumulate a future corpus of Rs. 54 lakh with a meagre monthly saving of just Rs. 7,572. In the event of the policyholder’s passing, the family will get financial help from this restricted premium, non-linked plan. Additionally, there are significant rewards for living to maturity. Investors have the freedom to alter the premium amount and duration thanks to this flexible program.
