LIC Jeevan Labh Plan
This is a limited premium paying non-linked endowment life insurance policy that provides both savings and protection to policyholders. The plan offers both death and maturity benefits along with profit participation bonuses.
Benefits of LIC Jeevan Labh policy are as follows:
On maturity, policyholder will receive the Sum Assured on Maturity as lump sum equal to Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Death benefits are paid out as the sum of ‘Sum Assured on Death’ plus Simple Reversionary Bonuses plus Final Additional Bonus.
A Final Additional Bonus is given when a claim has been filed for maturity or death.
Tax Benefits and loans are also available.
LIC Jeevan Umang
A plan that offers cover up to the age of 100. The policy offers annual survival benefits from the end of the premium-paying term till the age of 99, and a lumpsum payment at the time of maturity, or on the policyholder’s death.
A whole-life plan is a life insurance policy that remains throughout the lifetime of the insured. Some companies have launched whole-life policies that offer maturity and death benefit under such a policy. The advantages are fixed costs and low premium payments.
It can be bought by anyone between 90 days and 55 years. Though the maturity age is 100 years, companies have launched products with 80 years maturity.
If the insured lives past the maturity age, the policy will become a matured endowment. The insured will get the benefit as maturity benefit in any money back or endowment plan.
LIC Jeevan Shanti Plan
This is a non-linked, non-participating, single premium annuity plan where you have the dual benefit of returns via immediate or deferred annuity. This plan can be availed online and offline. The payout modes of immediate and deferred are further divided into multiple options which provide return of annuity purchase price as well as returns. Each of these options have their own unique set of features and benefits.
This plan comes in two types – immediate annuity and deferred payment – which are further divided into multiple options and offer great flexibility. There are 10 options under immediate annuity and 2 under deferred payment.
You have the flexibility to select the type of annuity you want.
LIC Jeevan Lakshya
This is a limited premium paying conventional plan which is non-linked and classified as a With-Profits Endowment Assurance plan. It provides an annual income which can be beneficial towards the needs of the family, especially the minors, in case of the death of the policyholder before the maturity of the plan.
It’s benefits are:
Minimum – Rs. 1,00,000
Maximum – No limit
Multiples – The basic sum assured can be in multiples of Rs. 10,000 only
Policy term – 13 to 25 years
Premium payment modes – Premiums for the policy can be paid in yearly, half-yearly, quarterly and monthly periods and an option of Electronic Clearing Service (ECS) is also available, wherein it facilitates an easier option to pay the premiums
Premium payment term – The premium paying term is 3 years less than the policy term, irrespective of whatever term the policy is for
Age of entry
Minimum – 18 years (completed)
Maximum – 50 years (nearest birthday)
Maximum maturity age – 65 years (nearest birthday)
Bonuses – Being a With-Profits Endowment Assurance plan, this policy garners profits made by the Life Insurance Corporation of India through the Simple Reversionary Bonus and Final Additional Bonus and these are paid out at the end of the maturity period.
Optional riders – The policy can have two optional riders
LIC Accidental Death and Disability Benefit Rider
LIC New Term Assurance Rider
This policy offers the following benefits –
Maturity Benefit – Provided all the premiums have been paid in full and the policyholder has survived till the end of the policy term, the Maturity Benefit will encompass the Sum Assured on Maturity plus the vested Simple Reversionary Benefits and the Final Additional Bonus, if any. The Sum Assured on Maturity is the same as the Basic Sum Assured
In case of the death, a Sum Assured on Death plus Simple Reversionary Bonuses and the Final Additional Bonus will be provided.
Premium paid for this plan is admissible for availing rebate on income tax under 80C and the maturity amount is free from tax as per section 10D