title jeevan labh

LIC Jeevan Labh

Jeevan-Labh-Illustration
Audio on what is LIC Jeevan Labh? Easy explanation. Gurgaon

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LIC Jeevan Labh Plan (836) – Explanation in simple words

The policy has a premium holiday for 4-5 years. The premium has to be paid for a shorter term but the policy remains active for longer duration.

The policy term and the premium paying term are 16/10, 21/15 and 25/16 . Wherein the first value is the policy term and the second is the premium paying term.

 

Details

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  • Premium Payment for shorter period. Risk cover for longer period
  • Tax rebate on premium paid u/s 80C and Tax free maturity u/s 10 (10D)
  • Limited Premium Endowment Plan, Plan No. 836

LIC Jeevan Labh Video (explained with example 2019)

Description

  • LIC’s Jeevan Labh is a limited premium non-linked with profits endowment plan
  • A combination of protection and savings
  • Provides financial support for the family in case of unfortunate death anytime before maturity
  • Tax rebate / Exemption in income tax

benefits

 

Features of LIC Jeevan Labh 836

Death benefit: On death of the life assured before the stipulated date of maturity provided the policy is in force. Sum assured on death + Simple Reversionary Bonus + Financial Additional Bonus, if any (Sum Assured on death = Higher of 10 times of annualized premium of basic sum assured)

Maturity Bonus: Sum assured + Vested Bonus + Final additional bonus if any at the end of the policy term

LIC Jeevan Labh Maturity

The maturity in the plan is given once the policy term is completed and not when the premiums stop. A death maturity is paid in case the policy holder dies. A double accidental rider must be taken to avail double claim in case of accidental death. Download the maturity for LIC Maturity form no. 3783 

Download Jeevan Labh PPT

Benefits

  1. LIC’s accidental death and disability benefit rider
  2. LIC’s new Term Assurance Rider

PS: all LIC life insurance policy now come with special benefits like loan, surrender, assignment and revival

Special Features of Jeevan Labh plan

The plan has all the regular features and benefots of a LIC endowment policy. In addition to those Jeevan Labh has

  1. Premium holiday i.e. you pay for lesser term and get benefits for a longer term.
  2. The policy can only be taken for three term options which are 16 years, 21 years or 25 years. The premium payment for these would be 10, 15 and 16 respectively.

LIC Jeevan Labh Example

Ravi aged 25 years takes a Jeevan Labh (836) with term as 10/16. He would save INR 9000 per month for 10 years and will be receiving 21,50,000 after 16 years. Throughout the 16 years term Ravi will get a insurance cover of 12,50,000 natural and 25,00,000 accidental life cover.

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FAQs

Question: what’s is the most important feature of the policy?

Answer: The policy has an in built premium Holiday of 4 years for all the terms. This means the policy will remain in force for an additional 6-9 years even after your premiums have stopped.

Question: What is the minimum and maximum term of the policy?

Answer: The policy can be taken for 16 years, 21 years and 25 years terms.

Question: Should I buy Jeevan Labh policy?

Answer: If you are looking for a policy for a long term and don’t want to keep paying the premium for a long term then this is the ideal policy for you.

Jeevan Labh Review by InsuringGurgaon

Our insurance advisers have reviewed the policy. Investors who are looking for a short term plan can opt for Jeevan Labh plan 836. The general opinion about the LIC Jeevan Labh review has been excellent. The plan is ideal for people who want to invest for shorter period ad looking for longer term insurance cover. 


InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services. Do get in touch with our insurance advisers to understand how Jeevan Labh can help you achieve your financial goals in a systematic manner.

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Which LIC policy is best Jeevan Anand or Jeevan Labh?

Jeevan anand is a double benefit plan wherein you get a maturity at the end of the policy premium term and there is also another maturity at the time of the death of the policy holder whenever it happens. On the other hand Jeevan Labh is a simple endowment plan with premium holiday. A maturity is paid at the time of policy term end.

Should I invest in LIC pension plan or Jeevan Labh?

A pension plan is a life long returns plans, it is suitabe for people who are looking at only small returns but for a longer duration. If you have a financial goal set in coming 16 to 25 years, then you need a Jeevan Labh.

In LIC Jeevan Labh what is the death benefit?

Yes, Jeevan Labh has a death benefit.

Can I take LIC Jeevan Labh 10 years plan?

Yes, you can take a 10 year plan. The premium payment would be for 10 years but the polivy will be in force for 16 years.

How much is the lic jeevan labh agent commission

25% and other benefits as per the agent’s business in the financial year.

Compare lic jeevan labh and jeevan lakshya

Jeevan labh is a limited premium plan and Lakshya is a triple benefit plan. See the complete comparison between Labh and Lakshya.