LIC Jeevan Labh Plan (Plan 736) is a limited premium paying, non-linked, with-profit endowment plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide financial protection along with savings and investment benefits. Here's a brief overview of the plan:
Features:
Maturity Benefit: The plan provides a lump sum payment to the policyholder at the end of the policy term, provided they survive the entire duration of the policy.
Death Benefit: In case of the unfortunate demise of the insured during the policy term, the nominee receives the death sum assured along with accrued bonuses.
Additional Bonuses: The plan participates in the profits of LIC through bonuses declared by the corporation.
Guaranteed Additions: The plan offers guaranteed additions at the rate of Rs. 50 per thousand of basic sum assured for the first five policy years.
Loan Facility: Policyholders have the option to avail of a loan against the policy, providing liquidity in times of need.
Eligibility:
Entry Age: Minimum entry age is 8 -59 years, and the maximum entry age varies depending on the chosen policy term.
Policy Term: Policy terms range from 16 to 25 years, with premium payment terms slightly shorter than the policy term.
Premium Payment Term: Premiums are paid for a limited duration, which is shorter than the policy term.
Premium Payment Options:
Limited Premium: Premiums are paid for a limited duration, but coverage continues for the entire policy term.
Premium Modes: Premiums can be paid annually, semi-annually, quarterly, or monthly, as per the policyholder's convenience.
Additional Riders:
Optional riders such as Accidental Death and Disability Benefit Rider, New Term Assurance Rider, and Critical Illness Rider can be added to enhance coverage.
LIC Jeevan Labh Plan is suitable for individuals looking for a limited premium payment plan that offers both protection and savings benefits. It provides financial security and peace of mind to policyholders and their families, along with the potential for wealth accumulation through bonuses and guaranteed additions.
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