LIC Jeevan Labh Plan 2025: A Comprehensive Life Insurance and Savings Solution

LIC Jeevan Labh is a Par, Non-Linked, Life, Individual Savings Plan designed to provide both protection and savings. It offers financial security to the family of the policyholder in case of their unfortunate demise during the policy term, along with a lump sum maturity benefit if the policyholder survives the term. This plan is ideal for individuals looking for limited premium payments with lifelong benefits.

Key Features of LIC Jeevan Labh

1. Dual Benefits: Combines savings with life protection.
2. Limited Premium Payment: Premiums are payable for a limited period.
3. Flexible Terms: Choose from policy terms of 16, 21, or 25 years.
4. High Sum Assured Rebates: Attractive discounts for higher sums assured.
5. Liquidity Options: Avail loans against the policy to meet financial needs.
6. Customizable Coverage: Enhance protection with optional rider benefits.

Eligibility Conditions

• Policy Term and Premium Payment Term:
  • 16 years (Premium Payment: 10 years)
  • 21 years (Premium Payment: 15 years)
  • 25 years (Premium Payment: 16 years)
• Minimum Age at Entry: 8 years
• Maximum Age at Entry:
  • 59 years for 16-year policy term
  • 54 years for 21-year policy term
  • 50 years for 25-year policy term
• Maximum Maturity Age: 75 years
• Minimum Basic Sum Assured: ₹2,00,000
• Maximum Basic Sum Assured: No limit

Benefits Under LIC Jeevan Labh

1. Death Benefit:
   In the event of the policyholder’s demise during the policy term:
   • The Sum Assured on Death, along with accrued Simple Reversionary Bonuses and Final Additional Bonus (if any), is payable.
   • Sum Assured on Death is higher of:
     • Basic Sum Assured
     • 7 times the annualized premium
   • The benefit is at least 105% of all premiums paid up to the date of death.
2. Maturity Benefit:
   If the policyholder survives the term, they receive:
   • Basic Sum Assured
   • Accrued Simple Reversionary Bonuses
   • Final Additional Bonus (if any).
3. Participation in Profits:
   • The policy participates in LIC’s profits, earning Simple Reversionary Bonuses annually.
   • A Final Additional Bonus may also be declared at the time of maturity or death claim.

Optional Rider Benefits

1. Accidental Death and Disability Benefit Rider: Provides a lump sum or monthly installment payouts in case of accidental death or disability.
2. Accident Benefit Rider: Offers a lump sum payout in case of accidental death.
3. New Term Assurance Rider: Provides an additional life cover.
4. Premium Waiver Benefit Rider: Waives future premiums in case of the proposer’s death.

Related Article-LIC Jeevan Lakshya 2025: A Comprehensive Guide to Securing Your Family’s Future

Policy Loan Facility

• Loans can be availed after one policy year, provided at least one full premium has been paid.
• Loan percentages:
  • 50% of surrender value before two years of premium payments.
  • 80% of surrender value after two years of premium payments.

Surrender Value

• Guaranteed Surrender Value is available after paying at least two full years of premiums.
• Special Surrender Value, if higher, will be applicable and reviewed annually.

Additional Features

1. Settlement Option for Maturity and Death Benefits:
   • Policyholders or nominees can choose to receive benefits in installments over 5, 10, or 15 years instead of a lump sum.
2. Grace Period and Revival:
   • A grace period of 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.
   • Lapsed policies can be revived within five years by paying all arrears with interest.

FAQs

1. What is the minimum sum assured for LIC Jeevan Labh?
The minimum Basic Sum Assured is ₹2,00,000.

2. Can I customize my policy with additional riders?
Yes, you can enhance your coverage with riders like Accidental Death and Disability Benefit, Accident Benefit, and Premium Waiver Benefit.

3. Is there a loan facility under LIC Jeevan Labh plan?
Yes, loans can be availed after paying at least one full year’s premium.

4. What happens if I miss a premium payment in LIC Jeevan Labh?
You have a grace period of 30 or 15 days depending on your premium payment mode. Policies can also be revived within five years of lapsing.

5. Are there any rebates available in LIC Jeevan Labh?
Yes, rebates are offered for yearly or half-yearly payment modes and for higher sums assured.

Conclusion

LIC Jeevan Labh is a versatile insurance plan that balances savings and protection. Its limited premium payment option and participation in LIC’s profits make it an excellent choice for long-term financial planning.

Official Link-LIC Jeevan Labh

Disclaimer-To learn more or purchase the plan, visit your nearest LIC branch or consult an authorized agent.