Jeevan Labh is Endowment plan which is best-selling Endowment plan of Life Insurance Corporation of India.
It is non-linked, with profit endowment plan. Its table no.is 936 (previously 836).
8 years Complete
Maximum Age 1) 59 years – Policy term 16 Years 2) 54 years – Policy term 21 Years 3) 50 years – Policy Term 25 years
Minimum Sum Assured 2,00,000/-
Maximum Sum Assured No Limit
Premium paying term 16 years
Premium paying term 15 years
Premium paying term 10 years
Maximum Maturity Age
Premium Payment Mode
Monthly (only in ECS or SSS)
No rebate Quarterly, Monthly and sss premium
Yearly, Half-yearly and Quarterly premium mode
Monthly premium mode
After successfully completion of policy term maturity is
Sum Assured + Simple Reversionary Bonus + Final Additional Bonus = Maturity
LIC provide loan facility to its valuable customer. In this case two years full premium should be paid (previously three years).
LIC’s policy can be surrendered after paying two years premium (previously three years). Surrender value is percentage of total years premium paid and it depends on policy term and year in which the policy is surrendered.
The revival period of lapsed policy is before 05 years (previously 02 years). At the time of policy revival all payment dues and interest is calculated .
Benefits under 80C
Premium paid towards policy
Benefits under 10(D)
Amount received after Maturity or Death of policyholder or Surrender of LIC policy
Hence the LIC policies always gives double tax benefits to every policyholder.