Life Insurance Corporation (LIC), the country's largest life insurer which offers various insurance policies like terms insurance policies, money back insurance plans, pension plans and health insurance plans also offers endowment insurance policies. Endowment plans offer a combination of protection and savings, LIC said in a press release. LIC's Jeevan Labh Policy is one of the endowment insurance policy being provided by the state-owned insurer. LIC Jeevan Labh policy provides a lump sum amount to the policyholder at the time of maturity of policy, and financial support for the family in case of death of the policyholder before maturity of policy, according to LIC.
Here are details of premium, eligibility criteria, sum assured and other benefits applicable to LIC's Jeevan Labh insurance policy:
LIC offers three different policy/premium-paying terms for the Jeevan Labh policy: 16 years policy term and 10 years premium paying term; 21 years policy term and 15 years premium paying term, and 25 years policy term and 16 years premium paying term.
If the subscriber chooses a policy term of 21 years, the maximum age limit is 54 years. For those choosing a policy term of 25 years, the maximum age limit is 50 years (maturity age of 75 years), according to LIC.
The LIC Jeevan Labh policy can be purchased any individual in the age group of 8-59 years if the policy term is for 16 years. The minimum sum assured for LIC's Jeevan Labh policy is Rs 2 lakh and there is no maximum limit for the quantum of sum assured, according to the LIC website.
The premium against an LIC Jeevan Labh policy can be paid regularly on a monthly, quarterly, half-yearly or yearly basis. A grace period of one month but not less than 30 days is allowed for payment in the yearly, half-yearly and quarterly modes, and 15 days in case of monthly payments, according to the LIC website.
Below are premium rates per Rs 1,000 for LIC Jeevan Labh Policy:
| Age (in years) | Policy term/premium paying term (in years) | ||
|---|---|---|---|
| 16 (10) | 21 (15) | 25 (16) | |
| 20 | 85.20 | 54.50 | 45.95 |
| 30 | 85.50 | 54.95 | 46.60 |
| 40 | 86.80 | 56.80 | 48.90 |
| 50 | 90.95 | 61.85 | 54.80 |
On maturity, the policy holder will get 'sum assured on maturity' along with simple reversionary bonuses and final additional bonus in lump sum at the end of policy term, according to LIC.
LIC's Jeevan Labh policy qualifies for income tax benefits under Section 80(C) of the Income Tax Act.