LIC Jeevan Labh Plan – The Jeevan Labh insurance plan, a new offering from LIC, offers policyholders not only comprehensive life insurance coverage but also a maturity benefit if the insured lives to plan maturity. In addition, the plan provides rebates on the premium paid based on the mode of premium payment and the amount of the basic sum assured, and it includes the policyholder in a share of the company’s profits through simple reversionary bonuses. Additionally, a variety of riders are included in this LIC plan to cover specific scenarios. Policyholders can also borrow against the LIC Jeevan Labh Insurance plan in addition to all of this.
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LIC Jeevan Labh Plan
- 1 LIC Jeevan Labh Plan
- 2 Life Insurance Corporation Jeevan Labh Sachem
- 3 Benefits of LIC’s Jeevan Labh Sachem
- 4 Who should buy Life Insurance Corporation Jeevan Labh Sachem ?
- 5 Eligibility criteria for Life Insurance Corporation Jeevan Labh Sachem
- 6 Coverage under LIC of India Jeevan Labh Plan
- 7 Exclusions for LIC Jeevan Labh Plan
- 8 Premium payable for LIC of India Jeevan Labh Plan
- 9 How to make a claim in Jeevan Labh Plan
- 10 How To Buy LIC Jeevan Labh Plan 2023 Online?
Policyholders at LIC Jeevan Labh can take advantage of two primary advantages: savings and insurance. Bonuses that boost a customer’s final returns are also included in this savings plan. In addition to providing a financial cushion for you in the future, this LIC policy also takes care of your family’s financial needs during your absence. Endowment plans are traditional types of life insurance that provide a benefit that is guaranteed. When the insured dies during the plan’s term or if the insured survives the chosen policy tenure, these plans promise to pay the sum assured. Additionally, participating policies are available for endowment plans, which means that the plans receive a bonus.
Looking to save on your medical expenses? The LIC Jeevan Labh plan may be the right option for you! This plan offers a variety of benefits, including discounts on medical procedures and medicines, free consultation, and much more. So if you’re looking for a way to save on your medical bills, the LIC Jeevan Labh plan is definitely worth checking out.
LIC Jeevan Labh Plan Overview
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ABOUT LIC Jeevan Labh Plan
Laid out in 1956, the Extra security Enterprise of India (LICI) is one of the biggest and the most believed life coverage organization. It offers different insurance contracts to people and LIC Jeevan Labh is one such arrangement which is famous among people.
Life Insurance Corporation Jeevan Labh Sachem
Looking for an insurance provider that caters specifically to the modern individual? Look no further than Life Insurance Corporation Jeevan Labh Sachem. This company offers a wide range of policies and services that are designed to meet the needs of today’s busy person. From car insurance to life insurance, this company has something for everyone. In addition, LIC Jeevan Labh Sachem offers a variety of perks and discounts that make it an excellent choice for anyone looking for quality insurance products and services at an affordable price.Give them a try today!
As previously stated, Life Insurance Corporation Jeevan Labh Sachem is a conventional endowment plan. The plan’s most notable features are as follows:
Features of LIC Jeevan Labh Sachem
- The arrangement is presented as a partaking plan. If the company makes a profit, simple reversionary bonuses are paid out each year based on the amount you selected.
- Two extra riders can be picked with the arrangement. The riders incorporate LIC’s Inadvertent Passing and Handicap
- Advantage Rider and LIC’s New Expression Confirmation Rider.
- Only for a limited time must you pay premiums. The policy term you choose will determine the payment term for the premium.
- You can choose long tenures with LIC’s Jeevan Labh Sachem to build a substantial corpus.
- The plan allows for discounts on premiums, making them more affordable.
- The plan also allows you to obtain a loan to meet your financial needs.
Benefits of LIC’s Jeevan Labh Sachem
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The following are some of the advantages that the plan provides:
Participation in profits
Bonuses are available to LIC Jeevan Labh because it is a participating plan. Bonuses help the policyholder save a lot of money and increase the death or maturity benefit.
Customization through riders
You have the option of adding additional riders to the policy. You can customize and expand your plan’s coverage by using these riders. If the insured person dies or becomes disabled by accident during the plan’s term, the Accidental Death and Disability Benefit Rider will pay them a lump sum. The Term Confirmation rider, then again, guarantees a singular amount benefit on the off chance that the safeguarded passes on during the strategy term. As a result, both of these riders promise additional benefits and can be selected to broaden the coverage of the policy.
Flexible and limited premium payments
Premium installments under LIC’s Jeevan Labh Sachem are additionally adaptable in nature. The premium can be paid on an annual, semiannual, quarterly, or monthly basis. In addition, you are not required to pay premiums throughout the plan’s duration. While the policy lasts for a longer time, the payment term is limited.
Attractive premium discounts
Limits are in every case great and LIC’s Jeevan Labh Sachem permits both of you sorts of premium limits. The primary premium rebate is for paying the superior yearly or half-yearly. On the off chance that you pay charges yearly, you get a markdown of 2% of the plain premium. On account of the half-yearly installment mode, the rebate is 1% of the plain premium. The subsequent rebate is for picking higher total guaranteed levels. For this situation, the rebate increments with the expansion in total guaranteed levels.
The available discounts are as follows –
|Sum assured chosen||Discount available|
|INR 2,00,000 to INR 4,90,000||No discount is available|
|INR 5,00,000 to INR 9,90,000||1.25% of the base sum assured chosen|
|INR 10,00,000 to INR 14,90,000||1.50% of the base sum assured chosen|
|INR 15,00,000 and above||1.75% of the base sum assured chosen|
Policy loans for financial emergencies
You don’t have to look anywhere else for financial assistance when you have a financial emergency. You can get a policy loan from Life Insurance Corporation Jeevan Labh Sachem based on the surrender value of your plan.
Additionally, the policy gives you attractive tax savings benefits. In addition, the plan’s death benefit or maturity benefit would be exempt from tax under Section 10 (10D) of the Income Tax Act. Therefore, purchasing Life Insurance Corporation Jeevan Labh Sachem not only enables you to lessen your tax burden but also establishes a corpus of tax-free savings.
Who should buy Life Insurance Corporation Jeevan Labh Sachem ?
Are you looking for a life insurance company that can provide you with the best possible service? If so, Life Insurance Corporation Jeevan Labh Sachem may be the right option for you. This company has been providing quality life insurance products to customers for over 70 years, and it is known for its prompt and effective customer service. Plus, its products are among the most affordable on the market. If you’re interested in learning more about this company, or in exploring how it can benefit your life, read on to learn more!
Jeevan Labh Sachem, a life insurance company, is right for you if:
- You want to save for a long time,
- have risk-free savings,
- get guaranteed returns,
- combine savings with life insurance.
Eligibility criteria for Life Insurance Corporation Jeevan Labh Sachem
If you are looking for life insurance, it is important that you understand the eligibility criteria. This will help you make an informed decision about which product is right for you. In this article, we will discuss the different types of life insurance and their eligibility requirements. We will also give you a comprehensive overview of the Jeevan Labh Sachem life insurance scheme.
The following are some of the terms and eligibility requirements for Life Insurance Corporation Jeevan Labh Sachem:
|Age at which the plan can be bought||8 years (completed)||If the policy term is 16 years and up to 59 years old, the closest age is used.
If the policy term is 21 years and up to 54 years, the closest age is used.
the policy term is 25 years and up to 50 years, the closest age is used.
|Maximum age up to which coverage is available||75 years as per the nearest age|
|Term of the policy||16, 21 or 25 years|
|Premium paying term under the plan||Policy term 16 years – 10 years
Policy term 21 years – 15 years
Policy term 25 years – 16 years
|Allowed sum assured level||INR 2 lakhs||No limit|
LIC Jeevan Labh policy purchasing documentation
The following documents are required to purchase the Jeevan Labh Plan:
- Completely completed plan proposal form.
- recent color photograph of the proposer and the insured.
- Identity documentation such as a voter’s ID card, passport, PAN card, or Aadhar card
- Evidence of the address, such as a voter’s ID card, passport, or phone or electricity bill
- Documents proving one’s age, such as a passport, voter’s ID, or Aadhar card,
Coverage under LIC of India Jeevan Labh Plan
The Jeevan Labh Plan addresses the following two scenarios:
- Death during the term of the plan
A death benefit is paid to the insured if they pass away during the specified term.This is how the death benefit is calculated:
Death benefit = Sum assured on death + vested bonus + final additional bonus (if any)
The aggregate guaranteed on death is either taken as multiple times the yearly exceptional paid or the base total guaranteed which had been picked under the strategy. However, in any case, the death benefit would not be less than 105% of the total premiums paid until death.
- Survival till the end of the term
The LIC Jeevan Labh policy is considered mature if the insured survives the policy term. A maturity benefit is paid out when the policy comes to an end. The sum assured on maturity, also known as the maturity benefit, is calculated as follows:
Exclusions for LIC Jeevan Labh Plan
In such cases the death benefit would be as follows –
- The higher of 80% of the premiums paid or the plan’s surrender value if the insured commits suicide within the first year of purchasing the policy.
- If the insured commits suicide within the first year of renewing the policy.
Premium payable for LIC of India Jeevan Labh Plan
The top notch payable for LIC Jeevan Labh strategy relies upon the accompanying elements –
- The sum assured
- Age of the insured
- Mode of paying premium
- Premium paying term
- Policy term
The following are the policy’s identical premium rates:
|Age of the insured||Policy term 16 years Premium paying term 10 years||Policy term 21 years Premium paying term 15 years||Policy term 25 years Premium paying term 16 years|
|30 years||85.50/1000 sum assured||85.50/1000 sum assured||46.60/1000 sum assured|
|40 years||86.80/1000 sum assured||56.81/1000 sum assured||48.90/1000 sum assured|
|50 years||90.95/1000 sum assured||61.85/1000 sum assured||54.80/1000 sum assured|
As a result, you would be required to pay a premium of INR 9320 if you selected a sum assured of INR 2 lakhs, were 30 years old, and selected a policy term of 25 years.
How to make a claim in Jeevan Labh Plan
The company would begin preparing to pay the maturity benefit as soon as the maturity date approaches. The proceeds from the policy would be paid to you only after you submitted a completed claim form and proof of identity. However, the insurance company ought to be informed of the death in advance of death claims. The nominee appointed by the life insured receives payment from the company for the death claim once the relevant documents have been submitted and the company has been informed.
Documents for Claim : The following documents are required for death claims:
- Claim form which should be filled in
- Identity proof of the nominee
- Death certificate
The following additional documents would also be required in the event of an accidental death:
- Police FIR
- Coroner’s report
- Police inquest report
- Port-mortem report
- Punchnama, etc.
How To Buy LIC Jeevan Labh Plan 2023 Online?
Jeevan Labh can be purchased in stores or online. How do you
- Buying offline – The distributors of the company—agents, brokers, and others—sell offline plans. The plan can also be purchased at a LIC branch.
- Buying online –On the company’s website as well as the websites of insurance aggregators and online brokers, the online LIC Jeevan Labh Plan is accessible. It is simple, easy, and convenient to purchase Jeevan Labh online. Additionally, it lets you get coverage as soon as possible.