Jeevan Labh is a limited premium payment endowment insurance plan. This plan is available with two optional riders to provide better protection to policy holder. This plan is not only best suited for youngsters and Tax Payers but also provides life cover up to the age of 75 Years. However, the premium liability is for limited period only. The minimum term of this policy is 16 where the LIC pays higher bonus rate.
Maturity : At the end of policy term policy holder will get Basic Sum Assured with Total vested revisionary bonus and Final Additional Bonus (as applicable)
Risk Cover : Will start immediately from the policy start date and always higher of 105% of the total premium paid or “7 times of annualized premium plus vested bonuses and FAB (As applicable)” during the policy term.
Flexibility : This plan has a flexibility to choose the following options
Policy Term : 16, 21 & 25 Years
Mode : Yearly, Half yearly, Quarterly and Monthly (ECS or through salary deductions)
Sum Assured : Minimum 2,00,000 in multiple of 10,000 where no upper limit (Subject to satisfying underwriting requirements)
Other Features:
Grace Period : 30 Days for other than Monthly Mode. 15 Days for Monthly (ECS) Mode.
Loan : Allowed (After 2 Full year’s premium payment) will be 90% of Surrender value for inforce policies and 80% for paid-up policies.
Surrender : Allowed (After 2 Full years premium payment)
Assignment / Nomination : Allowed as per the Insurance Laws.
Revival: Policy can be revived within 2 years from the date of FUP or before the maturity which is earlier.
Back Dating : Allowed (With in same F.Y.) Free of cost within 1 month, in case of DOC in Lean months than in excess of 3 month.
Free Lookup period : 15 days from the date of receipt of policy bond (By policy holder or authorized representative).
Tax Benefits : Policy holder can avail income tax benefit u/s 80C of I.T. Act for the premiums paid and all maturity proceeds will be Tax free u/s 10(10D) of I.T. Act.