Review of LIC Jeevan Labh Plan

Mr. Raghav had bought two LIC Jeevan Labh policies, one for himself and one for his wife. He felt that the plan was what he was looking for in an Insurance plan. To secure the financial future of his and his family, he bought a plan that will secure his family’s financial needs after his demise as well as offer maturity benefits once the policy matures.

LIC Jeevan Labh is an endowment plan that offers the dual benefits of protection and savings. The plan comes with a limited premium payment option and comes with several benefits and features.

Let’s explore the key features and benefits of the LIC Jeevan Labh plan that convinced Mr. Raghav to buy the LIC Jeevan Labh plan twice.

Key Features of LIC Jeevan Labh Plan

• The plan comes with a limited premium payment term of 10/15/16 years, wherein policyholders need to pay for a limited time period and can enjoy long-term protection.

• In order to meet emergency financial needs, the plan offers a loan facility against their plan.

• The plan offers a grace period of 30 days which is provided to the policyholder in case he/she forgets to pay their premium on time.

• There is a free-look period of 15 days, wherein if the policyholder is not satisfied with the terms and conditions of the plan, they may cancel the plan.

• There is no maximum limit on the sum assured. One can choose the coverage as per their needs and budget.

What are the Benefits of LIC Jeevan Labh Plan?

1. Death Benefit

   The death benefit will be paid to the nominee if, unfortunately, Mr. Raghav dies during the policy term. The benefit payable will be either of the following –

   • Basic sum assured amount

   • 7 times the annualized premium

2. Maturity Benefit

   If Mr. Raghav survives till the end of the policy term then in such a case the plan will offer maturity benefits. The maturity benefits payable will be calculated as a vested simple reversionary bonus and a final additional bonus (if any).

3. Additional Riders for Enhanced Protection

   Under LIC Jeevan Labh Policy, there are five optional riders, namely, Accidental Death and Disability Benefit Rider, Accidental Benefit Rider, Term Assurance Rider, Critical Illness Rider, and Premium Waiver Benefit. These benefits can be availed by the policyholder by paying an additional premium.

4. Tax Benefits

   The LIC Jeevan Labh policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

To sum it up

Just like Mr. Raghav and his wife, there are several other customers who have bought LIC Jeevan Labh and are now at peace knowing that even if something unfortunate happens to them, their family will have financial support. The dual benefits offered by the plan are what make it one of the most preferred life insurance plans.

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