Jeevan Labh (736)
01
Cost-Effective Plans
PLAN 736: LIC's Jeevan Labh Plan
DETAILS:
This is a limited premium, non-linked, with profits Endowment Plan.
💰SUM ASSURED ON DEATH:
Basic SA
💰DEATH BENEFIT:
Sum Assured on Death + Vested Bonus + FAB if any.
💰MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + FAB if any.
💡Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount:
Option to be exercised 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Example Illustration
📌 Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 25 years | PPT: 16 years
Entry at Age 35:
- In case of Death at Age 39:
- Death Benefit:
- SA on Death + Vested Bonus for 5 years + FAB
- ₹5,00,000 + ₹1,17,500 (47x500x5) + Nil = ₹ 6,17,500
- Death Benefit:
- In case of Death at Age 39:
In case Term Rider is opted for ₹5,00,000:
- Additional ₹5,00,000 will be paid.
- Total Natural Death Benefit: ₹6,17,500 + ₹5,00,000 = ₹11,17,500
- In case of Accidental Death (If ADDB Rider is opted):
- Additional ₹5,00,000 will be paid along with Natural Death Benefit.
- Total: ₹11,17,500 + ₹5,00,000 = ₹16,17,500
Eligibility & Policy Terms
📌 Minimum Age at Entry: 8 years (LBD)
📌 Maximum Age at Entry:
- 16 years term, 10 years PPT → Max Entry Age 59 years (NBD)
- 21 years term, 15 years PPT → Max Entry Age 54 years (NBD)
- 25 years term, 16 years PPT → Max Entry Age 50 years (NBD)
📌 Maximum Maturity Age: 75 years
📌 Minimum Sum Assured: ₹2,00,000
📌 Maximum Sum Assured: No Limit
📌 Premium Payment Term: 10, 15, or 16 years
Available Riders:
✔ Accidental Death & Disability Benefit (ADDB/AB) Rider
✔ Term Assurance Rider
✔ Critical Illness Rider
✔ Premium Waiver Benefit (PWB) Rider (Up to Age 25 of Child)
Premium Payment Modes & Rebates
📌 Payment Modes: Yearly, Half-Yearly, Quarterly, Monthly (SSS & NACH)
📌 Mode Rebate:
- Yearly: 2% | Half-Yearly: 1%
📌 High Sum Assured Rebate:
- ₹2,00,000 – ₹5,00,000 → Nil
- ₹5,00,000 – ₹10,00,000 → 2.00% of Basic SA
- ₹10,00,000 – ₹15,00,000 → 3.00% of Basic SA
- ₹15,00,000 & Above → 3.50% of Basic SA
Additional Benefits & Conditions
✔ Grace Period: 15 days (monthly) | 30 days (other modes)
✔ Policy Loan: Available after 1 full year of premium payments
✔ Surrender/Paid-Up Value: Available after 1 year
✔ Revival: Allowed within 5 years of First Unpaid Premium (FUP)
✔ Backdating: Allowed within the same financial year
Tax Benefits 💰
✅ Premium Paid: Deduction under Section 80C
✅ Maturity & Death Benefits: Exempt under Section 10(10D)
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