Jeevan Labh is a non-linked, with-profit endowment life insurance policy offered by the Life Insurance Corporation of India (LIC). This policy provides financial protection to the policyholder and their family in the event of their untimely death or upon maturity of the policy.
Here’s an example of how the policy works: Let’s say a 30-year-old individual purchases a Jeevan Labh policy for a sum assured of Rs. 5 lakhs with a policy term of 20 years and a premium payment term of 10 years. They would pay a yearly premium of approximately Rs. 26,000 for 10 years, after which they would stop paying premiums, but the policy would continue to be in force for the remaining 10 years. At the end of the policy term, the individual would receive a maturity benefit, which includes the sum assured, along with bonuses declared by LIC.
Some key features of the Jeevan Labh policy are:
- Death Benefit: In the event of the policyholder’s unfortunate death during the policy term, their family will receive the sum assured along with bonuses declared by LIC.
- Maturity Benefit: If the policyholder survives the policy term, they will receive the sum assured along with bonuses declared by LIC.
- Bonus: The policy is eligible for simple reversionary bonus and final additional bonus declared by LIC from time to time.
- Premium Payment Term: The policyholder can choose a premium payment term that is shorter than the policy term.
- Loan Facility: The policyholder can take a loan against the policy after a certain period of time.
- Surrender Value: The policy can be surrendered after the completion of a certain period, subject to certain terms and conditions.
- Tax Benefits: The premiums paid and the benefits received are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
The premium values for the Jeevan Labh policy depend on various factors such as the sum assured, age of the policyholder, policy term, premium payment term, and other factors. The premium can be paid yearly, half-yearly, quarterly, or monthly.
It’s important to note that the policy details and features mentioned above are subject to change based on the prevailing terms and conditions set by LIC. It’s recommended that interested individuals carefully review the policy brochure and consult with a financial advisor before making any decisions.
table that shows the premium rates for Jeevan Labh policy for a sum assured of Rs. 1 lakh:
|Policy Term (in years)||Premium Paying Term (in years)||Yearly Premium (in Rs.)||Half-Yearly Premium (in Rs.)||Quarterly Premium (in Rs.)||Monthly Premium (in Rs.)|
Please note that these are indicative rates and the actual premium may vary based on age, sum assured, and other factors. It is always advisable to check with the LIC agent or visit the LIC website for the latest premium rates.
जीवन लाभ एक गैर-लिंक्ड, वित्तीय लाभ से भरा एन्डोवमेंट जीवन बीमा नीति है जो भारत की जीवन बीमा निगम (LIC) द्वारा प्रदान की जाती है। इस नीति के तहत नीति धारक और उनके परिवार को उनकी असामयिक मृत्यु के मामले में या नीति की पूर्ति पर वित्तीय संरक्षण प्रदान किया जाता है।
इस नीति का उदाहरण देखते हैं: मान लीजिए कि एक 30 वर्षीय व्यक्ति ने एक जीवन लाभ नीति खरीदी है, जिसके अंतर्गत एक राशि निर्धारित की गई है, जैसे कि 5 लाख रुपये, और जिसकी नीति अवधि 20 वर्ष और प्रीमियम भुगतान अवधि 10 वर्ष है। वह 10 वर्षों तक लगभग 26,000 रुपये का वार्षिक प्रीमियम भुगतान करेगा, उसके बाद वह प्रीमियम भुगतान करना बंद कर देगा, लेकिन नीति शेष 10 वर्षों तक लागू रहेगी। नीति की अवधि के अंत में, व्यक्ति को परिपूर्णता लाभ मिलेगा, जिसमें LIC द्वारा घोषित बोनस के साथ निर्धारित राशि शामिल होगी।
Jeevan Labh vs Jeevan Umang
Jeevan Umang is a life long policy where in you pay premiums for only 15 years and get returns and life cover for whole life. Whereas Jeevan Labh is a limited period endowment plan where you have to deposit the premiums for 10 years and get back a lump sum return after 16 years. See Jeevan Umang details here.
Jeevan Labh vs Jeevan Anand
In a Jeevan Anand policy a lumpsum amount s paid at the time of policy end but the life cover continues for whole life. See Jeevan Anand details here.
Jeevan Labh vs Jeevan Lakshya
Jeevan Lakshya has triple benefit feature. A death claim, yearly payout and final maturity.
Jeevan Labh vs New Endowment
The main difference between the two plans is that for new endowment plan you have to pay the premium for the full term. Jeevan Labh comes with a premium holiday period.
Jeevan Labh vs Term Insurance
A term insurance will not give you any maturity value whereas a Jeevan Labh plan will give good returns on your investments.
Special Features of Jeevan Labh plan
The plan has all the regular features and benefits of a LIC endowment policy. In addition to those Jeevan Labh has
- Premium holiday i.e. you pay for lesser term and get benefits for a longer term.
- The policy can only be taken for three term options which are 16 years, 21 years or 25 years. The premium payment for these would be 10, 15 and 16 respectively.
LIC Jeevan Labh Example
Ravi aged 25 years takes a Jeevan Labh (936) with term as 10/16. He would save INR 9000 per month for 10 years and will be receiving 21,50,000 after 16 years. Throughout the 16 years term Ravi will get a insurance cover of 12,50,000 natural and 25,00,000 accidental life cover.
Question: what’s is the most important feature of the policy?
Answer: The policy has an in built premium Holiday of 4 years for all the terms. This means the policy will remain in force for an additional 6-9 years even after your premiums have stopped.
Question: What is the minimum and maximum term of the policy?
Answer: The policy can be taken for 16 years, 21 years and 25 years terms.
Question: Should I buy Jeevan Labh policy?
Answer: If you are looking for a policy for a long term and don’t want to keep paying the premium for a long term then this is the ideal policy for you.
Jeevan Labh Review by InsuringGurgaon
Our insurance advisers have reviewed the policy. Investors who are looking for a short term plan can opt for this. The general opinion about the policy review has been excellent. The plan is ideal for people who want to invest for shorter period ad looking for longer term insurance cover.
InsuringGurgaon.com is a leading LIC of India advisory firm based in Gurgaon. Our team of life insurance experts have an combined experience of over 40 years in life insurance services. Do get in touch with our insurance advisers to understand how Jeevan Labh can help you achieve your financial goals in a systematic manner.
Which LIC policy is best Jeevan Anand or Jeevan Labh?
Jeevan anand is a double benefit plan wherein you get a maturity at the end of the policy premium term and there is also another maturity at the time of the death of the policy holder whenever it happens. On the other hand Jeevan Labh is a simple endowment plan with premium holiday. A maturity is paid at the time of policy term end.
Should I invest in LIC pension plan or Jeevan Labh?
A pension plan is a life long returns plans, it is suitable for people who are looking at only small returns but for a longer duration. If you have a financial goal set in coming 16 to 25 years, then you need a Jeevan Labh.
In LIC Jeevan Labh what is the death benefit?
Yes, Jeevan Labh has a death benefit.
Can I take LIC Jeevan Labh 10 years plan?
Yes, you can take a 10 year plan. The premium payment would be for 10 years but the polivy will be in force for 16 years.
How much is the lic jeevan labh agent commission
25% and other benefits as per the agent’s business in the financial year.
Compare lic jeevan labh and jeevan lakshya
Jeevan labh is a limited premium plan and Lakshya is a triple benefit plan. See the complete comparison between Labh and Lakshya.
How is Jeevan Labh in comparison with New Endowment plan?
Jeevan labh is a limited period endowment plan wherein the term of the policy is longer than the premium paying term. The premiums of same term plan of Jeevan Labh would be a bit higher than the Endowment plan.