New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with numerous sorts of insurance coverage insurance policies suiting particular person wants and desire.
LIC’s Jeevan Labh is a restricted premium paying, non-linked, with-profits endowment plan which provides a mixture of safety and financial savings.
The Jeevan Labh policy, gives the policyholder a mixture of monetary safety towards loss of life any time earlier than maturity and a lump sum quantity on the time of maturity for the surviving policyholder.
This plan additionally takes care of liquidity wants by way of its mortgage facility.
1. Death profit: In case of loss of life throughout the policy time period, offered all due premiums have been paid, Death profit, outlined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
2. The “Sum Assured on Death” is outlined as the upper of 10 instances of annualised premium or Absolute quantity assured to be paid on loss of life i.e. Basic Sum Assured .
3. This loss of life profit shall not be lower than 105% of all of the premiums paid as on date of loss of life.
4. Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, together with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the tip of the policy time period offered all due premiums have been paid.
5. The policy shall take part in earnings of the Corporation and shall be entitled to obtain Simple Reversionary Bonuses declared as per the expertise of the Corporation, offered the policy is in full power.
6. Optional Benefit: The policyholder has an choice of availing  LIC’s Accidental Death and Disability Benefit Rider, LIC’s New Term Assurance Rider. But Rider sum assured can’t exceed the essential sum assured.
#mute
7. Minimum sum assured: Rs 2 lakh
8. Maximum sum assured: No higher restrict
9. Policy time period: 16, 21 and 25 years
10. Premium paying time period: 10, 15 and 16 yearsÂ
For extra details, learn the LIC Sales Brochure
