LIC's JEEVAN LABH(UIN: 512N304V01)
LIC's Jeevan Labh
is a limited premium paying, non-linked, with-profits endowment plan which
offers a combination of protection and savings. This plan provides financial
support for the family in case of unfortunate death of the policyholder any
time before maturity and a lump sum amount at the time of maturity for the
surviving policyholder. This plan also takes care of liquidity needs through
its loan facility.
case of death during the policy term, provided all due premiums have been paid,
Death benefit, defined as sum of "Sum
Assured on Death", vested Simple Reversionary Bonuses and Final
Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on
death i.e. Basic Sum Assured . This death benefit shall not be less than
105% of all the premiums paid as on date of death.
Premiums referred above shall not include any
taxes, extra amount chargeable under the policy due to underwriting decision and rider
premium(s), if any.
"Sum Assured on
Maturity" equal to Basic Sum Assured, along with vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be payable in
lump sum on survival to the end of the policy term provided all due premiums
have been paid.
Participation in Profits:
The policy shall participate in profits of
the Corporation and shall be entitled to receive Simple Reversionary Bonuses
declared as per the experience of the Corporation, provided the policy is in
Final (Additional) Bonus
may also be declared under the policy in
the year when the policy results into a claim either by death or maturity.
2. Optional Benefit:
The policyholder has an option of availing the
following Rider benefit(s):
Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
New Term Assurance Rider (UIN: 512B210V01)
Rider sum assured cannot
exceed the basic sum assured.
For more details on the
above riders, refer to the rider brochure or contact LIC's nearest Branch