LIC Jeevan Labh Prices Benefits and Drawbacks
Jeevan Labh Insurance scheme is a mix of investment and insurance. This new plan is a complete Endowment scheme, which was introduced by LIC on fourth January 2015 that guarantees financial security and ensures your true serenity. This plan gives financial assistance for the family of the expired policyholder whenever needed prior to maturity. The primary feature of this plan is that it possesses a constrained premium payment choice. For the sixteen year term a purchaser need to pay premium for ten years and for 21 & 25 years term a policyholder need to pay premium for fifteen and sixteen years.
Benefits & Review of LIC Jeevan Labh Scheme
Jeevan Labh scheme of LIC is a kind of non-linked scheme, which offers an appealing blend of saving and security components. This new plan furnishes the best strategies with an unlimited scope of advantages for you as well as your family. LIC presents different Endowment schemes for people, Family and so forth. LIC’s Jeevan Labh Scheme gives redid strategy that can encase the entire requirement that you may want to have.
Benefit After Death
Sum Assured After Death: After policyholder’s death amid policy term, Sum Assured after death, Vested Simple Reversionary Bonuses as well as Final Additional Bonus will be compensated. Total amount assured after death is ten times higher to the annual premium. The Benefit after death must not be under 105% of the aggregate premium paid on death.
Benefit After Maturity
Amount Assumed After Maturity: after term’s conclusion, SumAssured After Maturity,Vested Simple Reversionary Bonuses as well asFinal Additional Bonus will be compensated.
LIC Jeevan Labh 836 Plan Eligibility Conditions & Terms
People who are willing to buy LIC Jeevan Labh plan should know the eligibility criteria. These details are very useful to know such as the entry age, coverage term, Monthly Income and other details of Jeevan Labh Plan.
Purchasers who want to purchase this new plan ought to know the qualification criteria. These subtle elements are extremely helpful to know the coverage term, entry age, monthly Income as well as different other points of interest relating to Jeevan Labh Insurance Plan. Brief details of Jeevan Labh Insurance Plan are given below
Minimum age to purchase LIC Jeevan Labh Yojna is 8 years and one can buy policy for 16, 21 as well as 25 years term.
Minimum Amount Assured in LIC Jiven labh Yojna is 2 lakh and there is no limitation for maximum amount. One can pay premium monthly (ECS by salary deductions), Yearly, Half yearly or Quarterly.
Grace Period of LIC Jeevan Labh Policy
On the off chance that your Premium isn’t paid to the Jeevan Labh Scheme within the period then a deferral of thirty days for Quarterly, Half-Yearly and Yearly modes with 15 days for the monthly mode is stretched out for paying the premium sum. The policy holder has to pay all the premiums with interest to revive the policy.
Claim Procedure fof LIC Jeevan Labh Plan
While claiming after the death of the policy holder, documents required to claim for the Jeevan Labh Insurance Plan are Original document of the policy, Discharge form, NEFT form, Photocopy of Back Account Book, Record of Medical treatment Prior To Death, Death certificate and Testimony of Disability/Accident.
Additional Information related to New Jeevan Labh Plan
In this plan, reduction on Income Tax is available for Maturity returns and premiums paid. If you don’t pay your premium in time then your policy will be lapsed. If you’re interested to continue the policy then pay the premium before completing two years of the first due premium. After purchasing the plan, if you think that you don’t want it then you can return the policy within 15 days. LIC will pay you back your amount after cutting a small amount.
Facility of Loan
Facility of loan is available in this plan, subsequent to paying premiums for no less than 3 years according to the Jeevan Labh policy conditions.
Suicide Clause in Jeevan Labh Plan
On the off chance that the life assured under Jeevan Labh Scheme commits suicide prior to twelve months after the commencement of the scheme, the assignees will be paid 80% of the premiums paid exclusive of any taxes or extra premium.
If you’re searching for a scheme of investment to save taxes then you might consider buying LIC Jeevan Labh Yojna for long run. On the off chance that your requisite is to save your taxes furthermore would wish to have a good life cover then you can think about buying this LIC Jeean Labh Insurance Plan. You should keep in mind that the returns paid on conventional policies such as Jeevan Labh are greatly dependent on bonus rates which LIC declares each year. In addition, those bonuses are only accrued as well as paid at the conclusion of the insurance policy term.