Life Insurance Benefit Policy

The minimum age for taking LIC Jeevan Labh policy is 8 years and the maximum age is 59 years.

Jeevan Labh Policy 936 is a Limited PREMIUM Paying, Non-Linked , With-Profit Endowment Life Insurance Plan. Which offers a combination of protection and savings.

It is a There is a basic endowment plan, in which you have to pay premium for a limited period of time. And at the end of the policy term, you will get Maturity Benefit. In case of death of the policyholder at any time during the policy term, the nominee receives the Death Benefit in the form of Sum Assured and Bonus.

How good is Jeevan Labh Plan?

Features of LIC Jeevan Labh

In this policy, on the death of the policyholder, Sum-Assured is available at 7 times the annual premium.

This death benefit shall not be less than 105% of all premiums paid till the date of death. This will not include any extra-amount imposed for any tax or policy.
What is the benefit of Jeevan Labh Policy?

Death Benefit – Death Benefit is paid as sum of ‘Sum Assured on Death’ plus Simple Reversionary Bonuses and Final Additional Bonus (if any).

Sum Assured on Death shall be 10 times of Annualized Premiums paid or Basic Maximum of the sum insured.

Which is the best plan in LIC?

LIC Jeevan Labh Policy (LIC Jeevan Labh Scheme) can prove to be the best for you. LIC’s Jeevan Labh Policy is a Non-Linked plan. That is, it does not depend on the Share-Market. This is the reason why this Policy is also considered Security.

How much will you get by depositing how much in LIC?

Under LIC, if you deposit a premium of 4041 every month, then you can get maturity of Rs 26.25 lakh. Along with this, you also get the benefit of life cover during the entire plan. This policy can be taken for a child of 8 years and a maximum of 59 years of age can buy this plan.

Which is the best plan of LIC 2022?

Life Insurance Corporation of India (LIC) has launched a new insurance plan, named Bima Ratna. This insurance plan has become effective from 27 May 2022. This is a Non-Linked Individual Saving Life Insurance Plan, which provides the benefit of both protection and savings.

For how many years is life benefit insurance?

Almost all the insurance companies give Term-Policy for a period of 15 years to 30 years. To take Jeevan Labh Policy, the minimum age should be 8 years and the maximum age of 59 years is given to the person only. And the duration of this policy is about 10 to 25 years.

What if I stop paying LIC premium after 3 years?

If you surrender after 3 years, the surrender value will be approximately 30% of the premiums paid so far. However, this is exclusive of premium paid in the first year and premium paid for Accident Benefit riders.

What if I am not able to pay the premium within the Grace-Period?

In such a scenario, your policy will lapse and you will not be able to avail further benefits. But within two consecutive years, you will have the option to renew it. For that, you have to pay all your unpaid premiums. Remember, LIC compounds interest half-yearly.

If I surrender my policy, will I be eligible to receive any benefits?

Yes, you will be eligible for Surrender Value Benefits of PAN, as discussed above, if you have paid premiums on time for full three years and have completed three policy years.

What is the premium of LIC Jeevan Labh?

The minimum basic sum assured under this policy is Rs 2,00,000, while there is no limit on the maximum amount. For a policy of 16 years, the minimum age of the policyholder should be between 8 years and maximum age 59. The maximum age for the policy of 21 years is 54 years and for the policy of 25 years is 50 years. The maximum maturity age of the scheme is 75 years. Five optional riders can also be selected under the policy by paying an additional premium. The policyholder can choose between LIC’s Accidental Death and Disability benefits.

Deposit Rs 238 in Jeevan Labh Yojana and get Rs 54.50. How?

Jeevan Labh plan has four payment options – Rs.5,000 monthly, Rs.15,000 quarterly, Rs.25,000 half-yearly and Rs.50,000 annually. You can choose any option as per your convenience. If a 25-year-old person buys this policy for 25 years, then his basic sum assured will be Rs 20 lakh. Accordingly, he will have to pay a premium of Rs 86,954 annually or approximately Rs 238 per day. In this way, at the age of 50 years or maturity of the plan, the maturity-value of the policy will be Rs 54.50 lakhs.

What is Maturity Benefit in Jeevan Labh Policy?

In this policy, when the policy holder survives till the policy term, then that person gets the following benefits: –
1.Sum-Assured on Maturity
2. Final Additional Bonus if any
3. Any simple revolutionary bonus declared on the basis of LIC’s experience

How much discount is available in Jeevan Labh policy?

LIC is popular for serving many perks to its devotees in the form of discounts to their customers
Discount based on Premium Mode
1.Annual Mode:- 2% of the premium of the table
2.Half-Yearly Mode:- 1% of Table Premium of Premium
Rs 3.500000 to Rs 9.95 lacs 1.50% of Basic Sum Assured per 10,000 1.50% of Basic Sum Assured is provided
Rs 4.5 Lakh to Rs 9.9 Lakh Basic

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