Life Insurance Corporation (LIC), the largest life insurer in the country, offers LIC Jeevan Labh policy which is an endowment plan that provides a lump sum to the policyholder at the time of policy maturity and support financial support to the family in the event of death. of the policyholder before the expiry of the policy, according to LIC. The LIC offers various insurance policies such as term insurance policies, reimbursement insurance plans, pension plans and health insurance plans. The endowment insurance plans offered by LIC are a combination of protection and savings, LIC said in a press release. LIC’s Jeevan Labh policy is one of the endowment insurance policies provided by the public insurer. (Also read: Jeevan Akshay VII LIC Plan: Pensions, bonuses and other benefits here)
Here are the details of premium, eligibility criteria, sum insured and other benefits applicable to LIC Jeevan Labh insurance policy:
The LIC Jeevan Labh policy can be purchased by anyone between the ages of 8 and 59 if the term of the policy is 16 years. The minimum sum assured for the Jeevan Labh policy of LIC is Rs 2 lakh and there is no maximum limit for the quantum of sum assured, according to the LIC website.
(Also Read: Premium, Eligibility, Other LIC Jeevan Umang Policy Details Here)
Premium for LIC Jeevan Labh policy can be paid regularly on monthly, quarterly, half-yearly or yearly basis. A grace period of one month but not less than 30 days is allowed for payment in annual, semi-annual and quarterly modes, and 15 days in case of monthly payments, according to the LIC website.
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LIC offers three different policy/premium terms for the Jeevan Labh policy: 16 years policy term and 10 years premium payment term; 21-year policy term and 15-year premium-paying term, and 25-year policy term and 16-year premium-paying term.