Overview of LIC Jeevan Labh plan

LIC Jeevan Labh  also called Table 836 is a non-linked participating Endowment Insurance Plan.  It offers a combination of protection and saving features.

• The plan is available from ages 8 to 59 years. The maximum age at maturity is 75 years.
• Minimum basic sum assured is ₹2 lakh with maximum basic sum assured having no limit.
• In  LIC Jeevan Labh there are only 3 policy terms with corresponding premium paying term. The customer can select any one of these according to their requirement.The policy terms are 16, 21, and 25 years with premium-paying terms of 10,15 and 16 years respectively. Policy term means till when one would be covered with insurance. Premium Paying Term, PPT, means till when one has to pay premium.
• For example if Rahul , who is 30 years of age, plans to take LIC Jeevan Labh for the term of 21 years which has premium payment term (PPT) of 15 years . He will be covered i.e have insurance till he is 50 years old but he will have to pay premium only till 15 years i.e till he is 45 years. For next 6 years even though he is not paying premium he is still insured.
• LIC Jeevan Labh provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium. If buyer opted for this rider, an amount equal to sum assured will be payable if death occurs due to accident. In case of permanent disability due to accident, future premium will be waived and the amount equal to Sum Assured is payable in 10 years equal monthly installments.
• New term assurance rider is also available at the inception of the policy on payment of additional premium. If policy holder opts for this rider, an amount equal to term assurance rider sum assured will be payable on the death of the life assured during the policy term.
• One can take Loan against LIC Jeevan Labh Plan 836 after payment of premiums for at least  3 years subject to conditions: Maximum loan for inforce policy-90% of surrender value and for paid up policies 80% of surrender value.
• One can Surrender after 3 years of full premium payment.
• Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
• Premium Payment Mode rebate
  • 2% on yearly,
  • 1% on Half Yearly,
  • Nil on Quarterly & Monthly
• Rebate on High Sum Assured (Per 1000 of Sum Assured)
  • 0% up to 4,90,000
  • 1.25% for 5,00,000 to 9,90,000
  • 1.50% for 10,00,000 to 14,90,000
  • 1.75% for 15,00,000 and above
  
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