LIC's New Jeevan Labh Insurance policy Details 2022

LIC's New Jeevan Labh Insurance policy Details

LIC's New Jeevan Labh Insurance policy Details. Life Insurance Corporation of India (LIC) offers a number of policies offering effective returns on investment with protection, giving investors the opportunity to secure their retirement.  Not only this, LIC policies also offer sum assured which can be useful for the family members in case of untimely death of the policyholder.  For example, the policy allows investors to choose an option that gives them about Rs.  20 lakh if ​​they continue to pay Rs.  The investment plan provides income tax savings under section 80C of the Income-tax Act, which means that investors can choose to maximize their savings with an income tax return. LIC Life Benefits  The sum insured is Rs. 2 lakhs. There is no upper limit on the sum insured.

 But by increasing the sum insured, you will have to pay more in monthly premium. LIC Life Benefit Policy Age Limit The minimum age to invest in LIC Life Benefit policy is 8 years, while maximum age of entry into the plan is 59 years for 16 years policy term, 54 years for 21 year policy term.  And 50 years for the policy term. Policyholders can choose between maturity of 16 to 25 years.  The premium payment period can also be from 10 to 16 years.  Investors can pay premium on regular monthly, quarterly, half-yearly and yearly basis.  Investors also get a grace period of 15 days for monthly payments. How to get Rs 20 lakh by investing in a life benefit policy.  For example, if an investor earns about Rs.  251.7, then after 25 years, the individuals will get about Rs.  20 lakh.    Benefits:

Death benefit:

In 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 7 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.

Maturity Benefit:

"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 full force.

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):

LIC's New Jeevan Labh Insurance policy Details

LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01)LIC's 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'snearest Branch Office.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. suggests its readers to consult with their investment advisers before making any financial decision.)

Post a Comment (0)
Previous Post Next Post