LIC Jeevan Labh Plan 936 (previously known as LIC Jeevan Labh 836) is an endowment plan that combines the benefits of life protection and savings. The plan comes with maturity benefits if you survive the policy term. Its participating nature allows customers to earn a percentage of the profits made by LIC of India. This makes it an ideal choice for savings, increased returns, and insurance protection, all in one product.
Customers have to pay premiums for a limited period to enjoy long-term protection.
Policyholders can avail of loan facilities on this plan, after paying a regular premium for 2 years. It is limited to 90% of the surrender value.
The plan offers the option to avail of the death and maturity benefit in installments across 5, 10, or 15 years.
If the plan is bought for a child, parents can add the LIC’s Premium Waiver Benefit Rider with the policy. If the parent dies, LIC waives future premiums so that the child does not have to bear the burden of keeping the policy in force.
One can enjoy rebates on the premium amount if the sum assured is Rs.5 lakhs and above.
Jeevan Labh LIC Policy Benefits:
Death Benefit:
The death benefit is paid by the insurer to the beneficiary in case of death of the insured person during the tenure of the policy. The death benefit under LIC Jeevan Labh will be either of the following –
Basic sum assured amount
7 times the annualized premium
The final death benefit on the death of the policyholder will include the highest of these two plus a vested simple reversionary bonus and a final additional bonus (if any).
Maturity Benefit:
If the insurance holder survives the entire policy tenure and has been paying due premiums till the end, he/she gets the maturity benefit. It is equal to the basic sum assured plus a vested simple reversionary bonus and final additional bonus (if any).
Tax Benefits:
The premium paid towards the policy up to the maximum limit of Rs.1.5 lakh in a financial year and the maturity proceeds are tax exempted under Section 80C and 10(10D) of the Income Tax Act.
Other Details of LIC Jeevan Labh Plan
Grace Period:
A grace period of 15-30 days is offered to the insured to pay any unpaid due premium.
Free-look Period:
In case the policyholder is not satisfied with the terms and conditions of the policy then they cancel it within the first 15 days.
Policy Surrender:
LIC Jeevan Labh Plan acquires a surrender value if the premiums are paid for a minimum of two full policy years. Policyholders will receive either the Guaranteed Surrender Value or the Special surrender value, whichever amount is higher. It depends on the total premium paid, the year of surrendering, and the policy term.
Paid-Up Value:
If the life assured fails to pay premiums after regularly paying it for at least 2 years, the policy acquires a paid-up value. The sum assured then reduces based on the premiums paid.
The reduced paid-up sum assured is equal to:
Number of premiums paid/ total number of premiums to be paid X sum assured on death or maturity.
LIC Jeevan Labh Plan 936 (recently known as LIC Jeevan Labh 836) is a blessing plan that joins the advantages of life security and reserve funds. The arrangement accompanies development benefits assuming you endure the strategy term. Its partaking nature permits clients to procure a level of the benefits made by LIC of India. Because of this, it is an excellent option for insurance protection, increased returns, and savings all wrapped up in one product.
LIC Jeevan Labh Strategy Highlights:
Clients need to pay expenses for a restricted period to appreciate long haul insurance.
Policyholders can benefit of credit offices on this arrangement, in the wake of paying an ordinary premium for a long time. Only 90% of the surrender value can be used for it.
The arrangement offers the choice to profit of the demise and development benefit in portions across 5, 10, or 15 years.
In the event that the arrangement is purchased for a youngster, guardians can add the LIC's Top notch Waiver Advantage Rider with the strategy. LIC waives future premiums in the event of a parent's death so that the child does not have to pay to keep the policy in effect.
One can appreciate discounts on the top-notch sum, assuming that the aggregate guaranteed is Rs.5 lakhs or more.
Jeevan Labh LIC Strategy Advantages:
Passing Advantage:
The passing advantage is paid by the guarantor to the recipient in the event of death of the guaranteed individual during the residency of the strategy. The demise benefit under LIC Jeevan Labh will be both of the accompanying -
Essential total guaranteed sum
multiple times the annualized premium
The last demise benefit on the passing of the policyholder will incorporate the most elevated of these two, in addition to a vested straightforward reversionary reward and a last extra reward (if any).
Maturity Benefit:
The insurance holder receives the maturity benefit if they survive the entire policy term and continue to pay their premiums on time. It is the sum of the basic amount guaranteed, a vested simple reversionary bonus, and the final bonus (if any).
Tax reductions:
The premium paid towards the strategy up to the most extreme restriction of Rs.1.5 lakh in a monetary year and the development continues are charge excluded under Segment 80C and 10(10D) of the Personal Duty Act.
Different Subtleties of LIC Jeevan Labh Plan
Effortlessness Period
An effortlessness time of 15–30 days is proposed as guaranteed to pay any neglected due premium.
Free-look Period:
In the event that the policyholder isn't happy with the agreements of the strategy, then they drop it inside the initial 15 days.
Strategy Give up:
LIC Jeevan Labh Plan gets an acquiescence esteem if the expenses are paid for at least two full strategy years. Policyholders will get either the Surefire Give up Worth or the Exceptional acquiescence esteem, whichever sum is higher. It relies upon the absolute exceptional paid, the extended time of giving up, and the arrangement term.
Settled Up Worth:
On the off chance that the life guaranteed neglects to pay expenses after routinely paying it for no less than 2 years, the strategy gains a settled up esteem. The premiums paid then reduce the assured sum.
The decreased settled up aggregate guaranteed is equivalent to:
Sum assured upon death or maturity x number of premiums paid/total number of premiums to be paid
Conclusion:
LIC Jeevan Labh Plan 936 emerges as a well-crafted financial solution that not only provides a robust combination of life protection and savings but also aligns with the evolving needs and preferences of policyholders. Its strategic features, coupled with the financial security and flexibility it offers, position it as a versatile and customer-friendly choice in the landscape of insurance and investment products.
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