LIC Jeevan Labh is a limited premium paying, non-connected (non-reliant on share markets), with the benefit plan. Upon death or maturity, the arrangement offers security and advantage in the form of sum assured in addition to basic revisionary bonuses and last bonus, assuming any, payable to the policyholder or nominee. The arrangement is accessible to those in the age group of 8-59 years. Least amount assured is Rs 200,000 and with no ceiling for the maximum amount. Let’s now look at the LIC Jeevan Labh review.
LIC Jeevan Labh 836 Plan Overview
LIC Jeevan Labh 836 plans is a restricted premium paying endowment plan non-connected, with-benefits which offer a blend of protection plus savings. This arrangement gives financial help to the family if the policyholder, unfortunately, dies any time before the policy matures and a lump sum during maturity for the surviving policyholder. This arrangement additionally deals with liquidity needs through its loan facility and surrender value choice.
LIC Jeevan Labh (जीवन लाभ ) Policy is the best instrument to accomplish Short-Term and in addition Long-Term Financial Goals and for Retirement funds. LIC Policy gives a most noteworthy return of reward, a final additional bonus in the Life Insurance Industry of India. Plans accessible are, 10 years, 15 years, 16 years, this approach doubles the money effortlessly, and plans are likewise to help the girl or boy infant kid future Higher Education, Carrier, future Marriage.
Characteristics of LIC Jeevan Labh Plan
- Limited premium component implies less premium is paid for period than maturity
- Policy term choices of 16 years, 21 years or 25 years take into account objective based arranging by clients
- Insurance cover in addition to guaranteed returns: offers death and maturity benefits
- After paying premium for a long time, loan facility can be profited (subject to conditions)
- Add-on riders accessible for accidental death, disability and assurance cover
- Premium paid is exempted from Income Tax under 80C
- Maturity sum is tax-free under 10(10D)
Benefits of LIC Jeevan Labh plan
Death Benefit of LIC Jeevan Labh
If there should be an occurrence of death amid the term of the policy (if all premiums are paid-up), hen death benefit will comprise: sum assured on death in addition to bonus as well as FAB (Final Additional Bonus).
Maturity Benefit of LIC Jeevan Labh
In the event that policyholder survives the term of the policy then benefits incorporate whole guaranteed in addition to bonus plus FAB. In case you utilize the LIC Jeevan Labh maturity calculator then you will be able to make out as how much amount you will receive when your policy matures. Maturity Calculator for LIC Jeevan Labh (Plan No: 836) gives a simple approach to figure maturity amount and illustrate the Age-Wise and Year-Wise measure of risk covers. It utilizes Parameter like Bonus rate, FAB and so on which are like declared values, approximately and counts are merely indicative.
Disability Benefit Rider
The approach gives the alternative to accidental death and disability benefit add-on cover on payment of extra premium. This rider isn’t accessible for minors, however, can be profited once the policyholder is more than 18 years.
New Term Assurance Rider
On the death of the policyholder during the policy term, an extra sum equivalent to term affirmation rider sum guaranteed should be payable given the rider cover is in force. The maximum cover for this rider might be Rs. 25 lakhs.
Surrender Value of LIC Jeevan Labh
In the event that the premiums are paid for 3 full years and the policy has been in force for 3 full policy years, the policy will obtain a surrender value.
The Guaranteed Surrender Value depends on the level of the aggregate premiums paid. The rate will rely on the picked arrangement term and the approaching year in which the arrangement has been surrendered.
The surrender value of basic reversionary rewards will likewise be payable. This is equivalent to the vested bonuses, multiplied by the pertinent surrender value factor.
Uncommon Surrender Value will be paid out to the life insured on surrendering the policy if the unique surrender value is higher than the ensured surrender value. This will be the discounted value of the sum of the vested straightforward reversionary bonuses and the maturity paid-up sum assured.
- A loan can be taken against the policy if the premiums for the policy have been paid up for 3 full years.
- The greatest loan that can be availed is 90% of the surrender value for in-force policies.
- The maximum loan that can be availed is 80% of the surrender value for paid-up policies.
- The interest rate for the loan will be settled on a case by case premise by LIC.
There is a decent advantage on tax assessment, and henceforth it is an awesome approach for tax savings. The sum at maturity is predominantly tax-exempt; however, you ought to always remember that these protection policies are constantly subjected to some sort of administration charges. You can profit tax reductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
LIC Jeevan Labh Agent Commission
In case you are an LIC agent, then this policy is the best when compared to other LIC policies of late. Since the LIC Jeevan Labh agent commission structure is extremely sound, you can without much of a stretch make 20% for a 10 years premium payment, 25% for 15 years or more premium payment.
LIC Jeevan Labh Premium Calculator
In the event that you are hoping to compute your exceptional sum for this New LIC Jeevan Labh policy, then you must be prepared with your information like mobile number, email id, sum to invest and for how long you need to contribute.
Next, follow the LIC Jeevan Labh premium calculator page and pick your policy in which you need to contribute. You can refer to the LIC Jeevan Labh premium chart before you select your policy. Give the information and get the premium amount of your policy. Yet, recollect that the information may not be 100% right.