LIC Jeevan Labh (Plan No. 936, UIN: 512N304V02) is a traditional endowment life insurance plan that provides financial protection for your family in case of your untimely demise. The plan also offers a maturity benefit if you survive the policy term.



Key Features:

  • Death Benefit: In case of the policyholder's death during the policy term, the sum assured, vested simple reversionary bonuses, and final additional bonus, if any, are payable to the nominee.
  • Maturity Benefit: On maturity, the sum assured along with vested simple reversionary bonuses and final additional bonus, if any, is payable to the policyholder.
  • Simple Reversionary Bonuses: Simple Reversionary Bonuses are declared periodically by LIC based on the plan's performance. These bonuses are added to the policy and earn further bonuses.
  • Final Additional Bonus: A final additional bonus may be payable at the time of maturity or death, depending on the plan's performance.
  • Tax Benefits: Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Eligibility:

  • Age: The policyholder's age must be between 18 and 50 years.
  • Policy Term: Policy term options are 16, 21, 26, or 31 years.

Benefits:

  • Death Benefit: The death benefit is equal to the sum assured, which is the amount you pay for the policy. For example, if you buy a policy with a sum assured of ₹10 lakhs, your nominee will receive ₹10 lakhs in case of your death.
  • Maturity Benefit: The maturity benefit is equal to the sum assured, plus vested simple reversionary bonuses, and final additional bonus, if any. For example, if you buy a policy with a sum assured of ₹10 lakhs and the final additional bonus is ₹1 lakh, your nominee will receive ₹11 lakhs on maturity.
  • Simple Reversionary Bonuses: Simple Reversionary Bonuses are declared on a yearly basis, and the amount will vary depending on the performance of the plan. These bonuses are added to the policy and earn further bonuses.
  • Final Additional Bonus: A final additional bonus may be payable at the time of maturity or death, depending on the plan's performance.
  • Tax Benefits: Premiums paid towards the policy are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Documents Required:

  • Proof of identity and address: PAN card, driving license, voter ID, or other acceptable documents.

How to Apply:

You can apply for LIC Jeevan Labh plan online or through a LIC agent.

Here are the steps on how to apply online:

  1. Visit the LIC website.
  2. Click on the "Buy Online" tab.
  3. Select "LIC Jeevan Labh" from the list of plans.
  4. Enter your details and contact information.
  5. Select your preferred mode of premium payment.
  6. Review and submit the application form.

Here are the steps on how to apply through a LIC agent:

  1. Contact a LIC agent.
  2. Provide the agent with your details and contact information.
  3. The agent will assist you in completing the application form.
  4. Submit the application form and make the premium payment.

Comparison with LIC Jeevan Saral

LIC Jeevan Labh and LIC Jeevan Saral are both term insurance plans from LIC. However, there are some key differences between the two plans.

LIC Jeevan Labh

  • Offers a maturity benefit if the policyholder survives the policy term.
  • Can be used to save for retirement or other financial goals.
  • Requires higher premiums than LIC Jeevan Saral.

LIC Jeevan Saral

  • Only offers a death benefit.
  • Is a good option for those who need basic life insurance protection.
  • Requires lower premiums than LIC Jeevan Labh.

Ultimately, the best plan for you will depend on your individual needs and financial goals. If you are looking for a plan that provides both life insurance protection and a maturity benefit, then LIC Jeevan Labh is a good option. If you are looking for a more affordable plan that only offers a death benefit, then LIC Jeevan Saral is a good option.