LIC Jeevan Labh

LIC Jeevan Labh is a with-profit and limited premium endowment policy. The policy is best meant for young people of Indian who are studying in a foreign country or have recently settled abroad, like Canada. It provides the best mix of protection and savings for the insured. The plan also recommends people who have high-risk jobs like Mining, Merchant Navy, Construction, Refineries, and Airlines.

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Find all details about the plan here:

LIC Jeevan Labh for NRIs Living in Canada

This plan is one of the most recommended insurance policies for NRIs living in Canada and those who have moved overseas for a short period. The savings are increased since the term for premium payment ends six years before the maturity period of the insurance policy. The policyholder, therefore, enjoys full insurance coverage without the need to pay an additional premium in the final six years of the term. 

Based on the requirements, the insured can choose a 16 year, 21 years or 25-year period. The longer duration policy is suggested since it will yield the highest returns. For example, an insured who wants to take an insurance coverage of 20 lakhs over 21 years would likely pay slightly more than Rs.1,00,000 as a premium for a tenure of 16 years.

Moreover, the insured can pay a premium on a quarterly, monthly, or half-yearly basis. In general, there is a discount of 2% applicable to those who select the annual premium payment mode. The maturity earnings are tax-free. Moreover, the policyholder can be awarded loyalty bonuses that LIC announces at times as a non-market linked plan. 

Plan Features

  • Various premium payment modes viz. 10, 15, or 16 years.
  • Great returns.
  • Various policy term options viz. 16, 21, and 25 years.
  • 10x the insurance coverage for payment of yearly premiums.
  • New Term Assurance Rider.
  • Eligibility bracket: 8-59 years. 
  • Discounts applicable.
  • Accidental Death and Disability Benefit Rider.

For any concerns, queries, to get additional information, to use the Jeevan Labh calculator, or to purchase the Jeevan Labh plan, you can get in touch with LIC at +91-9230091000.


  • Q. Can NRIs who live in Canada purchase this plan?

    Yes, NRIs residing in Canada are permitted to purchase the Jeevan Labh plan. Moreover, this plan is a great recommendation for children above 8 years. 
  • Q. Is LIC Jeevan Labh a great plan?

    Yes, this plan is customer-centric and offers one of the highest yields. Compared to other policies, it offers higher maturity and lower premiums, and the limited premium payment tenure makes it lucrative. 
  • Q. How much can I invest (maximum and minimum) in this policy?

    There is no upper limit in this plan, but the minimum sum assured is Rs.2 lakhs. For this amount, the minimum yearly premium is Rs.9 Thousand three ninety-four + GST. The premium payment tenure will be 16 years.
  • Q. Is the maturity amount I get from LIC under the Jeevan Labh plan tax-deductible?

    No. The maturity amount is tax-free as per Section 10(10D).
  • Q. What plan term should I choose to take Jeevan Labh?

    You can choose any tenure from 16/10, 21/15, or 21/16. Here, 16, 21, and 15 are plan tenures, and 10,15,16 are premium payment periods. However, if you are older than 50, you may only choose either 21/15 or 16/10.
  • Q. How can I purchase Jeevan Labh?

    There are three ways that an NRI can purchase Jeevan Labh. First, during his/her visit to India. LIC agents visit you in your country of residence (in this case, Canada). The third option can be Mail Order Business which is only available for NRIs and FNIOs.
  • Q. Can I purchase Jeevan Labh for my kid?  

    Yes, an NRI living in Canada can purchase Jeevan Labh for their kid if his/her kid is over 8 years.
    As an NRI working or staying in Canada, you can consider LIC's Jeevan Labh to meet your insurance cum savings goals. All you need to do is have the right information, correct documents, and the way to buy the plan. We have mentioned all the details in this article.
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