LIC Jeevan Labh Online Purchase Details

LIC Jeevan Labh Plan- A Brief Overview

At this stage, you are most likely aware of the important aspects of LIC Jeevan Labh policy. Let's, however, briefly go through some of its key features and benefits.

• Assigned nominees are eligible to receive the death benefit if the life assured passes away while the policy is still active.

• Even if the policyholder survives the policy term, she/he is entitled to a sum assured on maturity.

• The policy is eligible for purchase from 8-59 years of age.

• With a minimum sum assured of Rs 2 Lakhs, you can choose the policy term from 16, 21, & 25 years.

• Multiple options of flexible premium paying terms (PPT) of 10, 15, and 16 years.

• Notably, both the death benefit and the maturity benefit can be received in a lump sum and yearly, half-yearly, quarterly, or monthly installments over 5/10/15 years.

• One can also bonus amounts added to the basic sum assured on death and the maturity of the policy, depending on the company's annual valuation.

• If you find yourself in urgent need of capital, you can avail yourself of the loan facility that comes with the LIC Jeevan Labh policy.

• The Jeevan Labh LIC plan also offers rebates on higher sums assured as an incentive towards purchasing a bigger life cover.

• It also has optional riders to choose from. These riders are available on additional premiums and enhance policy coverage. 

About LIC Jeevan Labh Online Purchase

LIC of India has been introducing several digital initiatives to enhance user experience. Fortunately, many of the company's life insurance plans can now be bought online at your convenience. However, the LIC Jeevan Labh plan is not yet available for purchase online; it can only be purchased offline through LIC. 

Although only available for purchase offline, various processes related to the plan, such as calculating premium and death/maturity benefit, paying premiums, updating LIC Jeevan Labh policy details, accessing policy directly using LIC Digital App, can be easily carried out online. 

How to Use LIC Jeevan Labh Online Calculator?

Suppose you have an LIC Jeevan Labh policy or plan to buy one. In that case, you can use the LIC Jeevan Labh calculator to estimate the premiums payable, the death benefit in case of the policyholder's demise or the maturity benefit upon survival. The online calculator is an innovative digital tool designed to estimate the premium amounts you must pay for insurance coverage. It projects the amount in a monthly, quarterly, half-yearly and yearly basis. The maturity amounts of the Jeevan Labh LIC plan are also shown in the calculator so that you can understand the benefits offered in the policy. It's an ideal tool for budget and financial planning. 

Here are the steps to use the calculator online: 

Step 1: Visit LIC of India official website.

Step 2: Scroll down and navigate to “How Much You Need”. Click on “Calculate Premium”.

Step 3: Provide the required details such as name, DOB, gender, contact, etc. and click on Next. Then click on “Quick Quote”.

Step 4: Select the LIC Jeevan Labh plan and click on “Coverage”.

Step 5: Provide the details about your policy. It requires sum assured amount and policy term. Once you select the policy term, PPT will be selected by default. Click on “Quote”.

The calculator will consider these inputs and generate a benefit illustration. The illustration for Jeevan Labh policy details the premium amounts in yearly, half-yearly, quarterly, and monthly basis. It will also show all the benefits, death/ maturity and bonus amounts (Simple Reversionary Bonus + Final Additional Bonus), if any. 

Sample Calculation Using LIC Jeevan Labh Calculator Online

Let us understand how the LIC Jeevan Labh calculator works with an example. A 30 year-old individual decides to invest Rs 10 Lakhs. 

The following are the premium amounts of a 30-year old individual under different policy and respective premium paying terms:

Documents Required for LIC Jeevan Labh Purchase

To purchase the LIC Jeevan Labh 736 policy, you will need to get in touch with licensed LIC agents, brokers, or insurance marketing companies. They will require the following documents before the policy purchase:

• Address Proof

• Other KYC Documents: Adhaar Card, PAN Card, Tax Details, etc.

• Properly filled proposal form/ application form

• Age Proof

• Medical diagnosis reports (optional)

Wrapping Up!

Although LIC Jeevan Labh policy is yet to be green-flagged for online purchase, its still a preferred choice for many. With its combination of insurance and savings benefits, it already has a strong customer base. Once the policy is purchased offline, through licensed agents, it can be completely managed online through the LIC customer portal on the website or through branch visits.

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