LIC Jeevan Labh is a non-linked, participating life insurance scheme that protects the financial needs of the family of the deceased policyholder. The policy also offers additional returns and rebates under special circumstances. For the benefit of its customer base, LIC has started rolling out online insurance schemes that can be easily bought from its official website or app. If you are looking to purchase LIC Jeevan Labh's life cover, you can easily do so online and save a significant amount of time that would otherwise be spent on multiple branch visits.Read more
Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
At this stage, you are most likely aware of the important aspects of LIC Jeevan Labh. Let's, however, briefly go through some of its key features.
Assigned nominees are eligible to receive the death benefit if the life assured succumbs to death while the policy is still active.
Even if the policyholder survives the policy term, she/he is entitled to a sum assured on maturity.
Notably, both the death benefit and the maturity benefit can be received in yearly, half-yearly, quarterly, or monthly installments over 5/10/15 years.
One can also enjoy loyalty additions 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 policy also offers rebates on higher sums assured as an incentive towards purchasing a bigger life cover.
LIC has been introducing several digital initiatives to enhance user-friendliness. Fortunately, several of the life insurance schemes offered by the company can now be bought online from the comfort of your home. LIC Jeevan Labh's online purchase has made it convenient for potential buyers to plan a comprehensive cover according to their needs and keep track of their policy status.
The procedure to buy LIC Jeevan Labh online is fairly straightforward if you keep the following guide handy.
As a first step, visit the official online LIC portal.
Under LIC plans, click on ‘LICs Jeevan Labh.’
The resulting screen will request personal information such as your gender, date of birth, and your source of income.
Click on ‘Calculate Premium.’
You will be asked to fill in details such as the policy value, the yearly premium, and the premium paying term. Please note that the premium paying term for LIC Jeevan Labh can be 10 years, 15 years, or 16 years.
If you scroll down, you will see information on applicable bonuses, benefits receivable, and yearly, half-yearly, quarterly, and monthly premiums payable. Based on your budget, you can move forward with any of these options.
Based on your chosen option, click on Buy Now.
The subsequent page requires you to fill in your full name, address, and contact details.
Click on ‘Verify Mobile Number’, following which you will receive an OTP.
Once verified, you can proceed to checkout.
Proposal Form-300: Fill in the required details and click on Next.
Identity Proofs: You will be required to fill in your Aadhar number and your PAN card details on this page.
Income Proofs: Here, you will be asked to upload the salary pay slip issued by your current employer and last year's Income Tax Returns.
Once you fill in all the details and submit the necessary documents, LIC’s sales team shall get in touch with you to further process your request. Once your profile is approved, you can make the premium payment online.
Experts recommend an online purchase for the following reasons:
LIC is a government-owned entity and one of the oldest insurance companies in the country. The fact that it is backed by the Government of India makes it reliable and ensures that the money invested is safe.
The KYC process required for LIC Jeevan Labh online purchase can also be done digitally from the comfort of your home.
There are multiple payment gateways such as debit/credit card, GooglePay, UPI options which ensure secure transactions.
You can also make use of their online premium calculators to get an accurate estimation of the cost of the cover. These services are completely free of cost and easily accessible by all.
Online purchase of LIC Jeevan Labh assures security and is a lot more convenient than visiting branches or involving an intermediary. The process takes only a small fraction of your time, and upon successful verification, you will enjoy a life insurance cover potentially within 24 hours of purchase. The guide discussed above should help you navigate through the online purchase of LIC Jeevan Labh.
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