LIC Jeevan Labh vs Jeevan Lakshya

Let us thoroughly understand the plan, its benefits and how they differ to help you make an informed decision. 

LIC Jeevan Labh Plan

LIC Jeevan Labh 736 is a limited premium payment insurance policy that offers assured benefits. If you wish to secure your family's future financially, the plan pays the sum assured on death to your family as the Death Benefit. The policy also offers a loan facility that you can avail of for urgent financial requirements.

Key Features of LIC Jeevan Labh Plan:

Beneficiaries are entitled to the sum assured on death of the life guaranteed. The death benefit received is a Sum Assured plus a vested simple reversionary bonus and a final additional bonus.

Policyholders can receive death and maturity benefits in installments for 5, 10, or 15 years.

Based on LIC’s financial valuation, the plan entitles policyholders to receive a part of the profits made by the company in the form of bonuses.

One can avail of the following riders for enhanced protection:

• LIC Accidental Death and Disability Benefit Rider

• LIC Accident Benefit Rider

• LIC New Term Assurance Rider

• LIC Premium Waiver Benefit Rider

LIC Jeevan Lakshya Policy

LIC Jeevan Lakshya 733 is designed to offer a financially secure future for the policyholder's family. An essential aspect of this plan is its annual income benefit provided to the dependents in the event of the policyholder’s unfortunate demise. Further, LIC offers a maturity benefit on surviving the duration of the policy term.

Key Features of LIC Jeevan Lakshya:

If the policyholder dies while the policy is still in force, assigned nominees are eligible to receive the sum assured on death.

The annual income benefit scheme offers the nominees a sum equal to 10% of the basic sum assured every year till the date of maturity following the policyholder's death.

If the life assured survives the duration of the policy, they are entitled to an amount equal to the basic sum assured as a maturity benefit.

One can avail of the following riders for enhanced protection:

• LIC Accidental Death and Disability Benefit Rider

• LIC Accident Benefit Rider

• LIC New Term Assurance Rider

LIC Jeevan Labh vs LIC Jeevan Lakshya

Here is a list of differences between LIC Jeevan Labh and LIC Jeevan Lakshay: 

LIC Jeevan Labh vs LIC Jeevan Lakshya: Sample Illustration

To estimate the kind of benefits receivable under LIC Jeevan Labh vs LIC Jeevan Lakshya, we have considered a sample 35-year-old person who has assured a sum of Rs. 5 lakhs. Based on the policy term and the premium paying term demonstrated in the table below, we have calculated the maturity benefits against each plan.

Please note that each plan's premium paying term differs per the chosen policy term. This illustration should not be construed as definitive, and one should carefully evaluate their options after careful research.

Common Features of LIC Jeevan Labh and LIC Jeevan Lakshya Policy

Despite their unique characteristics, both plans share some common features. Here, we will highlight these standard features:

• Endowment Policies: Both fall under endowment insurance policies. This means they combine life insurance coverage with a savings benefit, offering financial security to policyholders and their families.

• Basic Sum Assured: Both policies have the same lower cap for basic sum assured, Rs 2 lakhs. However, there is no upper cap on the sum assured amount. It can be as high as finalised during the underwriting process. 

• Participating Policies: Both policies participate in LIC’s profits. This makes both of these eligible for bonuses declared by the company which is payable with the maturity benefit. 

• Maturity Benefit: Policyholders receive a maturity benefit at the end of the policy term in both plans. The maturity benefit includes the sum assured, accrued bonuses, and final additional bonuses, if applicable. This lump-sum payout can be used to meet various financial goals.

• Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, both plans provide a death benefit. The nominee receives the sum assured along with any accrued bonuses and final additional bonuses. Additionally, LIC Jeevan Lakshya policy offers an annual income benefit until the end of the policy term, providing financial support to the family.

• Premium Payment Term: Both plans offer flexibility in premium payment terms. 

• Loan facility: Policyholders can take a loan against both these plans after paying one full year’s premiums.

How To Buy LIC Plans From Policybazaar?

Follow the steps below to buy LIC Plans from Policybazaar:

Step 1: Visit LIC. 

Step 2: Fill in the form with your name and contact number. Click on “View plans”.

Step 3: Enter your age, resident city, and your annual income.

Step 4: Once you've done this, select the plan by selecting your desired investment amount and tenure and clicking on “Get Details.”

Step 5: Cross-check the details, the premium you need to pay, and customize the amount and policy term as you want. Proceed to make an online payment.

Wrapping Up!

LIC Jeevan Lakshya 733 vs LIC Jeevan Labh 736 are based on comprehensive insurance for potential buyers. However, as highlighted above, these two plans come with unique features that serve to fulfil the varying needs of policyholders. Read the policy documents thoroughly, compare both the plans and choose the plan that aligns better with your needs.

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