LIC Jeevan Labh 1 Crore

What is LIC Jeevan Labh 1 Crore Plan?

LIC Jeevan Labh 1 Crore Plan is a traditional life insurance plan offered by the LIC of India. The plan offers a death benefit in case the policyholder dies during the policy term. In scenarios where the policyholder outlives the policy term, the lic 1 crore plan offers a maturity benefit. In addition to profit participation, bonuses are also available.

Also, to offer enhanced protection to the policyholder,LIC Jeevan Labh offers additional riders and a loan facility for emergencies.

Eligibility Criteria of Jeevan Labh 1 Crore Plan

Benefits of LIC Jeevan Labh 1 Crore Policy

LIC Jeevan Labh 1 Crore plan comes with a host of benefits that helps the policyholder to plan a financially secure future for themselves and their families. Take a look at some of the LIC 1 Crore plan benefits:

1. Death Benefit

   In case the policyholder dies within the policy period, the plan offers Death Benefit to the nominee. The death benefit payable will be the higher of

   • Basic Sum Assured, or

   • 7 times of annualized premium

2. Maturity Benefit

   If the policyholder is alive till the end of the policy period, he/she is eligible to avail of Maturity benefit which will be equal to

   Sum Assured on Maturity+Vested Simple Reversionary Bonus, if any + Final Additional Bonus, if any.

3. Tax Benefits

   The premiums paid against the policy will be eligible for tax benefits under section 80 C of the Income Tax Act.

Riders Available Under LIC Jeevan Labh 1 Crore Plan

The Jeevan Labh LIC 1 crore policy offers enhanced protection with four riders. Here are the details of these riders:

1. LIC Accidental Death and Disability Benefit Rider

   This rider provides added protection under your policy in the unfortunate event of an accident. It pays a lump sum if the life assured dies due to an accident, and in case of permanent disability, the benefit is paid in equal monthly instalments over 10 years. Premiums for this portion of the plan are waived after disability, making it a good option for long-term plans like the Jeevan Labh LIC 1 crore plan.

2. LIC Accident Benefit Rider

   A simpler version of accident protection, this rider offers a one-time lump sum payout on accidental death. It is available only during the premium-paying term of your Jeevan Labh bima policy. While it does not cover disability, it’s ideal for those looking for cost-effective accidental death protection.

3. LIC New Term Assurance Rider

   In this 1 Crore LIC plan, this rider provides additional term insurance coverage on top of your base plan. It can only be chosen at the policy inception, and pays out a fixed amount in case of the policyholder’s death during the term.

4. LIC Premium Waiver Benefit Rider

   Specifically designed for policies taken for minors, this rider ensures that the LIC Jeevan Labh scheme continues even if the proposer (usually a parent or guardian) passes away. Simply, all future premiums are waived until the rider term ends. This feature ensures policy continuity and secures the child’s future financial benefits without placing a burden on the family.

Sample Illustration of LIC Jeevan Labh 1 Crore Policy

Suppose a 30-year male wants to buy LIC Jeevan Labh 1 Crore plan. Let us calculate the premium he needs to pay for different policy terms available by using LIC Jeevan Labh Calculator. Take a look:

LIC 1 Crore Jeevan Labh Policy Details?

Free-Look Period
The plan has a 30-day free-look period. During this time, you can review the policy terms and cancel it for a refund (after charges) if you're not satisfied.

Grace Period
A grace period of 15 days for monthly premium-paying mode and 30 days for other modes is provided to pay overdue premiums. During this period, the policy stays active, and you are covered without interruption, even if a payment is delayed.

Loan
After paying at least two full years of premiums, you can avail a loan against this policy. The loan amount however based on the surrender value of the policy.

Policy Surrender
You can surrender your policy after completing one full year of premium payments. The policy acquires a surrender value only after two full years of premiums are paid before surrender. This value is paid to the policyholder at the time of surrender.

Paid-Up
If you stop paying premiums after paying for just one year, your policy becomes a paid-up. It remains active but offers fewer maturity and death benefits than the full plan.

Revival
Lapsed policies can be revived within five years of the first unpaid premium. To restart the policy, you must pay the outstanding dues with interest and possibly undergo a health check.

How to Buy LIC 1 Crore Plans From Policybazaar?

To buy LIC Plans from Policybazaar, follow the steps:

Step 1: Visit LIC.

Step 2: Enter your current age, the city you live in and your annual income.

Step 3: Once done, the page will show you all the plans. You can customize the amount you want to invest and the investment tenure as per your requirements.

Step 4: Select the plan you want to buy, and click on Get Details.

Step 5: Cross-check all the policy details and information provided, and pay the premium online.

FAQs