About LIC Jeevan Labh

LIC’s Jeevan Labh policy offers increased returns on your investments in addition to assured returns in the form of death and maturity benefits. It is a limited premium paying, endowment policy that participates in the profits of the company. While you remain protected under a life insurance cover, this plan guarantees financial protection for your family in the event of your demise. A noteworthy feature of LIC’s Jeevan Labh is that policyholders can avail of loan facilities to address urgent liquidity needs.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

LIC’s Jeevan Labh Policy Details

Important policy features are detailed below:

  • Policy Term - The plan comes with flexibility in choosing the policy term from 16 years, 21 years, or 25 years. 

  • Premium Payment - The premium paying terms corresponding to the policy term of 16, 21, and 25 years are 10 years, 15 years, and 16 years, respectively.

  • Death Benefit - In case of the policyholder’s death under unfortunate circumstances, the assigned beneficiary is entitled to receive the sum assured on death in addition to bonuses, as declared by LIC. The sum assured on death is defined as either 7 times the annual premium or the absolute sum assured, whichever is higher. Further, the policyholder can choose for the assigned beneficiary to receive the death benefit in installments. The benefit amount can be paid over 5 years, 10 years, or 15 years as monthly, quarterly, half-yearly, or yearly installments. 

  • Maturity Benefit - The policyholder surviving the policy term is eligible to receive the basic sum assured on maturity. The amount is payable as a lump sum amount or installments over 5 years, 10 years, or 15 years. To receive the sum assured in installments, the life assured is required to opt for the settlement option. 

  • Eligibility Criteria - To be eligible for this LIC Jeevan Labh, the following requirements are crucial.

    • Minimum Entry Age - 8 years

    • Maximum Entry Age - 59 years (for PT of 16 years); 54 years (for PT of 21 years); 50 years (for PT of 25 years)

    • Maximum Maturity Age - 75 years

    • Minimum Sum Assured - Rs. 2,00,000

  • Participation in Profits - Because the policy participates in the profits of the company,  the policyholders are eligible to receive simple reversionary bonuses and final additional bonuses, based on bonus rates declared by LIC. However, if premium payments have not been duly made, the policy ceases to participate in any profits made by the company.

  • Rider Benefits - On paying an additional premium amount, you can enjoy extra protection against accidental death and disability, critical illnesses, etc. The riders available with LIC Jeevan Labh are:

    • LIC’s Accidental Death and Disability Benefit Rider

    • LIC’s Premium Waiver Benefit Rider

    • LIC’s Accident Benefit Rider

    • LIC’s New Term Assurance Rider

    • LIC’s New Critical Illness Benefit Rider

    • Please note that between LIC’s Accidental Death and Disability Benefit Rider and LIC’s Accident Benefit Rider, you can only avail one of them. 

  • Surrender Value - With LIC’s Jeevan Labh policy, you have the option to surrender your policy anytime during the policy term. On surrendering the policy, LIC is liable to pay the guaranteed surrender value or the special surrender value, whichever is higher. The guaranteed surrender value factor depends on the policy term and the year in which the policy was surrendered. Please note that to be eligible for the surrender value, two full years' premiums have to be paid. Further, the simple reversionary bonuses also acquire surrender value and are payable to the policyholder along with the guaranteed paid-up value.

  • Loan Facility - Loan can be availed under this policy (subject to the acquired surrender value) provided that a minimum of two years’ premiums payments have been made. The maximum loan amount that can be availed is:

    • 90% of surrender value in case of in-force policies

    • 80% of surrender value in case of paid-up policies

  • Grace Period - Policyholders are allowed a grace period of 30 days from the date of the first unpaid premium payment for yearly, half-yearly, and quarterly premium payments. In the case of monthly premium payments, the grace period is 15 days. 

  • Policy Revival - LIC’s Jeevan Labh shall lapse on discontinuing premium payments, and fail to pay them even within the grace period. The life assured has the option to revive the policy before the date of maturity. One can do so after paying all arrears of premiums with interest. 

  • Free-look Period - A free-look period of 15 days is allowed for the policyholders to review the terms and conditions of the policy. If the policyholder finds any discrepancies in their policy document, (s)he can return it, informing LIC about the reasons for doing so. The company is then liable to return the premium amount paid. 

  • Claim Requirements - The following requirements for death, maturity, and surrender claims are detailed below:

    • Death Claims - LIC should be notified in writing about the life assured’s death within 90 days of occurrence. Further, the death certificate is mandatory to lodge a death claim with the company. Other documents required are proof of age, NEFT mandate, original policy document, and proof of medical treatment before death. 

    • Surrender and Maturity Claims - To file a maturity claim or to surrender a policy, the life assured is required to furnish the discharge form, the original policy document, NEFT mandate, and proof of age.

  • Suicide Exclusion - Claim payments arising out of death due to suicide is subject to certain conditions as specified by the company. For instance, if death by suicide occurs within 12 months from the date of risk commencement, all benefits shall cease. However, claims for 80% of the total premiums shall be entertained by LIC. Similar conditions shall ply in case of death by suicide within 12 months of policy revival.


In Closing

Considered as one of the best LIC policies, Jeevan Labh comes with a host of features. The above-mentioned details of the LIC Jeevan Labh plan should help you develop in-depth insights into the plan. With additional bonuses, policyholders are given opportunities to maximize their savings while being protected under a comprehensive cover.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL