LIC Jeevan Labh Review

Lump sum maturity benefit is provided to the policyholder in case the life assured survives the policy term. Here is the LIC Jeevan Labh review for potential policy buyers to make informed financial decisions.

Key Features of LIC Jeevan Labh 736 Plan

Here are some LIC Jeevan Labh policy details and features that customers check before purchasing the plan:

Limited premium paying window: The Jeevan Labh LIC policy comes with a limited premium payment term of 10/15/16 years, wherein policyholders need to pay premium for a limited time period and can enjoy long-term protection.

Loan facility available: The Jeevan Labh LIC Plan offers a loan facility to meet emergency financial needs after completion of one year of the policy, given that first year’s premiums are duly paid.

Grace period: Jeevan Labh plan offers a grace period of 15 days for monthly premium payments and 30 days for quarterly, half-yearly and yearly premium payments which is provided to the policyholder in case they forget to pay their premium on time.

Free-look period: LIC of India provides a free-look period of 30 days from the day of receipt generation of the policy, during which the policyholder may cancel the plan if they are not satisfied with the terms and conditions.

Additional bonuses: The LIC Jeevan Labh plan is participating in nature, and if the plan is fully active, policyholders will receive simple reversionary bonuses and a final additional bonus (if applicable) upon a death or maturity claim.

Note: LIC Jeevan Labh 736 is the latest plan and LIC Jeevan Labh 936 plan has been withdrawn.

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What are the Benefits of LIC Jeevan Labh Plan?

Here are the top benefits of LIC Jeevan Labh policy:

Death Benefit

The death benefit will be paid to the nominee if the policyholder passes away during the policy term. The benefit payable will be the higher of the options given below plus Simple Reversionary Bonuses and Final Additional bonus –

• Basic sum assured amount

• 7 times the annualized premium

In fact the death benefit cannot be less than 105% of total premiums paid by the policyholder. The nominee can even receive the death benefit in installments of 5, 10, or 15 years instead of a lump sum.

Maturity Benefit
If the policyholder survives till the end of the policy term then in such a case the plan will offer maturity benefits. The maturity benefits payable will be calculated as “Sum Assured on Maturity” plus vested simple reversionary bonus and a final additional bonus (if any).

Additional Riders for Enhanced Protection
Under the Jeevan Labh LIC policy, there are four optional riders: Accidental Death and Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider, and Premium Waiver Benefit Rider. The policyholder can avail any of these benefits by paying an additional premium.

Tax Benefits
The LIC Jeevan Labh policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

Learn about how LIC Jeevan Labh plan changed Mr. Raghav’s life

I bought the Jeevan Labh LIC plan for myself and have recently bought this for my wife as well. I am sure if anything unfortunate happens to any of us, my children's future will be financially protected, and they will have the life we wanted for them. By Raghav

Mr. Raghav had bought two LIC Jeevan Labh policies, one for himself and one for his wife. He felt the Jeevan Labh Policy offered everything he wanted in a life insurance policy. To safeguard his family’s financial future, he trusted and bought the Jeevan Labh LIC plan. The LIC policy dispenses relevant financial aid for him and his family at different points in the policy term. Death benefit will be provided to his family to sustain the finances upon his death and maturity benefit will be provided to Mr. Raghav if he survives the policy term.

LIC of India offers this particular endowment plan i.e. LIC Jeevan Labh 736 with dual benefits. The plan not only offers risk protection but also provides long-term savings options in a single plan. This LIC endowment plan has limited premium payment option, flexible coverage duration, customizable premium payment terms, rider benefits for enhanced protection, high sum assured rebates, and loan facility.

Is LIC Jeevan Labh Worth Buying?

Yes, LIC Jeevan Labh is absolutely worth it for individuals looking to make safe and smart financial choices. This government-backed plan combines life protection with guaranteed life cover and bonuses (if applicable), all without any market risk.

Just like Mr. Raghav, his wife and several other customers who have bought LIC Jeevan Labh are now at peace knowing that even if something unfortunate happens to them, their family will have financial support. As per this LIC Jeevan Labh policy review, the dual benefits offered make it one of the most preferred life insurance plans.

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