LIC Jeevan Labh Review

Mr. Raghav had bought two LIC Jeevan Labh policies, one for himself and one for his wife. He felt this plan offered everything he wanted in a life insurance policy. To secure the financial future of himself and his family, he bought a plan that will provide financial aid to his family in his absence and offer maturity benefits once the policy matures.

LIC Jeevan Labh 736 is an endowment plan offered by the LIC of India. It offers the dual benefits of protection and savings. The plan comes with a limited premium payment option and comes with several benefits and features.

Learn about LIC Jeevan Labh review by discussing its key features and benefits that convinced Mr. Raghav to buy the plan twice.

Key Features of LIC Jeevan Labh 736 Plan

• The plan comes with a limited premium payment term of 10/15/16 years, wherein policyholders need to pay for a limited time period and can enjoy long-term protection.

• The plan offers a loan facility to meet emergency financial needs after completing one full year's premiums.

• The plan offers a grace period of 15-30 days which is provided to the policyholder in case he/she forgets to pay their premium on time.

• There is a free-look period of 30 days, during which the policyholder may cancel the plan if they are not satisfied with the terms and conditions.

• The sum assured is not limited. Individuals can choose coverage according to their needs and budget.

What are the Benefits of LIC Jeevan Labh Plan?

Here are the top benefits of LIC Jeevan Labh 736:

1. Death Benefit

   The death benefit will be paid to the nominee if, unfortunately, Mr. Raghav dies during the policy term. The benefit payable will be either of the following –

   • Basic sum assured amount

   • 7 times the annualized premium

   Mr. Raghav also has the option to have the death benefit disbursed in instalments of 5, 10, or 15 years instead of a lump sum.

2. Maturity Benefit

   If Mr. Raghav 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 a vested simple reversionary bonus and a final additional bonus (if any).

3. Additional Riders for Enhanced Protection

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

4. 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.

To sum it up

Just like Mr. Raghav and his wife, there are several other customers who have bought LIC Jeevan Labh and 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 review, the dual benefits offered make it one of the most preferred life insurance plans.

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