LIC Jeevan Labh is affordable and one of the best plans offered by LIC. I bought this 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 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.
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.
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).
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.
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.
LIC Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
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.
Q: Can I buy LIC Jeevan Labh for my 5 year old son?
Ans: No, the minimum entry age requirement under LIC Jeevan Labh policy is 8 years.
Q: Does LIC Jeevan Labh cover any kind of death?
Ans: Yes, LIC Jeevan Labh covers all types of deaths. However, there is a special clause for suicidal deaths.
Q: Is LIC Jeevan Labh a good policy?
Ans: The LIC New Jeevan Labh plan 736 is a good policy for those seeking guaranteed returns and life cover, but it offers lower returns than market-linked investment options. It's best suited for risk-averse individuals with long-term financial goals like children's education or marriage.
Q: Is LIC Jeevan Labh tax-free?
Ans: Yes, the premium and maturity amounts in LIC Jeevan Labh are tax-free. Premiums qualify for deductions under Section 80C, and all payouts, maturity, death benefits, bonuses, and surrender value, are exempt under Section 10(10D) of the Income Tax Act 1961.
Q: What is the maturity amount of Jeevan Labh?
Ans: The maturity amount of LIC Jeevan Labh includes the Basic Sum Assured, accrued Simple Reversionary Bonuses, and a Final Additional Bonus (if any), paid as a lump sum at policy term-end.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark ˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in