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Policy Term and Premium Payable Period: Three options for policyholders.

LIC's Jeevan Labh plan is a great option for people who want the double benefits of life insurance coverage and good returns on their savings. This plan, which comes from a highly trusted life insurer, offers a fixed-term premium payment and guaranteed savings plan. Usually ,this plan provides financial protection to the family of the policyholder if he/she dies during the policy term. A larger amount is paid at the end of the policy period, perhaps if the policyholder is alive during the policy period.

Eligibility Limit and Other Restrictions:

Minimum Basic Sum Assured: Rs 2 Lakhs

Maximum Basic Sum Assured: No maximum limit

Policy Term and Premium Paying Period: Policyholders are offered three options which include 16/10 years, 21/15 years, and 25/16 years. This means that the policyholders do not need to pay the premium throughout the policy period.

Minimum age to join the program: 8 years should be completed

Maximum age for participation in the scheme:

59 years with the latest birthday for a policy period of 16 years

54 years with the latest birthday for the policy period of 21 years

50 years with the latest birthday for a policy term of 25 years

Maximum Maturity Age: 75 Years (Latest Birthday)

Benefits:

Death Benefit: In case of unfortunate death of the policyholder during the policy period, the nominee will be paid the sum assured plus bonus.

Maturity Benefit:

The sum assured at maturity is paid to the policyholder when the policyholder is alive throughout the policy period. Apart from that simple restructuring bonus and final additional bonus are also given. One must understand that the sum assured at maturity is equal to the principal sum assured.

Policyholders are also given the option of availing the maturity benefit in installments. That means you can get the maturity amount in installments of 5 years, 10 years or 15 years.

Apart from these benefits the policyholder can avail additional benefits like Accident Death Rider, Accident Death and Disability Benefit Rider, Critical Illness Benefit Rider and LIC's new Term Assurance Rider.

LIC's Jeevan Lob Benefit and Return:

Suppose a person buys an LIC Jeevan Lab plan at the age of 30 for a sum assured of Rs 5 lakh with a policy term of 16 years.

For this he has to pay premium at the rate of Rs 43,127 per annum for 10 years. This works out to Rs 118 per day inclusive of 4.5 percent GST for the first policy year. At maturity the policyholder will get a return of around Rs 8.33 lakh. This includes a base sum assured of Rs 5 lakh and a bonus of Rs 3,32,500.