LIC Jeevan Labh policy can be purchased by anyone in the age group of 8-59 years for a period of 16 years. Investment in this policy is exempted from income tax under 80C.
Life Insurance Corporation of India (LIC) is the largest life insurance company in the country. Jeevan Labh policy is offered by LIC. Which provides a lump sum amount to the policyholder at the time of maturity. According to LIC, it also provides financial help to the family in case of death of the policyholder before the maturity of the policy.
LIC offers various insurance policies such as term insurance policies, money back insurance plans, pension plans and health insurance plans. Endowment insurance schemes offered by LIC are a combination of safety and saving and thrift. LIC’s Jeevan Labh policy is one of the endowment insurance policies provided by the state-owned insurance company.
LIC Jeevan Labh policy can be purchased by anyone in the age group of 8-59 years if the policy term is for 16 years. The minimum sum assured for LIC’s Jeevan Labh policy is Rs 2 lakh and there is no maximum limit on the sum assured as per the LIC website.
LIC Jeevan Labh policy premiums can be paid on a regular monthly, quarterly, half-yearly or yearly basis. According to the LIC website, a grace period of one month but not less than 30 days is allowed for payments in yearly, half-yearly and quarterly modes and 15 days in case of monthly payments.
LIC offers three different policy/premium-paying terms for Jeevan Labh policy: policy term of 16 years and premium paying term of 10 years, policy term of 21 years and premium paying term of 15 years, and policy term of 25 years Policy term and premium paying term of 16 years.
If the subscriber opts for a policy term of 21 years, then the maximum age limit is 54 years. For those opting for a policy term of 25 years as per LIC, the maximum age limit is 50 years (Maturity age of 75 years). On maturity, the policy holder will get the Sum Assured on Maturity along with Simple Reversionary Bonus and Lump sum Final Additional Bonus at the end of the policy term, as per LIC. LIC’s Jeevan Labh policy is eligible for income tax benefits under section 80(c) of the Income Tax Act.