Individuals can profit from LIC Jeevan Labh, which is a type of life assurance savings plan. It is a Non-Linked, Participating insurance that offers an enticing combination of protection and savings. The purpose of this plan is to provide financial security to the insured's family if they die before the policy's maturity date. It also guarantees the surviving policyholder a lump sum payment at maturity.
One of the plan's distinguishing features is its capacity to manage liquidity demands with a simple borrowing facility. This means that policyholders can borrow against their coverage if necessary. This option provides policyholders with additional freedom and financial stability during challenging times.
In essence, LIC Jeevan Labh is a comprehensive life assurance savings plan that safeguards policyholders' and their loved ones' futures. In the event of the policyholder's untimely death, it offers financial assistance to the policyholder's family, as well as a lump sum payout upon policy maturity.
The loan facility also addresses the liquidity needs of policyholders, resulting in enhanced financial well-being overall.
Customers can receive long-term security by paying premiums for a short time under the LIC Jeevan Labh Policy.
Key characteristics include:
Loan Facilities: After paying monthly premiums for two years, policyholders can apply for loan facilities under this plan. The loan amount cannot exceed 90% of the surrender value.
Flexible Benefit Payouts: The insurance allows you to collect death and maturity benefits in increments over 5, 10, or 15 years, giving you greater payout flexibility.
Parents who purchase this plan for their kid have the option of adding the LIC's Premium Waiver Benefit Rider. If the father dies, LIC waives future premiums, guaranteeing that the kid does not suffer the responsibility of keeping the insurance.
Premium refunds: If the total guaranteed is Rs. 5 lakhs or above, policyholders can receive substantial premium refunds.
The LIC Jeevan Labh Policy is designed to provide policyholders with comprehensive coverage and financial stability, making it a good alternative for individuals looking for long-term benefits with flexible options.
Limited Premium Payment Term: With this plan, you only pay premiums for a specific number of years - either 10, 15, or 16. After the premium payment term ends, you can relax knowing that you're still covered until maturity.
Maturity Benefit: You're guaranteed a maturity benefit, which is a fixed percentage of the insured amount plus any bonuses. This ensures a secure and predictable return on your investment.
Death Benefit: If you pass away during the policy term, your nominee will receive a death benefit. This benefit is determined as the greater of the sum insured or ten times the yearly premium. It provides financial support to your loved ones when they need it the most.
Bonuses: The LIC Jeevan Labh Plan includes reversionary bonuses, which are regularly announced by LIC. These bonuses are paid out upon maturity or in the event of your death, adding to the overall benefits of the plan.
Surrender Value: If you decide to cancel the plan after completing at least three years, you can surrender your policy and receive a surrender value. This gives you some financial flexibility.
For more information on the LIC Jeevan Labh Plan, including details on the LIC New Jeevan Labh Plan Table 936, keep scrolling down.
|Entry Age||8 years||59 years for PT 16 years
54 years for PT 21 years
50 years for PT 25 years
|Basic Sum Assured||Rs.2,00,000||No upper limit|
|Maturity Age||N/A||75 years|
|Policy Term||16, 21& 25 years|
|Premium Paying Term||10, 15 & 16 years|
Date of commencement of risk under the plan:
Risk will commence immediately on acceptance ofthe risk.
Date of vesting under the plan:
If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
When it comes to the LIC Jeevan Labh policy interest rate, it's critical to recognize that the returns are not fixed. They are reliant on the performance of LIC with-profits fund, which is a diversified investment fund.
The with-profits fund's returns are given to policyholders in the form of bonuses. LIC declares the bonus rate for the Jeevan Labh insurance on a yearly basis. It is usually expressed as a percentage of the total guaranteed.
It is critical to understand that the bonus rate varies from year to year and is not guaranteed. As a result, providing a set rate of interest for insurance is not possible.
Policyholders' actual returns are determined by a number of factors, including the bonus rate stated by LIC, the performance of the with-profits fund, the premium amount paid, and the policy term chosen.
It is best to speak with LIC or refer to the policy paperwork to determine the exact returns and bonus rates for a certain policy. They will give the most accurate and up-to-date information about the policy's prospective returns and benefits.
The LIC Jeevan Labh plan, in which policyholders pay premiums for a certain period and get a lump sum at the conclusion of the insurance term, offers significant tax benefits.
These advantages are in compliance with the provisions established in the Income Tax Act of 1961, notably Sections 80C and 10(10D).
Tax advantages on premiums paid: The premiums paid for the policy are deductible under Section 80C of the Income Tax Act. This deduction has a maximum limit of Rs. 1.5 lakhs per year. Policyholders can use this provision to decrease their taxable income by the amount of premium paid towards the insurance.
Tax advantages on maturity proceeds: Under Section 10(10D) of the Income Tax Act, the maturity proceeds of the policy, which include the lump sum amount paid at the conclusion of the policy term as well as any bonuses, are free from tax. This implies the policyholder is not required to pay any tax on the amount received at maturity, guaranteeing that the full amount is tax-free.
It is important to keep in mind that tax regulations are subject to change, therefore it is best to contact with a tax specialist or financial adviser to remain up to speed on the current tax benefits and restrictions relevant to the insurance.
They will give correct information on current tax benefits and will verify compliance with current tax legislation.
The surrender value of the LIC Jeevan Labh Plan, a classic, non-linked, with-profit endowment plan, is decided by a number of elements that must be carefully studied. What you need to know about the surrender value is as follows:
Factors of Calculation: The surrender value of the plan is calculated by the amount of premiums paid, the policy duration, and the surrender value factor established by LIC.
Consideration of Premiums: The surrender value is computed as a percentage of all premiums paid, excluding the first-year premium and any additional premiums paid for riders or other benefits.
Insurance Term and Premiums Paid: The insurance term and the quantity of premiums paid determine the proportion of premiums paid considered for surrender value. A longer policy term and more premiums paid result in a larger proportion evaluated for surrender value.
Contact LIC: To find out the precise surrender value of your Policy, contact the local LIC branch or go to the LIC website. Provide your policy information to their representatives, who will assist you in precisely determining the surrender value.
Important Factors to Consider: It is critical to remember that the surrender value is often less than the total premiums paid. Surrender costs may also apply, affecting the ultimate amount received. Furthermore, surrendering a policy may have tax ramifications, therefore it is best to seek advice from a tax specialist.
Given the potential financial consequences, it's critical to examine your circumstances, estimate the surrender value, and weigh all factors before surrendering your Plan.
The LIC Jeevan Labh Calculator makes it simple to calculate the premium and maturity benefits. Here's a step-by-step tutorial for using the calculator:
1.Go to the LIC's official website at https://www.licindia.in/.
2. Locate and click on the 'Online Services' page on the website.
3. Locate and click on the 'Premium Calculator' option inside the 'Online Services' section.
4. A dropdown menu with a list of different LIC plans will display. From the dropdown option, choose LIC Jeevan Labh.
5. You will be asked to input your name, age, sum assured (the amount of coverage you desire), policy term (the length of the policy), premium payment term (the period during which you will pay premiums), and other pertinent information as requested.
6. After entering all of the required information, click the 'Calculate' or 'Generate' option.
7. After processing the input, the Calculator will reveal the premium amount due for the policy as well as an estimate of the maturity benefits you may anticipate to receive at the conclusion of the policy period.
It's worth noting that, in addition to the official LIC calculator on the LIC website, there are third-party calculators accessible on several financial websites. However, it is important to cross-check the findings with a LIC agent or representative to assure accuracy and have a thorough grasp of the policy's features and advantages.
You would normally need to present the following papers when applying :
Fill complete the LIC proposal form, including your name, age, residence, employment, and other pertinent information.
Submit a legitimate evidence of identity, such as an Aadhaar card, PAN card, Voter ID card, Passport, or any other government-issued identification document.
Proof of age: Provide a document that proves your age. Birth certificate, Passport, PAN card, Aadhaar card, Voter ID card, School leaving certificate, and other papers are acceptable.
Residence evidence: Provide a legitimate proof of your residence, such as an Aadhaar card, a Voter ID card, a passport, a driver's licence, a bank statement, an electricity bill, a telephone bill, or any other document displaying your current residential address.
Income evidence: Depending on the sum insured and your age, you may be needed to present income proof papers such as wage slips, Form 16, Income Tax returns, or any other documents requested by LIC in order for them to analyse your financial situation.
Medical reports: Depending on your age and the sum assured, LIC may need you to undertake a medical examination or present a medical report from a licenced doctor to evaluate your health status.
Photograph: Along with your application form, provide a current passport-sized picture.
It is crucial to remember that the aforementioned documents are normally required. Additional documentation, however, may be required based on specific circumstances or as asked by LIC. To acquire a thorough and accurate list of papers necessary for your individual application, contact a LIC agent or visit a LIC branch office.