LIC's JEEVAN LABH (936)

LIC Jeevan Labh (936)

LIC’s Jeevan Labh – Plan 936 (revised with effect from 01/02/2020) –LIC’s Jeevan Labh (T 936) is with-profits, non linked and endowment plan with a shorter or limited premium payment period. 

CONDITIONS
Age at which the plan can be bought	8 years (completed)	If the policy term is 16 years – 59 years as per the nearest age
		If the policy term is 21 years – 54 years as per the nearest age
		If the policy term is 25 years – 50 years as per the nearest age
Maximum age up to which coverage is available	75 years as per the nearest age
Term of the policy	16, 21 or 25 years
Premium paying term under the plan	Policy term 16 years – 10 years
	Policy term 21 years – 15 years
	Policy term 25 years – 16 years
Sum Assured	INR 2 lakhs	No limit

Premium Paying Mode	Yearly, Half Yearl, Quarterly, Monthly (NACH)
Loan	Loans are available provided if at least 2 full years’ premiums have been paid
Surrender	After 2 Years of Premium Payment

Maturity Benefit

"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Death Benefit     (Life Cover)

In case of death during policy term, death claim is paid to nominee which is equal to Death Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) till the time of death + Final Additional Bonus (if any) (FAB), provided all due premiums are paid. Death Sum Assured is higher of Basic Sum Assured or 7 times of annualized premium.

Optional Benefit:	The policyholder has an option of availing the following Rider benefit
	a. LIC's Accidental Death and Disability Benefit Rider
	b. LIC's New Term Assurance Rider
	Rider sum assured cannot exceed the basic sum assured.

Tax Benefit

Available under the Section 80C and Section 10(10D) of the Income Tax Act, 1961

Key Features	Higher Bonus Attracting Plan.
	Premiums need to be paid for less number of years then Maturity Years
	Ideal Plan for Planning Children’s Education and Marriage
	Maturity amount is tax free under 10(10D)

 

Documents would be required	Recent colored photograph of the life insured and proposer.
	Identity proof like Voter’s ID Card, PAN Card, Aadhar Card, Driving License, Passport, etc.
	Address proof like Voter’s ID Card, Driving License, Passport, Electricity bill, telephone bill, etc.
	Age proof like passport, voter’s ID Card, Aadhar card, etc.