New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) comes out with various types of insurance policies suiting individual needs and preference.
LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings.
The Jeevan Labh policy, provides the policyholder a combination of financial protection against death any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
This plan also takes care of liquidity needs through its loan facility.
1. Death benefit: In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
2. The "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured .
3. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
4. 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.
5. The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
6. Optional Benefit: The policyholder has an option of availing LIC's Accidental Death and Disability Benefit Rider, LIC's New Term Assurance Rider. But Rider sum assured cannot exceed the basic sum assured.