Jeevan Labh Plan

Jeevan Labh Plan is a limited premium paying plan giving dual benefits of life insurance along with high returns on investment. This is an ideal policy to protect children’s higher education or marriage. This is a non linked conventional plan with profits.

Jeevan Labh

Plan Features

Min Age at Entry  8 years
Max Age at Entry  59 years for 16 years policy term

 54 years for 21 years policy term

 50 years for 25 years policy term

Min/Max Policy Term  16 years, 21 years or 25 years
Premium Paying Term 10 years for 16 years policy term

15 years for 21 years policy term

16 years for 25 years policy term

Maximum Maturity Age  75 Years
Min/Max Sum Assured  Rs. 2,00,000/- (the incremental sum should be in multiples of 10,000) to No Limit
Tax Rebate  Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act
Loan Facility  Yes, after 3 years from date of policy inception, house loan surety on the basis of the Policy.
Riders  Available
Premium Payment  Monthly ECS, Quarterly, Half Yearly & Yearly

*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively

 

Benefits of Jeevan Labh Plan

  • On Maturity – If the policyholder survives till the end of the policy term then he/she is eligible to claim the maturity benefits
Includes Basic Sum Assured + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any)

 

  • On Death – If the policyholder dies before the policy term has come to an end then the nominee will receive the death benefits.
Includes Basic Sum Assured or 10 times Annualized Premium (whichever is higher) + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any).

 

Accidental, Disability and Term Rider

  • This is an optional benefit which can be added to the policy by payment of additional premium.
  • In case of accidental death of the policyholder an additional sum equivalent to the accident benefit amount assured is paid in addition to the death benefit which is 105% more than that of the total premiums paid by the policyholder till the date of death.
  • In case of permanent disability after an accident, within the time period of 180 days from the precise date of accident, the policyholder would be paid the accident sum assured in equal monthly instalments spread out over a period of 10 years.
  • All the future premiums of the basic and accident benefit sum assured of the New Jeevan Labh Plan would be waived off.
  • You can take up this rider at any time during the policy term before 5 years of the policy paying tenure.

 

Term Plan Rider

This is another rider which can be taken up under the Jeevan Labh Plan. On adding this rider to your current plan, the death benefit of the policyholder can be increased. To add this rider to your plan the Basic Sum Assured of the Jeevan Labh Plan should be less than 25 lakhs. This rider can be opted for right in the beginning of the policy term. The minimum Sum Assured for the rider should be 1 lakh.

 

Grace period, Revival and Surrender

For monthly mode of premium payment a grace period of 15 days is given to make the payment. For yearly, half-yearly and quarterly mode of payment a grace period of 30 days is allowed in case the policyholder has been unable to pay the premium by due date.

If premium is not paid on time and grace period expires as well without the payment being made, then the policy lapses. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid, provided all the outstanding premiums along with the interests have been cleared. The riders can also be revived along with the base policy in the same manner.

The policyholder of Jeevan Labh Plan is free to surrender the policy at any given time of the policy term, provided that the payment of premiums of three full years have been successfully made.

 

Documents Required

  • Plan Application form along with a photograph
  • Residential proof
  • Identity proof along with age proof
  • Medical reports if necessary.

 



Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.