LIC Jeevan Labh Plan


LIC Jeevan Labh Plan provides a comprehensive life insurance cover and maturity benefit. This plan can also be described as a limited premium paying endowment assurance plan. What this means is that the policyholder does not have to pay a premium for the entire duration of the policy term. If the policyholder dies within the policy term, the assured sum and bonuses will be paid to the nominee as a death benefit. On the other hand, if all is well with the policyholder even after the policy matures, the sum assured and bonuses will be paid as a maturity benefit.

LIC Jeevan Labh Plans – Key Features

  • High Bonus Attracting Plan
  • Premiums need to be paid for less number of years than Maturity year
  • Ideal Plan for planning Child’s Education and Marriage
  • Options to avail accidental benefit and term riders
  • Paid premiums are exempted from income tax under 80C
  • Maturity/Death claim amount is tax free under 10 (10D)

LIC Jeevan Labh Plan – Benefits:

Maturity Benefit: On completion of policy term, Sum Assured + Bonus + Final Addition bonus will be paid as maturity.
Death Benefit: In case of death during policy term of the plan, Bonus up to the year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder’s nominee

Eligibility Criteria & Conditions 
Minimum Age8 years(Completed)
Maximum Age59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term
Policy Term16 years / 21 years / 25 years
Premium paying term10 years for policy term 16 years
21 years for policy term 15 years
25 years for policy term 16 years
Minimum Sum AssuredRs.2,00,000
Maximum Sum AssuredNo limit
Premium payment modeYearly / Half yearly / Quarterly / Monthly (Thru bank)
LoanEligible after 3 years
SurrenderEligible after 3 years
On DeathSum Assured + Bonus

LIC Jeevan Labh – Policy Details

  • The full payout on maturity or death of the policyholder
  • Premiums to be paid for less than the total policy term
  • The policy is available for a term of 16, 21 or 25 years with the premium to be paid for 10, 15 and 16 years respectively.
  • Premium can be paid monthly, quarterly, semiannually or annually.
  • Minimum sum assured is Rs 2, 00,000. No maximum limit.
  • Attracts high bonuses
  • Additional accidental benefits and term riders available
  • Premiums paid are exempted from income tax under Section 80C
  • Maturity/ death benefits eligible for tax rebate under Section 10(10D)
  • The policy may be surrendered after paying the premium for three years. The surrender value is based on the total premium paid, chosen policy term and year of surrender. Simple bonuses will also be payable.
  • 80-90% of the surrender value of a policy can be taken as a loan after paying premiums for three years.