LIC's Jeevan Labh Plan
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LIC's Jeevan Labh (Plan No. 936, UIN: 512N304V02) was a non-linked, participating, limited premium payment endowment plan offered by the Life Insurance Corporation of India (LIC). This plan combined the benefits of savings and protection, providing financial support to the policyholder's family in case of unfortunate demise and a lump sum amount at maturity for surviving policyholders.
🔑 Key Features
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Plan Type: Non-linked, participating, limited premium payment endowment plan.
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Policy Term Options: 16, 21, or 25 years.
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Premium Paying Term: 10 years for a 16-year policy term, 15 years for a 21-year term, and 16 years for a 25-year term.
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (through NACH), or salary deductions.
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Loan Facility: Available after payment of premiums for at least three full years.
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Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.
🎯 Eligibility Criteria
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Minimum Entry Age: 8 years (completed).
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Maximum Entry Age: 59 years for a 16-year policy term, 54 years for a 21-year term, and 50 years for a 25-year term.
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Maximum Maturity Age: 75 years.
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Minimum Basic Sum Assured: ₹2,00,000.
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Maximum Basic Sum Assured: No upper limit (subject to underwriting)