LIC to launch Jeevan Labh on Jan 4
Life Insurance Corporation (LIC) of India is going to launch a limited premium paying, non-linked with-profits Endowment Assurance plan \'LIC’s Jeevan Labh\' on January 4.
Hyderabad: Life Insurance Corporation (LIC) of India is going to launch a limited premium paying, non-linked with-profits Endowment Assurance plan 'LIC’s Jeevan Labh' on January 4.
This Plan is available from ages eight years to 59 years and a choice of policy term of 16,21 and 25 years with premium paying term of 10, 15 and 16 years respectively.
The Maximum age at maturity is 75 years. On maturity of the policy and the policy holder surviving to the end of the policy term, basic sum assured along with vested simple reversionary bonuses and final additional bonus, if any, will given to the policy holder.
On death of the life assured during the policy term, the death benefit, defined as 'Sum Assured on Death' and vested simple reversionary bonuses and final additional bonus, if any, shall be payable.
Minimum Basic Sum Assured is Rs 2 lakh and Maximum Basic Sum Assured having no limit. LIC’s Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium. LIC’s New Term Assurance Rider is also available at the inception of the policy on payment of additional premium and as per rules.
The highlight of the plan is that premium is payable for limited period and risk is covered for the whole policy term. The plan is suited to those who want premium commitment for short duration having life coverage and benefits for a longer period.