The first tax saving plan is announced by LIC India. Yes, LIC India has announced, “LIC JEEVAN LABH” which is a limited payment profit Endowment Plan. Jeevan Labh plan is just launched on 4th January by LIC India.
Benefits of LIC Jeevan Labh Policy [Plan Table 830]
Features of LIC Jeevan Labh
1. The first benefit of Jeevan Labh is, it’s limited premium payable policy. There are three options for the policy terms, 16 years, 21 years, and 25 years.
2. If you adopt 16 years term plan then the premium payable is 10 years only, for 21 years and 25 years policy terms, the premium payable is for 15 and 16 years only.
3. Minimum age to enter Jeevan Labh is just 8 years (for life assured).
4. Maximum age is 59 years for 16 years policy term,54 years of age for 21 years policy term, 50 years of age for 25 years.
5. Minimum Basic Sum Assured is Rs.2,00,000/-
6. You need to buy a policy term for 10000 of multiple.
7. Maximum age at maturity is 75 years.
Benefits of LIC Jeevan Labh
If a person dies during the policy term, he/she will get Sum Assured + Simple reversionary bonuses + Final Additional Bonus (FAB). (where Sum assured on death is 10 times of annual premium).
Maturity benefit under Jeevan Labh
If person survive till maturity of policy term, person will get sum assured + Simple reversion bonuses + Final Additional Bonus (FAB).
Also you can get below mentioned extra benefits too;
- LIC Jeevan Labh also covers accidental death and disability rider.
- You can avail loan after 3 years of premium payment.
- You can avail tax benefit, rebate under IT Section 80C.
- You can surrender your policy anytime after 3 years of premium payment.
- Below is example of Death benefit and maturity benefit of LIC Jeevan Labh;
Above example is assuming, person’s age 30 years, policy term 25 years and 16 years of premium term.