LIC to launch Jeevan Labh on January 4

Life Insurance Corporation of India (LIC) is introducing a limited premium paying, non-linked, with-profits Endowment Assurance plan 'Jeevan Labh' on January 4, 2016

The Plan is available from ages 8-59 and a choice of policy term of 16 years, 21 years, 25 years with premium paying term of 10 years, 15 years 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, shall be payable.

If death of the life assured happens during the policy term, the death benefit, defined as sum of  'Sum Assured on Death' and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.  The death benefit would not be less than 105% of the total premiums paid as on date of death.

Here, the minimum basic sum assured is Rs 2 lakh. 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.