LIC Jeevan Labh policy qualifies for earnings tax benefits under Area 80(C) of the Money Tax Act.
Everyday living Insurance Company (LIC), the country’s most significant daily life insurance company which features different insurance coverage insurance policies like terms insurance guidelines, funds again insurance options, pension ideas and wellbeing insurance policy ideas also delivers endowment coverage guidelines. Endowment programs give a mix of protection and savings, LIC said in a push launch. LIC’s Jeevan Labh Plan is 1 of the endowment insurance coverage plan getting offered by the condition-owned insurer. LIC Jeevan Labh policy delivers a lump sum sum to the policyholder at the time of maturity of policy, and economic aid for the relatives in situation of dying of the policyholder before maturity of policy, in accordance to LIC.
Listed here are facts of top quality, eligibility criteria, sum assured and other rewards relevant to LIC’s Jeevan Labh insurance policies coverage:
LIC presents three distinctive plan/high quality-shelling out terms for the Jeevan Labh plan: 16 years coverage time period and 10 several years high quality having to pay phrase 21 a long time plan expression and 15 decades quality spending term, and 25 decades coverage term and 16 many years premium shelling out term.
If the subscriber chooses a plan phrase of 21 several years, the most age limit is 54 decades. For all those choosing a coverage term of 25 years, the highest age limit is 50 a long time (maturity age of 75 a long time), according to LIC.
The LIC Jeevan Labh policy can be obtained any specific in the age team of 8-59 several years if the policy term is for 16 several years. The bare minimum sum assured for LIC’s Jeevan Labh plan is Rs 2 lakh and there is no optimum restrict for the quantum of sum certain, in accordance to the LIC web page.
The premium from an LIC Jeevan Labh policy can be paid on a regular basis on a every month, quarterly, half-yearly or yearly foundation. A grace period of just one thirty day period but not less than 30 days is allowed for payment in the yearly, half-yearly and quarterly modes, and 15 days in situation of every month payments, in accordance to the LIC internet site.
