Jeevan Labh Plan No. 936 is a limited premium, non-linked, with-profits Endowment Plan.
LIC Jeevan Labh Features & Conditions:
Minimum age at entry : 8 years (Completed)
Policy Term, PPT (Premium Paying Term) and Maximum age at entry :
Policy Term PPT(Premium Paying Term) Max Entry Age
16 years 10 years 59 (Nearer Birthday)
21 years 15 years 54 (Nearer Birthday)
25 years 16 years 50 (Nearer Birthday)
Maximum Maturity Age: 75 years (Nearer Birthday)
Minimum Sum Assured: 2,00,000/-
Maximum Sum Assured .: No limit
Available Riders:
LIC’s Accidental Death and Disability Benefit Rider / Accident Benefit Rider, Term Rider, Critical illness Rider, and Premium Waiver Benefit Rider (PWB) Rider up to age 25 of the child.
Payment Mode of Premium:
Yearly, Half Yearly, Quarterly & Monthly ( SSS & NACH)
Rebates:
Mode Rebate: Yearly: 2%, Half Yearly: 1 %
Grace Period:
15 Days for monthly premium payment mode and 30 days for other payment modes.
Claim Concessions:
Available under Base Plan only.
Paid-up Value of policy:
Available after payment of premium of 2 full years.
Surrender:
Available after payment of premium of 2 full years.
Policy Loan Benefits:
Available after payment of premium of 2 full years.
Revivals:
Within 5 years of First Unpaid Premium (FUP)
Back Dating:
Allowed with lean Month’s benefits.
Proposal Form:
Form 300, 340 or Form 360
Tax Benefits:
On Premium: Deduction under Section 80C subject to a maximum limit
Maturity Amount: Exempt u/s 10(10D)
Death claim : Exempt u/s 10(10D)
All Jeevan Labh Plan No. 936 Details with example are available in Video. Please check the Video given below.
DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years: One day before completion of 2 years from Date of Commencement (DOC) or one day before Policy Anniversary after completion of the age of 8 years, whichever is earlier.
For age at entry 8 years (Last Birthday) or more: Risk will commence immediately.
SUM ASSURED ON DEATH: Basic Sum Assured
DEATH BENEFIT:
Sum Assured on Death + Vested Bonus + Final additional bonus(FAB) if any.
MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + Final additional bonus(FAB) if any.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic Sum Assured only.
Non -Medical Schemes: All Allowed.
Age Proofs: All Allowed.
Female Lives: All Allowed.
Pregnant ladies: Catagory A1 only up to 24 weeks of pregnancy.
Sub-Standard Major lives: Up to EMR Class Ten only.
Physically Handicapped lives should be gainfully employed.
Keyman/Partnership/Empl-Employee: Allowed only under Employer-Employee
Example
