LIC Jeevan Labh ( Table No. 936)

LIC Jeevan Labh 936 is a non linked, participating  Individual, Life Assurance saving plan. Which offers an attractive combination of protection and savings features. This combination provides financial support for the family of the disease holder in case of the unfortunate death of the policy holder anytime before maturity and a lump sum amount at the time of maturity for the surviving policy holder; this plan also takes care of liquidity needs through its loan facility.

Benefits

Maturity Benefit

On life assured surviving to the end of the policy term, the life policy is in-force on maturity along with the wasted simple reversionary bonus and final additional bonus, if any, shall be payable. Where “Sum Assured on maturity” is equal to basic sum assured.

Participation in profit

The policy cell participates in profits of the corporation and shall be entitled to receive a simple reversionary bonus declared as per the experience of the corporation provided the policy is in-force.

Final additional bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity final additional bonus shall not be payable  under paid-up policies.

The actual allocation to policy holders out of the surplus emerging from the actual investigation, shall be approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Death Benefit

Death benefit payable in case of death of the Life Assured before the stipulated Date of Maturity provided the policy is in-force, shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium.

This Death Benefit shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium and taxes) up to the date of death.

Eligibility conditions & other restrictions

(a) Minimum Sum Assured : 2 Lakh

(b) Maximum Sum Assured : No Limit                                                                                          (The basic sum assured shall be in multiples of Rs. 10,000/-)

Policy Term        Premium Paying Term                Maximum Age

16 Years                       10 Years                                   59 Years

21 Years                       15  Years                                   54 Years

25 Years                      16  Years                                    50 Years 

Date of commencement of risk under the plan

Risk will commence immediately on acceptance of the risk.

Date of vesting under the plan

If the policy issued on the life of a minor the policy shall automatically vest in the life assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting to be a contact between the corporation and the life Assured.

Rider Benefits

The following five riders are available under this policy:
A. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
B. LIC’s New Term Assurance Rider (UIN 512B210V01)
C. LIC’s Accident Benefit Rider (UIN: 512B203V03)
D. LIC’s New Critical Illness Benefit Rider ( UIN 512A212V01)
E. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)

LIC’s Accidental Death and Disability Benefit Rider / LIC’s Accident Benefit Rider

Under an in-force policy either of these riders can be opted for at any time within the Premium Paying Term of the Base Policy provided, the outstanding Premium Paying Term of the Base Policy is at least five years. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request.

LIC’s Premium Waiver Benefit Rider

Under an in-force policy, this Rider can be opted for on the life of Proposer of policy ( as the Life Assured is minor) at any time coinciding with the Policy Anniversary but within the Premium Paying Term of the Base Policy provided, the outstanding premium paying term of the Base Policy and rider is at least five years.

Further this rider shall only be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider.
The Rider term shall be outstanding premium paying term of Base policy as on date of opting this rider or (25 minus age of
the minor Life Assured at the time of opting this rider), whichever is lower.

LIC’s New Term Assurance Rider/LIC’s New Critical Illness Benefit Rider

These riders are available only at the inception of the policy on payment of additional premium.

Payment of Premiums

(a). The policyholder has to pay the Premium on the due dates as specified in the Schedule of this Policy Document along with applicable taxes, if any from time to time.

(b). In case of death of Life Assured under an in-force policy wherein all the premiums due till the date of death have been paid and where the mode of payment of premium is other than yearly, balance premium(s), if any, falling due from the date of death and before the next policy anniversary shall be deducted from the claim amount.

The Corporation does not have any obligation to issue a notice that premium is due or for the amount that is due.

Grace Period

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium (s), if any, falling due from the date of death and before the next policy anniversary.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates

Mode Rebate:

   Yearly Mode : 2% of Tabular Premium

   Half-yearly mode : 1 % of Tabular Premium

   Quarterly, Monthly Mode : NIL

Revival

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of maturity, as the case my be.

Paid-up Value

If less then 2 years premiums have been paid and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable.

If, after atleast 2 years premium have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as paid-up policy till the end of the policy term.

Surrender

The policy can be surrendered at any time provided 2 full years premium have been paid. On surrender of the policy, the corporation shall pay the surrender value equal to higher of guaranteed surrender value or special surrender value.

The special surrender value is reviewable and shall be determined by the corporation from time to time subject to prior of IRDAI.

Policy Loan

Loan can be availed under the policy provided atleast 2 full years premiums have been paid and subject to the terms and conditions as the corporation may specify from time to time.

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the corporation based on the method approved by the IRDAI.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

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