WhatsApp | LIC Tax Saving Plans
Whatsapp/sms "POLICY" to

+91 7411199333

+91 7411199666

Call | LIC Tax Saving Plans
Call us

+91 7411199333

+91 7411199666

LIC Jeevan Labh Plan

LIC Jeevan Labh Plan provides a comprehensive life insurance cover and maturity benefit. This plan can also be described as a limited premium paying endowment assurance plan. What this means is that the policy holder does not have to pay a premium for the entire duration of the policy term. If the policy holder dies within the policy term, the assured sum and bonuses will be paid to the nominee as a death benefit. On the other hand, if all is well with the policy holder even after the policy matures, the sum assured and bonuses will be paid as a maturity benefit.

Key Features of LIC Jeevan Labh Plan:

  • High Bonus Attracting Plan
  • Premiums need to be paid for less number of years than Maturity year
  • Ideal Plan for planning Child’s Education and Marriage
  • Options to avail accidental benefit and term riders
  • Paid premiums are exempted from income tax under 80C
  • Maturity/Death claim amount is tax free under 10 (10D)

Maturity Benefit :

On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.

Death Benefit :

In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder’s nominee

LIC Jeevan Labh Policy Details

This plan can be seen as insurance or an aid for long term investments. For many people, it is the ideal financial tool to plan ahead for their childrena’s future. The key features of this policy are:

  • Full payout on maturity or death of policy holder
  • Premiums to be paid for less than the total policy term
  • Policy is available for a term of 16,21 or 25 years with premium to be paid for 10, 15 and 16 years respectively.
  • Premium can be paid monthly, quarterly, semiannually or annually.
  • Minimum sun assured is Rs 2,00,000. No maximum limit.
  • Attracts high bonuses
  • Additional accidental benefits and term riders available
  • Premiums paid are exempted from income tax under Section 80C
  • Maturity/ death benefits eligible for tax rebate under Section 10(10D)
  • The policy may be surrendered after paying the premium for three years. The surrender value is based on the total premium paid, chosen policy term and year of surrender. Simple bonuses will also be payable.
  • 80-90% of the surrender value of a policy can be taken as a loan after paying premiums for three years.

This policy can be bought in the name of an adult up to the age of 59 years or a child who is over 8 years old. So, hurry contact an authorized LIC agent today.

Eligibility Criteria & Conditions 
Minimum Age8 years(Completed)
Maximum Age59 years for 16 years policy term
54 years for 21 years policy term
50 years for 25 years policy term
Policy Term16 years / 21 years / 25 years
Premium paying term10 years for policy term 16 years
21 years for policy term 15 years
25 years for policy term 16 years
Minimum Sum AssuredRs.2,00,000
Maximum Sum AssuredNo limit
Premium payment modeYearly / Half yearly / Quarterly / Monthly (Thru bank)
LoanEligible after 3 years
SurrenderEligible after 3 years
On DeathSum Assured + Bonus
On MaturitySum Assured + Bonus
Income Tax Benefits(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is Non taxable u/s 10(10d)

Frequently Asked Questions:

  • What happens if premiums are not paid within the grace period?
    -Insurance risk cover stops
  • How is LIC Jeevan Labh policy profitable from an investment point of view?
    -It is a simple endowment plan with high returns bonus
  • Which LIC Scheme should I apply for with a premium not exceeding 3,000/month, if I am a government employee?
    -Jeevan Anand & Jeevan Labh


LIC jeevan labh policy