Loading...
Loading...
LIC Jeevan Labh is a participating, non-linked individual savings life insurance plan that combines life protection with a maturity benefit. It offers three policy-term and premium-paying-term combinations: 16 years with 10 years of premiums, 21 years with 15 years of premiums, or 25 years with 16 years of premiums. The minimum Basic Sum Assured is ₹2 lakh, and the brochure specifies no maximum limit. Bonuses are not guaranteed and depend on the applicable policy terms and LIC declarations.
Participating, non-linked savings plan with limited premium payment and potential bonuses
Jeevan Labh may suit buyers who want life cover and long-term savings under one participating policy, with premiums payable for fewer years than the full policy term. The death benefit is based on the applicable Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The Sum Assured on Death is generally the higher of Basic Sum Assured or seven times the annualised premium, subject to policy conditions and a minimum death benefit of 105% of total premiums paid. At maturity, the benefit is Basic Sum Assured on Maturity plus vested bonuses and Final Additional Bonus, if any. Buyers should compare the actual benefit illustration, premium affordability, surrender or paid-up consequences, and available term insurance alternatives before purchasing. Bonuses and final additional bonuses are not guaranteed.
LIC
Key Insights
Founded
1956
LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
98.5% CSR, calculated as a 3-year average
LIC settles 98.5% of all claims it receives, demonstrating strong credibility.
Contact Details
022-68276827
Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India
Provides a death benefit if the life assured dies during the policy term, subject to the policy being in force and the contract terms.
The benefit is calculated under the policy formula and applicable conditions.
Pays Basic Sum Assured on Maturity plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Bonuses are not guaranteed.
Premiums are payable for 10, 15 or 16 years depending on the selected policy term.
The policy term continues beyond the premium-paying term in the applicable options.
Optional rider benefits may enhance cover, including eligible accident-related, term assurance or premium-waiver benefits.
Rider availability, eligibility and extra premiums depend on the relevant rider conditions.
Eligible death or maturity proceeds may be received in instalments over 5, 10 or 15 years.
The option must be exercised according to policy rules and deadlines.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
LIC plans and claim process
It is a participating, non-linked individual savings life insurance plan that combines life protection with a maturity benefit. Its current UIN is 512N304V03.
The available policy terms are 16, 21 and 25 years, with premium-paying terms of 10, 15 and 16 years respectively.
The minimum entry age is 8 completed years. Maximum entry age depends on the selected policy term: 59 years for 16 years, 54 years for 21 years, and 50 years for 25 years, as per nearer birthday.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.
Official Website
licindia.in
Visit the official LIC website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The minimum Basic Sum Assured is ₹2 lakh. The official brochure specifies no maximum limit, subject to applicable underwriting and rules.
For an in-force policy, the death benefit generally includes the Sum Assured on Death plus vested bonuses and Final Additional Bonus, if any. Sum Assured on Death is defined as the higher of Basic Sum Assured or seven times annualised premium, subject to the policy conditions and minimum-benefit clause.
The maturity benefit includes Basic Sum Assured on Maturity plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Bonus amounts are not guaranteed.
No. Simple Reversionary Bonuses and Final Additional Bonus depend on declarations and the policy terms; they should not be treated as guaranteed returns.
Optional riders may be available, including eligible accident-related, term assurance and premium-waiver riders. Availability, eligibility and additional premiums depend on the current rider documents.
A policy loan facility may be available subject to the policy acquiring the required value and meeting LIC loan conditions. Confirm the current loan terms with LIC.
No. It is a life insurance savings plan. It does not replace health insurance for hospitalisation and medical expenses.
The consequences depend on how many premiums have been paid and whether the policy has acquired paid-up or surrender value. Review the current policy document before discontinuing premiums.
Premium depends on age, Basic Sum Assured, policy term, premium frequency, underwriting and applicable taxes. Use an official LIC benefit illustration for a personalised estimate.
The plan provides an instalment settlement option for eligible death or maturity proceeds over 5, 10 or 15 years, subject to policy conditions and the applicable election deadline.
The maximum maturity age specified in the brochure is 75 years, as per nearer birthday.
Check LIC’s official Jeevan Labh Plan 736 page and the latest sales brochure and policy document before purchasing: https://licindia.in/lic-s-jeevan-labh-plan-736-512n304v03