Life Insurance Corporation (LIC) of India has offered a new policy plan that will give bonuses along with benefits to customers who are looking for a good insurance plan. LIC is giving an endowment plan that is offering investment and insurance benefits on maturity. LIC’s Jeevan Labh policy is one such endowment plan is a limited premium paying, non-linked, with-profits endowment plan which would give the benefit of protection and savings, according to the LOC website at www.licindia.in.
Jeevan Labh Endowment plan is one of the best selling insurance plans. The plan is valid for the people who attained the age of 8 years and the maximum age limit is 59 years as of age. Under this plan, the policyholder will get the benefits either on the maturity of the policy or in case the death of the owner, the nominee will get the benefits of the policy.
If you are interested to buy this plan, then here is the information:
LIC Jeevan Labh's policy provides financial support to the family of the policyholder in case of his sudden death before maturity. According to the LIC website, the policy will also provide a lump sum amount to the surviving policyholder on the maturity of the policy, including a loan facility.
The policy can be purchased by an individual for a minimum sum assured of the amount of Rs 2 lakh. The LIC Jeevan Labh policy can be started at the age of 8 years while the maximum age is 59 years. It is a limited premium-paying insurance policy, which offers three different policy terms and premium paying term options.
Here are the three policy terms and premium paying terms for LIC Jeevan Labh policy:
The policy can be paid either at monthly, quarterly, half-yearly or yearly mode during the premium paying term of the policy.
1. Policy term of 16 years and premium paying term of 10 years.
2. Policy term of 21 years and premium paying term of 15 years
3. Policy term of 25 years and premium paying term of 16 years.
Under this plan, the policyholder will also get some tax benefits. The policyholder can avail tax exemption under section 80C of income tax. Also, customers can take advantage of tax exemption under section 10 10D of income tax at the time of maturity of the plan.