A good insurance plan can protect your family’s future. LIC has created the Jeevan Labh Plan to help you save money. This plan lets you pay for a short time. You can get good returns on the money you invest. You also get life cover to take care of your family.
LIC Jeevan Labh Plan Maturity Calculator
Policy Summary
Please enter your details and click "Calculate Benefits" to see the summary.
| Policy Year | Annualized Premium (Cumulative) | Surrender Value (Range) | Expected Maturity Benefit (Range) | Death Benefit (Guaranteed, incl. Bonuses) | Non-Guaranteed Benefits (Range) | Key Notes |
|---|
Premium Details (Including GST)
| Year | Yearly | Half-yearly | Quarterly | Monthly |
|---|
Death Benefit Scenarios (4% and 8%)
| Policy Year | Death Benefit @ 4% | Death Benefit @ 8% |
|---|
Interest Rate Scenarios (4% and 8%)
| Scenario | Guaranteed Maturity Benefit | Non-Guaranteed Benefits @ 4% | Non-Guaranteed Benefits @ 8% |
|---|
The Jeevan Labh Plan is easy to understand. You only need to pay for a few years. And after this, you do not have to worry about more payments. Your family will get money in case something happens to you. You can also get a big amount when the plan ends.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
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- LIC New Jeevan Anand Plan Calculator
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- LIC Bima Jyoti Plan Premium Calculator
Eligibility and Key Features
Who Can Buy This Policy?
- Minimum Age: 8 years (completed).
- Maximum Age:
- 59 years for a 16-year policy term.
- 54 years for a 21-year policy term.
- 50 years for a 25-year policy term.
- Policy Term and Premium Paying Term Options:
- 16 years / 10 years.
- 21 years / 15 years.
- 25 years / 16 years.
- Minimum Basic Sum Assured: ₹2,00,000.
- Maximum Basic Sum Assured: No limit.
- Amounts must be in multiples of ₹10,000 or ₹25,000 based on the sum assured range.
Key Features:
- Protection: Provides financial support to the family in case of the policyholder’s untimely demise.
- Savings: Pays a lump sum at maturity along with bonuses.
- Limited Premium Payment: Premiums are paid only for a portion of the policy term.
- Profit Participation: Earn bonuses declared by LIC.
- Flexible Options:
- Claim payments in lump sums or instalments.
- Enhance coverage with riders.
Premium Details
Modes of Premium Payment:
- Yearly, half-yearly, quarterly, or monthly (via NACH).
Sample Premium Rates for Basic Sum Assured of ₹2,00,000:
| Age (years) | Policy Term (Years) | Annual Premium (₹) |
|---|---|---|
| 20 | 16 (10) | 17,718 |
| 21 (15) | 11,623 | |
| 25 (16) | 9,908 | |
| 30 | 16 (10) | 17,767 |
| 21 (15) | 11,701 | |
| 25 (16) | 10,025 |
Mode Rebates:
- Yearly: 2% of the tabular premium.
- Half-yearly: 1% of the tabular premium.
- Quarterly/Monthly: No rebate.
High Sum Assured Rebates:
- Sum assured of ₹5,00,000 to ₹9,99,999: 2%.
- Sum assured of ₹10,00,000 to ₹14,99,999: 3%.
- Sum assured of ₹15,00,000 and above: 3.5%.
Benefits of LIC Jeevan Labh
1. Death Benefit:
- In case of the policyholder’s death during the policy term:
- Sum Assured on Death: Higher of Basic Sum Assured or 7 times the annual premium.
- Vested Simple Reversionary Bonuses and Final Additional Bonus (if any).
- The guaranteed death benefit is at least 105% of all premiums paid.
2. Maturity Benefit:
- If the policyholder survives till the end of the policy term:
- Sum Assured on Maturity: Equal to Basic Sum Assured.
- Vested Simple Reversionary Bonuses and Final Additional Bonus (if any).
3. Bonuses:
- Simple Reversionary Bonus: Declared annually and added to the policy.
- Final Additional Bonus: Paid at maturity or death based on LIC’s financial performance.
Riders and Additional Options
Enhance your policy coverage by adding optional riders:
- Accidental Death and Disability Benefit Rider:
- Provides a lump sum in case of accidental death.
- Waives future premiums in case of disability.
- Accident Benefit Rider: Offers a lump sum for accidental death.
- New Term Assurance Rider: Provides extra life cover during the policy term.
- Premium Waiver Benefit Rider:
- Waives all future premiums if the proposer dies.
Settlement Options for Maturity or Death Benefits:
- Receive the benefits in instalments over 5, 10, or 15 years instead of a lump sum.
- Minimum installment amounts:
- Monthly: ₹5,000.
- Quarterly: ₹15,000.
- Half-yearly: ₹25,000.
- Yearly: ₹50,000.
Surrender and Loan Provisions
Surrender Value:
- The policy acquires a surrender value after paying premiums for at least two years.
- Guaranteed Surrender Value:
- A percentage of total premiums paid, excluding taxes and rider premiums.
- Special Surrender Value: This is reviewed annually and is usually higher than the guaranteed value.
Loan Facility:
- Loans can be availed after one year if at least one premium has been paid.
- Loan amount:
- Up to 80% of the surrender value for active policies.
- Up to 70% for paid-up policies.
Illustration Table
Here’s a comprehensive benefit illustration for a 30-year-old policyholder with a Basic Sum Assured of ₹2,00,000 and a 25-year policy term:
| Policy Year | Annual Premium (₹) | Guaranteed Benefits (₹) | Non-Guaranteed Benefits @ 4% (₹) | Non-Guaranteed Benefits @ 8% (₹) |
|---|---|---|---|---|
| 1 | 10,025 | 0 | 800 | 6,400 |
| 5 | 10,025 | 0 | 25,685 | 29,728 |
| 10 | 10,025 | 2,00,000 | 56,800 | 65,656 |
| 15 | 10,025 | 2,00,000 | 98,569 | 1,35,892 |
| 20 | 10,025 | 2,00,000 | 1,20,450 | 2,22,592 |
| 25 (Maturity) | 10,025 | 2,00,000 | 1,51,360 | 3,70,000 |
Exclusions and Limitations
Suicide Clause:
- If the policyholder commits suicide within 12 months:
- 80% of premiums paid will be refunded.
- Higher of 80% of premiums or surrender value after revival.
How to Buy LIC Jeevan Labh
- Contact an LIC agent or visit the nearest branch.
- Fill out the application form and submit the required documents like ID proof, age proof, and income proof.
- Choose the Basic Sum Assured and premium payment mode.
- Pay the first premium to activate the policy.
Claiming Benefits
Death Claims:
- Inform LIC and submit the death certificate, policy document, and nominee’s ID proof.
- Opt for lump-sum or instalment payments.
Maturity Claims:
- Submit the maturity claim form, policy document, and ID proof at the end of the term.
Why Choose LIC Jeevan Labh?
- Ideal for those seeking a balance of savings and protection.
- Limited premium payment terms for long-term benefits.
- High returns with participation in LIC’s profits.
- Flexibility to customize coverage with riders and settlement options.
Conclusion
LIC Jeevan Labh is more than just an insurance policy; it’s a comprehensive financial solution for your family’s future. Whether you’re planning for your child’s education, saving for retirement, or securing your loved ones, this plan offers the perfect combination of protection and savings. Start your journey toward financial stability today with LIC Jeevan Labh!
