Good reasons why you should buy LIC’s Jeevan Labh

Here are the best reasons why you should choose LIC’s Jeevan Labh policy

1) LIC’s Jeevan Labh is a limited premium paying plan which means you pay premium only for a specified or limited time frame.

2) It is not linked to or is not dependent on the share market. 

3) This plan is with-profits endowment plan and it offers both protection and savings. 

4) The saving element of this plan is dominant as most of the premium goes for the saving part. 

5) The premium paying tenure is comparatively less than the Policy term and the premium is also relatively very high.

6) In the case of unfortunate death of the insured any time before maturity, this plan provides financial support for the family.

7) Also, upon survival of the insured, a lump sum amount is paid at the time of maturity.

8) This plan covers a wide age group 8-59 years.

9) So, even a small child or a senior citizen can have the insurance cover through LIC Jeevan Labh. 

10) It has a special feature of lower premium payment term than the policy term. 

11) People can choose the policy term as 16 years / 21 years / 25 years and the premium paying term options as 10 years / 15 years / 16 years accordingly.

12) You have the facility to opt some useful riders as well such as accident death benefit, disability benefit, and new term assurance. 

13) It gives a minimum life insurance cover of 2 lakhs which is minimum 10 times of the annual premium.

14) In the unfortunate event of the death of the insured, their nominee will receive; Sum Assured + Bonus + Final Additional Bonus.

15) It also offers maturity benefit amount which is the Sum Assured + Bonus + Final Additional Bonus on the survival of the insured.

16) This plan gives tax benefit under section 80C and even the maturity amount is also tax-free.

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About the Author: Soumava Chakraborty