LIC Jeevan Labh: People looking for a combination of life insurance and long-term savings may consider LIC’s Jeevan Labh plan. The policy is a participating, non-linked personal savings and life insurance plan that provides insurance coverage along with savings-related benefits.
One of its key features is that the premium payment period is shorter than the overall policy term. This means policyholders do not have to continue paying premiums throughout the entire duration of the policy. The plan is promoted with the message, “Premiums stop, benefits continue.”
The policy has a minimum entry age of 8 years and a minimum Sum Assured of ₹2 lakh.
LIC Jeevan Labh: Policy and Premium Payment Terms
LIC Jeevan Labh provides three policy-term options: 16 years, 21 years and 25 years.
For a 16-year policy, premiums have to be paid for 10 years. Under the 21-year and 25-year options, the premium payment periods are 16 years.
Thus, the premium-paying period is shorter than the total policy duration. The minimum Sum Assured under the plan is ₹2 lakh, while there is no upper limit on the investment amount.
As a participating plan, Jeevan Labh combines life insurance protection with personal savings benefits.
Entry Age and Eligibility
The plan can be purchased for individuals from the age of 8 years. The maximum entry age varies according to the selected policy term.
For the 25-year policy, the maximum entry age is 50 years. For the 21-year policy, it is 54 years, while the maximum entry age for the 16-year policy is 59 years.
This allows applicants to select the policy duration based on their age and requirements.
How to Buy LIC Jeevan Labh
Those interested in the policy can purchase it by contacting an LIC agent or visiting an LIC branch. The policy can also be purchased through LIC’s website.
Customers can also send their city name to 56767474, contact the LIC call centre at (022) 6827 6827, or send a “Hi” message on WhatsApp to explore the available options.
Things to Check Before Buying
Before purchasing the policy, customers should carefully understand the applicable terms, conditions, benefits and risks. It is important to review the policy documents and make sure the plan matches your financial requirements.
Customers should also remain alert to fraudulent calls, fake messages and misleading offers made in the name of LIC. If you receive a suspicious call or encounter a fraudulent offer, you should report the matter to the police.
Disclaimer: This article is intended for general informational purposes and is based on the details provided in the source material. Policy terms, eligibility criteria, benefits, premium requirements and other conditions may be subject to LIC’s prevailing rules and changes. Prospective buyers should carefully read the official policy documents and consult an authorised LIC representative before making a decision.