LIC Jeevan Labh Policy: LIC, or the Life Insurance Corporation of India, is one of the largest and most trusted life insurance organizations in the country. It was established in 1956 and since then has been ensuring financial security for people’s futures. An LIC policy is essentially a contract where you pay a fixed premium for a specific period, and in return, LIC provides you or your family with a higher amount in the future.
LIC offers various policies that combine protection, savings, and investment benefits. One such recently popular policy is the LIC Jeevan Labh Policy. In this article, we will learn more in detail about this policy.
What is LIC Jeevan Labh Policy?
LIC Jeevan Labh Policy is a popular life insurance policy that offers both savings and protection. It is a limited premium endowment plan, meaning you pay the premium for a limited period, but the insurance coverage continues throughout the entire policy term.
If the policyholder survives the full policy term, they receive a lump sum amount at maturity—Sum Assured plus bonuses. On the other hand, if the policyholder dies during the term, the nominee receives the full Sum Assured along with accumulated bonuses. Thus, it creates a strong financial safety net against life’s uncertainties.
This policy mainly has three terms—16, 21, and 25 years. Premiums are payable only for 10, 15, or 16 years. The plan also offers tax benefits, loan facilities, optional riders, and high returns. In simple words, it is an investment where you pay for a short period but get long-term protection and savings.
Key Features of LIC Jeevan Labh Policy
Policy Term & Premium Payment Term
- Policy Terms: 16, 21, and 25 years
- Premium Payment Terms: 10, 15, and 16 years
Entry Age
- Minimum: 8 years
- Maximum:
- For 16-year term: 59 years
- For 21-year term: 54 years
- For 25-year term: 50 years
- Maximum maturity age: 75 years
Minimum Sum Assured: ₹2,00,000
Premium Payment Modes:
Annual, half-yearly, quarterly, and monthly (via ECS or SSS)
LIC Jeevan Labh Policy Specifications
| Feature | Details |
|---|---|
| Policy Type | Limited premium endowment policy |
| Benefits | Protection + savings |
| Payout | Death benefit & maturity benefit with bonuses |
| Policy Terms | 16, 21, 25 years |
| Premium Terms | 10, 15, 16 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No fixed limit (depends on income & conditions) |
| Entry Age | Minimum 8 years; maximum depends on policy term |
| Maximum Maturity Age | 75 years |
| Loan Facility | Available after 2 years |
| Tax Benefits | Under sections 80C and 10(10D) |
| Grace Period | 15 days (monthly), 30 days (other modes) |
| Free-look Period | 15 days |
Key Benefits of LIC Jeevan Labh Policy
1. Death Benefit
If the policyholder dies during the policy term, the nominee receives:
- Full Sum Assured
- Accumulated bonuses
- Additional bonus (if any)
2. Maturity Benefit
If the policyholder survives the full term and pays all premiums, they receive:
- Sum Assured
- Accumulated bonus
- Additional bonus
3. Tax Benefits
Premium paid and maturity/death benefit are completely tax-free under sections 80C and 10(10D).
4. Loan Facility
After paying premiums for 2 years, the policyholder can take a loan of up to 90% of the surrender value in case of financial need.
5. Optional Rider Benefits
By paying extra premium, the following riders can be added:
- Accidental death & disability benefit rider
- Term assurance rider
- Critical illness rider
How to Apply for LIC Jeevan Labh Policy
Online Application
You can apply through the official LIC website:
- Visit the LIC website
- Select “Buy Policy Online”
- Fill in required details and upload documents
- Pay premium online
- After verification and medical (if required), the policy will be issued
Offline Application
You can also apply offline:
- Visit a LIC office or contact an authorized LIC agent
- Collect and fill out the application form
- Submit necessary documents
- Undergo medical test (if required)
- Submit the first premium and receive your policy bond
Documents Required
- Identity Proof: Aadhaar / PAN / Voter ID / Passport
- Address Proof: Electricity bill / Ration card / Bank statement / Gas bill
- Age Proof: Birth certificate / Secondary certificate / Passport
- Income Proof: Salary slip / IT return / Bank statement
- Photograph: Recent passport-size photo
Conclusion
LIC Jeevan Labh Policy is not just an insurance plan—it is a secure, reliable, and affordable method to protect the financial future of you and your family. With simple premium structure, guaranteed returns, tax benefits, and a lump-sum payout at maturity, this policy becomes an excellent choice for long-term financial planning.
