Jeevan Labh is one of the endowment policies offered by the Life Insurance Corporation of India (LIC). This is a limited-premium, non-linked policy that combines the benefits of both insurance and savings under a single policy. This is also a participating policy that is entitled to receive bonuses based on the profits made by the corporation. Policyholders also have the option of availing the loan facility to take care of their liquidity needs. Along with the base cover, policyholders can also subscribe to rider covers to enhance the level of their coverage.
People who meet the following eligibility criteria can apply for LIC’s Jeevan Labh Policy:
Some of the notable features of LIC’s Jeevan Labh Policy can be listed as follows:
The benefits available under this policy can be given in the following table:
|Benefits||Extent of Coverage|
|Death benefit||The ‘sum assured on death’ mentioned in the policy schedule will be paid to policyholders. The benefit includes the reversionary bonus and additional bonus accumulated during the policy term. (This benefit shall not be less than 105% of the total premiums paid.)|
|Maturity benefit||The ‘sum assured on maturity’ mentioned in the policy schedule along with the vested simple reversionary bonus and final additional bonus will be paid to policyholders. (This benefit shall be payable only after the completion of the policy term.)|
|Optional benefits (riders)||Accidental Death and Disability Benefit - Benefits are paid upon the accidental death or disability of the policyholder. New Term Assurance - This is a term cover that provides high-value coverage at an affordable price tag.|
The company shall not provide any compensation to the insured for the following list of exclusions:
The claim settlement form can be downloaded from LIC’s official website. The procedure may differ slightly for death claims and maturity claims. The following list of documents may be required to initiate claims under this policy:
Death benefit claims
Maturity benefit claims
Upon receipt of all these documents, the company will verify the validity of these documents. Once the validity of documents is established, the settlement amount will be transferred to the policyholder or claimant. All documents regarding the claim must be submitted to the home branch where the policy was bought. If there is any delay in receiving the settlement amount, the claimant may visit the branch office and enquire about the claim.
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