LIC Jeevan Labh Plan

LIC Jeevan Labh (Table No 836) is a non-linked ( Not dependent on share market) limited premium paying endowment assurance plan which means premium paying term is less than policy term for example, if policy term 16 has been selected then premium will be paid for 10 years only and maturity will be paid after completion of 16 years. This policy is similar to Jeevan shree (closed for sale) which is one of the highest bonus attracting plans of LIC.

Key Features

• High Bonus Attracting Plan
• Premiums need to be paid for less number of years than Maturity year
• Ideal Plan for planning Child's Education and Marriage
• Options to avail accidental benefit and term riders
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D)

Plan Parameters

Minimum Age at Entry	8 Years (Completed)
Maximum Age at Entry	59 Years for 16 Year Term
	54 Years for 21 Year Term
	50 Years for 25 Year Term
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS Only)  Calculate Your Premium
Policy Term (Premium Payment Term)	16(10), 21(15), 25(16)
Basic Sum Assured	2,00,000 and above (in multiple of 10,000)
Premium Payment Mode rebate	2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured (Per 1000 of Sum Assured)	0% up to 4,90,000
	1.25% for 5,00,000 to 9,90,000
	1.50% for 10,00,000 to 14,90,000
	1.75% for 15,00,000 and above
Loan	After 3 years
Surrender	After 3 years of full premium payment

Maturity Benefit

On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.

Death Benefit

In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder's nominee.

Jeevan Labh (836) with an Example

Suppose a person who is purchasing Jeevan Labh Policy with following details. 
Sum Assured: Rs. 12,00,000
Policy Term: 25 Years
Premium Paying Term: 16 Years
Policy Purchase Year: 2016
Age: 29 Years.

As per above details, Yearly Premium: will be Rs. 56,357 (with Service tax)

Go To Premium Calculator 
Go To Maturity Calculator

So, as per above example, policy holder needs to pay the premium of Rs. 56,357 per year for 16 years (Premium Paying Term) and after completion of 25 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.

Maturity Details

If Policy holder survives 25 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Maturity Year	Age at Maturity	Total Premium Paid	Maturity Amount (Approx.)
2041	54	886907	3300000

Death Claim Details

In case of death during policy term ( Before 25 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How Understand Following Table

Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,65,427 and nominee will get death claim as Rs. 19,48,800 in case of normal death or Rs. 31,48,800 as accidental death claim in case of death due to accident and policy will stop.

Year	Age	Total Paid Premium	Normal Life Cover (Approx.)	Accidental Life Cover (Approx.)
2016	29	56357	1262400	2462400
2017	30	111727	1324800	2524800
2018	31	167097	1387200	2587200
2019	32	222467	1449600	2649600
2020	33	277837	1512000	2712000
2021	34	333207	1574400	2774400
2022	35	388577	1636800	2836800
2023	36	443947	1699200	2899200
2024	37	499317	1761600	2961600
2025	38	554687	1824000	3024000
2026	39	610057	1886400	3086400
2027	40	665427	1948800	3148800
2028	41	720797	2011200	3211200
2029	42	776167	2073600	3273600
2030	43	831537	2172000	3372000
2031	44	886907	2240400	3440400
2032	45	--	2314800	3514800
2033	46	--	2389200	3589200
2034	47	--	2493600	3693600
2035	48	--	2622000	3822000
2036	49	--	2720400	3920400
2037	50	--	2872800	4072800
2038	51	--	2995200	4195200
2039	52	--	3117600	4317600
2040	53	--	3300000	4500000

website www.licindia.in.

New Children’s Money Back Plan

New Children’s Money Back Plan

LIC New Children Money Back Plan is a simple Money Back Traditional Plan with Bonus facility.

                                               LIC New Children Money Back Plan

Eligibility Conditions – New Children’s Money Back Plan

It can be taken for any child between 0 to 12 years of age and can be continued till the child is 25 years old. In this plan, premium needs to be paid yearly, quarterly or monthly as chosen and needs to be paid for the entire policy tenure.

Death Benefit – New Children’s Money Back Plan

The risk on the child’s life starts on when he is 8 years old or after 2 years of the policy commencement date, whichever is earlier. So, in this plan, if the Life Insured dies within the policy tenure but before the Risk Commencement, the premium paid less tax is returned to the policyholder.

However, if the life insured dies after the risk commencement date, the Sum Assured on Death + accrued Simple Reversionary Bonus + Final Additional Bonus, if any would be payable to the Policyholder and the policy would be terminated.

The Sum Assured on Death has been defined as the higher of:

• 10 times the annualized premium or
• The Basic Sum Assured

Subject to a minimum of 105% of total premium paid till date

Survival and Maturity Benefit – New Children’s Money Back Plan

This policy pays 20% of the Basic Sum Assured when the child completes 18 years, 20 years and 22 years respectively as Survival Benefit and the remaining 40% of the Basic Sum Assured + accrued Bonuses would be payable at the end of the Policy Tenure as Maturity Benefit.

There is an option to defer the Survival Benefit in this plan for which an interest would be payable for the interim period.

                                               New Children Money Back Plan

Additional Rider Benefit – New Children’s Money Back Plan

This plan also offers and additional Premium Waiver Benefit option wherein if the Policyholder dies within the policy tenure, the future premiums would be waived but the policy continues to pay the Survival and Maturity Benefits as per schedule.

New Children’s Money Back Plan

Thus, this is a simple Money Back Plan which can be opted for the children with scheduled money back options at various milestones which can be planned ahead of time

LIC’s new policy called Children Money Back Policy is like a simple money back plan with pre-set intervals for the survival benefits to be paid but since it has been designed especially for the children, it has quite a few unique features only to suit the needs of parents with children.

This policy is a Traditional Money Back Plan with Profit, i.e. with Bonus facility. Thus in this plan, simple Reversionary Bonus + Final Addition Bonus, if any would be payable to the policy on Death of the Life Insured within the policy tenure or on Policy Maturity, whichever is earlier.

Survival Benefit under this plan is as under:

Child’s Age : Survival Benefit

18 Years         : 20% of the Basic Sum Assured

20 Years        : 20% of the Basic Sum Assured

22 Years        : 20% of the Basic Sum Assured

On completion of the Policy Tenure, i.e. when the child is 25 years of age, the remaining 40% of the Basic Sum Assured + accrued simple Reversionary Bonus + Final Addition Bonus, if any would be paid to the policyholder as Maturity Benefit and the policy would be terminated.

New Children’s Money Back Plan has Surrender options available after completion of 3 policy years. There is a Guaranteed Surrender Value available for this plan and even accrued Bonuses would be payable under certain circumstances.

Loan facility is also available in New Children’s Money Back Plan after completion of 3 policy years but provided the loan has to be taken for the child’s benefit only. Loan can be granted upto 90% of inforced plan and 80% of Paid Up Policies and the loan amount and interest payable would be recovered from the due Survival Benefits as per schedule.

The usual Tax Benefit is also available in New Children’s Money Back Plan wherein the premium payable is tax free under section 80C and the Maturity Benefit is tax free under section 10(10)D since the life coverage is 10 times of the annualized premium. These features along with the liquidity makes this plan quite a desired option for many.