LIC Jeevan Labh is another popular life insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, with-profits, limited premium paying endowment plan.
The plan also includes the policyholder in a share of the profits of the company through simple reversionary bonuses and offers rebates on the premium paid based on the premium paying mode and the amount of basic sum assured.
| Sum assured | Min - Rs.2,00,000 | Max - No Limit |
|---|---|
| Policy term | 16 years, 21 years, 25 years |
| Premium paying Term Options |
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| Grace Period | There is a grace period of 30 days on non-payment of the unpaid premium for annual, semi-annual, and quarterly modes. 15 days in the case of monthly mode. |
| Exclusion | In the event that the policyholder commits suicide within one year from the commencement of insurance coverage, the insurance cover will be void and the company will not be liable to pay any benefits (including but not limited to the Sum Assured) except refunding 80% of the premiums received without any interest. |