Life Insurance Corporation India (LIC) will launch its new endowment policy scheme called as LIC Jeevan Labh Plan No 836 on January 4, 2016.
This is new limited premium, non-linked with profit endowment plan.
Here are few basic features of the plan:
1. LIC's new plan Jeevan Labh is a traditional plan. It is a non-linked with profit Endowment Plan.
2. Minimum Age to apply for the scheme is 8 years.
3. Maximum maturity age for the scheme is 75 years.
4. Policy term options can be selected from the three options: 16 years/21 years/25 years
5. Premium paying term options are 10 years,15 years, 16 years respectively.
6. Minimum sum assured is Rs 2 Lakh.
7. At the event of death, the policyholder's nominee will receive Sum Assured plus Bonus plus Final Additional Bonus (if any).
8. At maturity benefit, the policy holder will receive Sum Assured plus Bonus plus Final Additional Bonus (if any).
Other important features
Loan facility can be availed after payment of premiums for at least three full years, which are subject to conditions.
The policy holder can cancel the policy if he is not satisfied with the terms and conditions of the policy. The policy can be canceled within free look period of 15 days from the date of receipt of the policy along with the valid reasons.
There are other two optional riders i.e. Accidental Death and Disability Rider and Term Assurance Rider.
Insurance will provide financial security to your family even when you are no longer around. So, one needs to choose the right product.
LIC's insurance policies give you the most suitable options that can fit your requirement. Last year, the LIC has launched 4 different policies to cater different needs.