LIC Jeevan Labh is a life insurance plan which comprises of saving and protection to the insured person. It is one of the best selling endowment insurance plans which are being provided by life insurance Corporation of India. This policy provides an additional profit to the policyholder who includes benefit even after death and hence known as high bonus attracting plan. It is also an ideal plan when it comes to education or marriage of children.
This Jeevan Labh policy offered by LIC is rated as one of the best policies available for insurance plans for Indian seekers. This profit plan comes up with many benefits for the policyholders. This policy is generally available for everyone ranges between 8 to 59 years of age. This policy provides two types of benefits to the policy holders which includes maturity benefits and death benefits for the policyholders and their nominees.
Benefits of LIC Jeevan Labh
- Maturity benefit: If the policyholder survives in the term of the policy then she or he will get the benefit of the maturity term in the form of the amount being insured by the company along with some bonus and final additional bonus.
- Death benefit: if the policyholder dies in the term of the policy then his or her nominee will get the benefit of the maturity term in the form of the amount being insured by the company along with some bonus and final additional bonus.
Hence when it comes to calculating the benefit of the death his or her nominee will be paid out using LIC Jeevan Labh calculator:
- Sum amount that is being assured by the company and it must not be less than 105%
- Some bonus and it will be higher than 10 times of the annual premium
- Final additional bonus, if any
The benefits that the policyholder will get after maturity of the policy are:
- Sum assured on maturity
- Any final and additional bonus, if any
LIC Jeevan Labh also provides a surrender value if the premiums are being paid out for 3 full policy years and policy remain in effect for 3 years. Then, in this case, the surrender value consists of:
Guaranteed surrender value: it will be equal to the percentage of the total premium payments. The percentage of total premium is calculated by excluding the net of taxes, extra premiums paid and any extra rider premiums paid
Special surrender value: it is paid out of the life insured upon surrender of the policy but the special surrender value must be more than the guaranteed one.
LIC Jeevan Labh calculator
LIC Jeevan Labh calculator is an online calculator which is being provided by LIC to its policyholders to calculate the premium of the policy. LIC Jeevan Labh calculator is an easy way to calculate the maturity amount and explain it according to the age of the person. LIC Jeevan Labh calculator is also useful to calculate risk covers according to the age of the person. Several parameters are being used by the LIC Jeevan Labh calculator to calculate the premium which includes a bonus rate, final additional bonus, and many others which can be calculated as values but not as an exact value. It is just an indicative value.
LIC Jeevan Labh calculator uses helps the person to calculate the idea about the benefits of the plan also. The policyholder can enter several entries such as age, premium, sum assured in the calculator and can get complete information such as insurance coverage, premium payment and income tax benefit etc. In this way, this calculator helps the customers to get all the information’s which they want to know, to be calculated easily. LIC Jeevan Labh calculator is one of the powerful tools which provides an idea to the customers about the premium that they have to paid monthly and what they will receive in the end. It is also very helpful to calculate maturity and insurance coverage benefits in a simple and user-friendly manner. There also exist some riders such as critical illness benefit rider and accident disability benefit which can be incorporated into this calculator. Thus this calculator acts as the most important tool by the customers as it makes them calculate their premiums easily thought any worry.
The customers can enter their age, select term or PPT of the policy, then they have to select the “sum assured” to them or “enter the premium” that they have to pay. After that, the customer has to choose the option that they have to calculate the benefit for. These benefits include double accident benefit, critical illness rider, etc.
In this way, customers can get several benefits from LIC Jeevan Labh and these benefits can be availed at any time. It can be within the maturity period or even after death. After the death, these benefits are availed by the nominee.