LIC Jeevan Labh Policy (Table 836) – Full Review
LIC Jeevan Labh Policy (Table 836) – Full Review, The Life Insurance Corporation of India (LIC) has introduced a New Scheme on 4th January 2016, which is known as LIC Jeevan Labh 836. I have explained the full details of the scheme with the features, advantages, important points to consider, tenure, premium.
LIC Jeevan Labh Policy (Table 836)
Brief of the Policy:
- Basic Sum Insured – Rs 2,00,000 (More in multiples of Rs 10,000, subject to maximum no limit)
- Minimum Entry Age – 8 years
- Maximum Entry Age-
- 50 years for 25 years policy
- 54 years for 21 years policy
- 59 years for 16 years policy
- Surrender Possible – Yes, but after 3 years
- Premium Payment – Quarterly, Monthly, Yearly, Half Yearly
- Policy term – 16 years, 21 years, 25 years
- Premium paying term-
- 10 years for 16 years policy
- 15 years for 21 years policy
- 16 years for 25 years policy
Benefits of the Policy:
- Maturity Benefits – In case of the maturity, the benefits would consist of Final Bonus, any interim bonuses, other any benefits given by the corporation.
- Death Benefits – The death benefits given to the nominee would not be less than 105% of the premium paid till date. It would also consist of the bonus given to the other policy holder till date which would consist of Interim Bonus + Additional Bonus
- Other Benefits - If the buyer has opted for Accidental Death or Accidental Disability Rider, than if death occurs than sum equal to the sum assured would be given and in case of permanent disability due to accident, future premium would be waived off and sum assured would be payable on 10 years monthly equal monthly instalments.
- Loan Facility – Loan can be availed against the policy subject to the term of the policy has completed 3 years and all the premiums have been paid, subject to maximum loan available is 80%.
- Surrendered - The policy can be surrendered at any time after 3 years of the term, all the premiums being paid.
- Revival Policy – If the policy has been closed, and if the policy holder wants again to get the same policy then the policy holder can get it done within a period of 2 years of expiration of the policy.
- Look in Policy – If the policy holder is not satisfied with the terms and conditions of the policy then the holder can cancel the policy within period of 15 days from starting the policy.
- Taxation – The Policy is available for deduction under section 80C and the maturity amount is also fully exempt.
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Documents required for the Policy?
- Medical Reports
- Age Proof
- Address Proof
- Application form (To be taken from agent)
Documents required for making a Claim?
- School Certificate
- Disability Proof
- Death Certificate (in case of death)
- Original Policy Documents
- Title Proof