Life Insurance Corporation of India – LIC is going to launch one of the new plan for the New Year 2016. This is new limited Premium, Non Linked with profit endowment plan and its called LIC Jeevan Labh under the Table No. 836. This Jeevan Labh New Plan is
expected to available for the purchase from the 4th january 2016 date.
Last Year around this time LIC launched a Similar plan which was called LIC Limited Payment Endowment Plan under the Table no. 830. LIC mostly launches a lots of new plans during this time on the starts of new year when Most of the Individual looking to invest their money in the Tax saving Instruments because 31st March are just few month away so every people want to save tax and secure their investment in good place.
Key Features of LIC Jeevan Labh Plan Table no. 836
One of the Most Advantage of this Jeevan Labh Plan is payment of Premious for this policy is limited to a term shorter than the Policy (Limited Premium Payment-LPP).
Example of Jeevan Labh Endowment Plan
Mr. Shah aged around 35 Year and think to take LIC Jeevan Labh Plan for the 16 Years Term and 10 Premium Payment Term. He selected the Sum Assured of Rs. 3 Lakh.
In this Plan Mr. Shah have to required to Pay Premium for 10 Years only but After the PPT time of 10 Year he not pay premium but their policy will continue till the 16 Years of Policy Term.
The below things might happen
On Death of Policy Holder (Mr. Shah) If Mr Shah Dies during the Policy term then their nominee member will receive the Sum Assured Amount + Accured Bonuses + FAB. After this payeble Amount Policy will be exist.
On Survival Till Maturity : If Mr. Shah Survive till the Policy term of 16 Years, He will get the Sum Assured + Accrued Bonus + FAB and then Policy will be terminate.