JEEVAN LABH (Table 836) - (UIN: 512N304V01)

LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

Eligibility Conditions

For Basic plan

  • Minimum Basic Sum Assured : Rs. 2,00,000 (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
  • Maximum BasicSum Assured : No Limit
  • Policy Term / Premium Paying Term : (16/10), (21/15) & (25/16) years
  • Minimum Age at entry : 8 years (completed)
  • Maximum Age at entry:
    • 59 years (nearest birthday) for Policy Term 16 years
    • 54 years (nearest birthday) for Policy Term 21 years &
    • 50 years (nearest birthday) for Policy Term 25 years
  • Maximum Maturity Age : 75 years (nearest birthday)

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode during the Premium Paying Term of the policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment.


Death benefit:

In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of "Sum Assured on Death", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit:

"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

Optional Benefit:

The policyholder has an option of availing the following Rider benefit(s):

  • LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  • LIC's New Term Assurance Rider (UIN: 512B210V01)
  • Rider sum assured cannot exceed the basic sum assured.



If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of a discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Life Assured.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Paid-up Value:

If after atleast three full years' premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.

The Sum Assured on Death under a paid-up policy shall be reduced to such a sum called 'Death Paid-up Sum Assured' and shall be equal to [Sum Assured on Death * (number of premiums paid / number of premiums payable during the premium paying term)].

The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called 'Maturity Paid-up Sum Assured' and shall be equal to [Sum Assured on Maturity * (number of premiums paid / number of premiums payable during the premium paying term)].

If a policy continues as a paid up policy the same shall not be entitled to participate in future profits. However, the vested simple reversionary bonuses, if any, shall remain attached to the reduced paid up policy.

Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions that the Corporation may specify from time to time.


Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.



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