Life has always been full of uncertainties. As such, we need to have an insurance plan for the financial security of our family. It is probably the reason why people are always curious about an insurance plan that provide them higher insured sum with low premiums.

Also, people look for a trusted insurance company. Speaking of which, the state-owned Life insurance corporation of India comes at the topmost position with its new policy named LIC’s Jeevan Labh which is a limited premium non-linked endowment policy.

This plan provides you with the benefits of insurance as well as savings. As per this plan, the family gets financial help in case of the untimely death of a policyholder before the policy’s maturity. Likewise, the policyholder would get a lump sum payment if he survives up to maturity. Also, this plan allows the policyholders to avail any loan facility.

Mentioned below are some of its key benefits:

Benefits on maturity
Likewise, at the end of the policy term, the surviving policyholder will be provided a bonus lump sum along with the basic sum insured.

Death during the policy period
If the policyholder dies untimely during the policy period, all the premiums paid at the death of the policyholder, the sum insured, and other bonuses to be paid in case of death will be given to the nominee appointed by the policyholder.

Some special features:

LIC is offering this policy in three different types:
The First one is a policy term of 16 years and a term of 10 years for payment of premium.
The second one is a policy term of 21 years and a term of 15years for payment of premium.
And finally a policy term of 25 years and a term of 16 years for the payment of premium.

It’s worth mentioning here that if a subscriber chooses a policy term of 21 years, then there is an upper age limit of 54 years. At the same time, there is an upper age limit of 50 years for a policy term of 25 years.

Likewise, anyone aged between 8 and 59 years can apply for this plan for a policy term of 16 years. Besides, you can take this policy for a sum assured for a minimum of two lakh rupees. At the same time, there is no upper limit on the sum insured.

Apart from the above, the policy has some optional benefits:
• The Policyholders may take some riders as per their convenience.
• LIC’s Accidental Death and Disability Rider
• LIC’s New Term Insurance Rider

Meanwhile, it worth noting that the Life Insurance Corporation of India has launched a special campaign for reviving the eligible policies which have been lapsed.