About LIC Jeevan Labh Policy Life Insurance
The LIC Jeevan Labh Plan is a savings and protection plan that is available in different policy terms. It is a non-linked, individual life insurance policy through which you can accomplish all your long-term financial goals, including purchasing a house, funding your children's education, or starting your own business. This LIC endowment plan will guard you and your dear ones against any financial liabilities that may arise in the future.
Key Inclusions and Exclusions of the Plan
What's Not Included
- LIC may reject your claim request if suicide is the cause of death of the life assured. The conditions are as follows: 80% of the premium paid will be reimbursed to the nominee if the insured commits suicide within 1 year of the policy. The acquired surrender value or 80% premium paid amount, whichever is higher would be paid to the beneficiary if the life assured commits suicide from the beginning of the 2nd year of the policy.
LIC Jeevan Labh User Reviews
Claim Process at LIC of India
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
FAQs on LIC Jeevan Labh Health Insurance Plan
Which payment modes are available to pay the premium for the LIC Jeevan Labh plan?
You can pay the premium regularly on a yearly, half-yearly, quarterly, or monthly basis either through the National Automated Clearing House (NACH) or salary saving scheme (SSS).
Can parents buy a LIC Jeevan Labh plan for their children?
Yes, parents can buy the Jeevan Labh policy for children above the age of 8 years. As a parent, you will pay the premium for the plan, and the child, in this case, will be considered the life assured. The maturity amount will be paid in full to the life assured if they survive the policy period.
Can I renew my lapsed LIC Jeevan Labh life insurance policy?
A policyholder can renew their lapsed LIC Jeevan Labh life insurance policy within 2 years. However, before doing so, an insured must pay all the outstanding premiums.
Is it possible to discontinue my LIC Jeevan Labh plan?
You can cancel your policy within 15 days in case you are not satisfied with the terms and conditions of the life insurance policy.
What is the condition to avail loan on my LIC Jeevan Labh plan?
A policyholder can avail of a loan only if the two-year premium of the plan is paid in full to the insurance company. The maximum amount for the loan must be equal to the percentage of the surrender value mentioned in the terms and conditions of the policy document.
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