LIC JEEVAN LABH | LIC Policy

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LIC JEEVAN LABH | LIC Policy 4
LIC Jeevan Labh is a simple endowment plan. You pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits. In case of death of the policyholder anytime during the policy term, the nominee will get the Death Benefit.
LIC Jeevan Labh Policy is a traditional, non-linked, with-profits plan offering investment and insurance benefits. It is a limited premium payment plan - you don’t have to pay the premiums for the entire duration of the term of the policy. We will explain the plan benefits with the help of an example.
When buying the LIC Jeevan Labh Plan, the customer has to decide on the following:
Sum Assured (this is the amount of cover that you want)
Policy Term (this is the period for which you wish to have the cover). The premium payment term gets decided automatically based on the policy term as follows:
If you select a policy term of 16 years, you have to pay premiums for 10 years
If you select a policy term of 21 years, you have to pay premiums for 15 years
If you select a policy term of 25 years, you have to pay premiums for 16 years

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