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LIC Jeevan Labh Policy Life Insurance

268 reviews Rate This
LIC Life Insurance
LIC Jeevan Labh
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

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.

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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

4.7
Rating based on
268 User reviews
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What users are saying
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  • Best policy for children

    One of my friends who had the LIC of India- LIC Jeevan Labh suggested that I buy the same. On having a word with the InsuranceDekho team, I realized that this plan can actually help me secure the financial future of my children and look after their educational and other needs. Thanks a lot to the team.

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    M
    By Mohseen Khan
    On: Aug 25, 2023
  • Perfect saving plan for me

    I want to thank you InsuranceDekho for helping me find the LIC of India- LIC Jeevan Labh. I was looking for a plan that gives me guaranteed annual income payouts after the premium payment term is complete. I am satisfied that I had you to guide me with the same. 

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    V
    By Vijay Pal
    On: Aug 11, 2023
  • Happy with InsuranceDekho

    I am very happy with the entire team of InsuranceDekho. You guys are so supportive and understanding of the customer’s needs. Because of you, I was able to get the LIC of India- LIC Jeevan Labh issued which otherwise would have been a difficult task for me. Thanks a lot! 

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    T
    By Tejas Pandit
    On: Jul 31, 2023
  • Tailored Coverage to Suit My N...

    InsuranceDekho's wide range of life insurance plans allowed me to find the perfect coverage for my unique requirements. They offered the customizable LIC of India- LIC Jeevan Labh policy that fit my budget and provided the financial protection my family needed. The process of getting quotes and comparing plans was convenient, and I felt confident in my decision thanks to the detailed information provided. 

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    L
    By Laxmi Charya
    On: Jul 28, 2023
  • Simple and Clear Policy Docume...

    I found the policy documents for LIC of India- LIC Jeevan Labh from InsuranceDekho to be straightforward and easy to understand. There were no complex jargons, making it accessible to all customers.

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    S
    By Shishir Kumar
    On: Jul 21, 2023
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LIC Life Insurance Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC SIIP20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium

    Claim Process at LIC Life Insurance

    • 1

      Claim Intimation

      In the event of the death of the life assured, the insurance company should be intimated as early as possible.
    • 2

      Submission of Documents

      For easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
    • 3

      Claim Evaluation

      After successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
    • 4

      Claim Settlement

      If claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.

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    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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