LIC Jeevan Labh Policy Life Insurance Benefits

Here are some of the benefits offered by LIC under the 936 Jeevan Labh insurance policy.

• Death Benefit:

The insurance company is liable to pay a death benefit to the nominees of the insured if they die during the policy period. The death benefit can either be the basic sum assured amount or 7 times the annual premium; whichever is higher is paid to the beneficiary.

• Maturity Benefit:

If the policyholder survives the policy period, they are eligible to receive the maturity benefits. The condition, however, is that the policyholder must not have any outstanding premiums. The maturity benefit is equal to the basic sum assured including the vested simple reversionary bonus and final additional bonus.

• Tax Benefits:

Under Section 80C and 10(10D) of the Income Tax Act, the premium paid for upto Rs. 1.5 lakh in a financial year towards the policy is exempted from tax.