JEEVAN LABH - KEY FEATURES
High Bonus Attracting Plan
Premiums need to be paid for less number of years than Maturity year
Ideal Plan for planning Child's Education and Marriage
Options to avail accidental benefit and term riders
Paid premiums are exempted from income tax under 80C
Maturity amount is tax free under 10 (10D)
Jeevan Labh (836) with an Example
High Bonus Attracting Plan
Premiums need to be paid for less number of years than Maturity year
Ideal Plan for planning Child's Education and Marriage
Options to avail accidental benefit and term riders
Paid premiums are exempted from income tax under 80C
Maturity amount is tax free under 10 (10D)
Jeevan Labh (836) with an Example
Sum Assured (Rs.)
|
12,00,000
|
Age (Years)
|
29
|
Policy Term(Years)
|
25
|
Premium Paying Term
|
16
|
Purchase Year
|
2016
|
Yearly Premium (Rs.) (Without ST)
|
54,385
|
Total Paid Premium (Rs.)
|
8,70,160
|
(To
know premium with prevailing service tax (ST) and benefits as per your details,
please use Premium
Calculator and Maturity
Calculator for this plan.)
So, as per above example, policy holder needs to pay the
premium of Rs. 54,385 per year for 16 years(Premium
Paying Term) and after completion of 25 years (Policy Term).
The benefits (maturity & Year-wise death claims) related to this plan is
given below. The following illustration has been prepared as per 2015-16 bonus
rate(Latest).
Maturity Details
If Policy holder survives 25 years, then Maturity (Sum
Assured + Bonus +FAB) will be as under.
Maturity Year
|
Age at Maturity
|
Total Premium
Paid
|
Maturity Amount
(Approx.)
|
2041
|
54
|
870160
|
3240000
|
Death Claim Details
In case of death during policy term ( Before 25 years ), Sum
Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to
nominee. In case of accidental death, additional amount equal to Sum Assured
along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover)
will be paid to nominee. Year-wise and Age-wise Normal Life Cover and
Accidental Life Covers will be as follows.
How to Understand Following Table
Suppose if, unfortunate death of policy holder happens in
year 2027 (at age 40), then by that time total premium paid will be Rs.
6,52,620 and nominee will get death claim as Rs. 19,20,000 in case of normal
death or Rs. 31,20,000 as accidental death claim in case of death due to
accident and policy will stop.
Year
|
Age
|
Total Paid
Premium
|
Normal Life Cover
(Approx.)
|
Accidental Life
Cover (Approx.)
|
2016
|
29
|
54385
|
1260000
|
2460000
|
2017
|
30
|
108770
|
1320000
|
2520000
|
2018
|
31
|
163155
|
1380000
|
2580000
|
2019
|
32
|
217540
|
1440000
|
2640000
|
2020
|
33
|
271925
|
1500000
|
2700000
|
2021
|
34
|
326310
|
1560000
|
2760000
|
2022
|
35
|
380695
|
1620000
|
2820000
|
2023
|
36
|
435080
|
1680000
|
2880000
|
2024
|
37
|
489465
|
1740000
|
2940000
|
2025
|
38
|
543850
|
1800000
|
3000000
|
2026
|
39
|
598235
|
1860000
|
3060000
|
2027
|
40
|
652620
|
1920000
|
3120000
|
2028
|
41
|
707005
|
1980000
|
3180000
|
2029
|
42
|
761390
|
2040000
|
3240000
|
2030
|
43
|
815775
|
2136000
|
3336000
|
2031
|
44
|
870160
|
2202000
|
3402000
|
2032
|
45
|
--
|
2274000
|
3474000
|
2033
|
46
|
--
|
2346000
|
3546000
|
2034
|
47
|
--
|
2448000
|
3648000
|
2035
|
48
|
--
|
2520000
|
3720000
|
2036
|
49
|
--
|
2640000
|
3840000
|
2037
|
50
|
--
|
2784000
|
3984000
|
2038
|
51
|
--
|
2940000
|
4140000
|
2039
|
52
|
--
|
3060000
|
4260000
|
2040
|
53
|
--
|
3240000
|
4440000
|
Above example has been
prepared for illustration purpose only. The Bonus rate has been taken as Rs. 50
per thousand of sum assured which is as per last declared and FAB rate as Rs.
450 per thousand of sum assured. for More details, please refer to LIC Website and in case of any query
please write your comment below.
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