{"uin":"512N304V03","name":"LIC's Jeevan Labh Plan","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03","insurer":{"slug":"lic","name":"Life Insurance Corporation of India","url":"https://indiainsurances.com/insurer/lic"},"line":"life","category":"savings-life","category_name":"Endowment and savings plans","irdai_type":"Product","kind":"product","status":"active","approved_on":"2024-10-01","withdrawn_on":null,"summary":"LIC's Jeevan Labh is a participating, non-linked limited premium savings plan with policy terms of 16, 21 or 25 years and premiums paid for 10, 15 or 16 years. On death it pays the higher of Basic Sum Assured or 7 times the annualized premium plus bonuses, and on maturity the Basic Sum Assured plus bonuses.","analysis":{"state":"extracted","analysed_at":"2026-10-16 07:11:51.299128+00","note":"Every stated fact carries a verbatim quote found in the cited clause."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"not-stated","value":null,"display":null,"note":"No named plans inside the product. The policy term and premium paying term combinations (16/10), (21/15) and (25/16) are terms, not separate plans.","quote":null,"sources":[],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"cross-checked","value":"16, 21 or 25 years, chosen at the start.","display":"16, 21 or 25 years","note":"Terms read from the surrender value factor table in the policy document and from the sales brochure eligibility table.","quote":"Policy Term (Premium Paying Term)...> ... 16 (10) | 21(15) | 25 (16) ... a) Policy Term/Premium : (16/10), (21/15) & (25/16)","sources":[{"clause":null,"heading":"Policy Term (Premium Paying Term)...>","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-policy-term-premium-paying-term"},{"clause":"1(a)","heading":"Policy Term/Premium","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-a"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"cross-checked","value":"The claim must be intimated to the Corporation at the earliest possible time; no fixed number of days is given.","display":"At the earliest possible time","note":"No deadline in days.","quote":"Policyholder or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured event resulting into a claim under the policy, at the earliest possible time.","sources":[{"clause":"4(a)","heading":"Death Claim","page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-a"}],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"cross-checked","value":["Claim forms as prescribed by the Corporation","Original policy document","NEFT mandate from the claimant for direct credit of the claim amount to the bank account","Proof of title","Proof of death","Medical treatment prior to the death (if any)","School/ college/ employer's certificate, whichever is applicable","Proof of age of the Life Assured if the age is not admitted","For unnatural or accidental death: copies of First Information Report (FIR), Panchnama and Post Mortem report","For maturity or surrender: discharge form with the original policy document and NEFT mandate"],"display":"Claim forms, original policy, NEFT mandate, proof of title, proof of death, and more","note":"The Corporation may also call for additional documents.","quote":"claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, medical treatment prior to the death( if any) , school/ college/ employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted. ... In case of unnatural death or death on account of or arising from an accident, the Corporation may call for the copies of First Information Report (FIR), Panchnama and Post Mortem report. ... the Life Assured shall submit the discharge form along with the original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account","sources":[{"clause":"4(a)","heading":"Death Claim","page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-a"},{"clause":"4(b)","heading":"Maturity/Surrender Claim","page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-b"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"cross-checked","value":"Death claims not requiring investigation are settled in 15 days; early death claims requiring investigation are decided and paid in 45 days; maturity claims are settled on the due date.","display":"15 days (death, no investigation); 45 days (with investigation); maturity on due date","note":"From the CIS turnaround table; it does not say from when the days are counted.","quote":"Death claims settlements not requiring Investigations | 15 days ... Early Death Claims requiring investigations - decision & payment | 45 days ... Settlement of Maturity Claims | On due date","sources":[{"clause":"Row 1","heading":"Death Claims","page":4,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/97#c-row-1-2"},{"clause":"Row 2","heading":"Survival, Maturity, Annuity payments","page":4,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/97#c-row-2-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"cross-checked","value":["Suicide within 12 months from the date of commencement of risk: only 80% of the total premiums paid till the date of death is payable, provided the policy is in-force","Suicide within 12 months from date of revival: higher of 80% of the total premiums paid or the surrender value available as on the date of death","Nothing payable on suicide for a policy lapsed without acquiring paid up value","The non-forfeiture relaxation on death after a missed premium does not apply to death due to suicide"],"display":"Suicide within 12 months of risk start or revival (limited refund)","note":"Suicide is the only exclusion; the CIS says waiting or lien period is Not Applicable. The policy is void if untrue statements are made or material information is withheld, subject to Section 45.","quote":"Suicide Exclusion ... i) If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, Nominee or Beneficiary of the Life assured shall be entitled to 80% of the total premiums paid till the date of death ... provided the policy is in-force. ... If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death ... or the surrender value available as on the date of death, shall be payable. ... This clause shall not be applicable for a policy lapsed without acquiring paid up value and nothing shall be payable under such policies. ... The relaxation mentioned above under Non-forfeiture provisions shall not be applicable in case of death due to suicide. ... in case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and connected documents or any material information is withheld, then and in every such case this policy shall be void ... Waiting/ lien Period, if any | Not Applicable","sources":[{"clause":"2","heading":"Suicide Exclusion","page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-5"},{"clause":"2(i)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-i-2"},{"clause":"2(ii)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-ii-2"},{"clause":"2(ii)","heading":"Forfeiture in Certain Other Events","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-ii"},{"clause":null,"heading":"CUSTOMER INFORMATION SHEET /KNOW YOUR POLICY","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/97#c-customer-information-sheet-know-your-policy-2"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"cross-checked","value":"Complain first to the Corporation's Grievance Redressal Officers at Branch, Divisional, Zonal or Central Office, through the Customer Portal, or by e-mail to co_complaints@licindia.com. If there is no satisfactory response within 15 days, approach the IRDAI Policyholder's Protection and Grievance Redressal Department; death claim repudiations can also go to the Claims Dispute Redressal Committees.","display":"LIC Grievance Redressal Officers (Branch/Divisional/Zonal/Central Office), then IRDAI after 15 days","note":"Registered policyholders can also complain through the Integrated Complaint Management System on the Customer Portal. CIS: decision on complaint in 14 days.","quote":"The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/ Central Office to redress grievances of customers. ... Customers can also contact at e-mail id co_complaints@licindia.com for redressal of any grievances. ... Claimants not satisfied with the decision of death claim repudiation have the option of referring their cases for review to Zonal Office Claims Dispute Redressal Committee or Central Office Claims Dispute Redressal Committee. ... In case the customer is not satisfied with the response or does not receive a response from us within 15 days, then the customer may approach the Policyholder’s Protection and Grievance Redressal Department ... Customer friendly Integrated Complaint Management System through our Customer Portal ... Action on Complaint and Intimation of decision to the complainant | 14 days","sources":[{"clause":"Section 45","heading":"of the Insurance Act, 1938","page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-section-45"},{"clause":"Row 2","heading":"Action on Complaint and Intimation of decision to the complainant","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/97#c-row-2-3"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"sum_assured","label":"Sum assured","section":"Cover","meaning":"The minimum and maximum life cover, or the rule that sets it (for example 10 times the annual premium).","status":"cross-checked","value":"Minimum Basic Sum Assured Rs. 2,00,000 with no maximum. Sum Assured on Death is the higher of Basic Sum Assured or 7 times the Annualized Premium.","display":"Minimum Rs. 2,00,000; no maximum","note":"From the sales brochure: minimum Rs. 2,00,000 and no maximum. Basic Sum Assured in multiples of Rs. 10,000 up to Rs. 4,50,000 and Rs. 25,000 above that.","quote":"e) Minimum Basic Sum | : Rs. 2,00,000 ... f) Maximum Basic Sum : No Limit ... “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. ... From Rs. 2,00,000/- to Rs. 4,50,000/- | Rs. 10,000/- ... Above Rs. 4,50,000/- | Rs. 25,000/-","sources":[{"clause":"1(d)","heading":"Maximum Maturity Age","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-d"},{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-3"}],"law":[]},{"key":"death_benefit","label":"Death benefit","section":"Cover","meaning":"What your family gets if you die during the term, and how it is calculated.","status":"cross-checked","value":"Sum Assured on Death (higher of Basic Sum Assured or 7 times Annualized Premium) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any; not less than 105% of total premiums paid up to the date of death.","display":"Higher of Basic Sum Assured or 7 times annual premium, plus bonuses; at least 105% of premiums paid","note":"Can be taken in instalments over 5, 10 or 15 years if the option is exercised. Under a paid-up policy a reduced Death Paid-up Sum Assured applies.","quote":"Death benefit payable in case of death of the Life Assured before the stipulated Date of Maturity provided the policy is in-force, shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. This Death Benefit shall not be less than 105% of the total Premiums paid upto the date of death. ... This is an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years ... The Death Benefit payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured","sources":[{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-3"},{"clause":"8","heading":"Option to take Death Benefit in instalments","page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-8-3"},{"clause":"2(ii)","heading":"Forfeiture in Certain Other Events","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-ii"}],"law":[]},{"key":"maturity_benefit","label":"Maturity benefit","section":"Cover","meaning":"What you get if you survive to the end of the term.","status":"cross-checked","value":"Sum Assured on Maturity (equal to Basic Sum Assured) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any, if the policy is in-force.","display":"Basic Sum Assured plus bonuses","note":"Can be taken in instalments over 5, 10 or 15 years under the Settlement Option.","quote":"On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured. ... Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years","sources":[{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-3"},{"clause":"9","heading":"Settlement Option (for Maturity Benefit)","page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-9-3"}],"law":[]},{"key":"premium_paying_term","label":"Premium paying term","section":"Premium","meaning":"For how many years you pay premiums.","status":"cross-checked","value":"10 years for a 16-year term, 15 years for a 21-year term and 16 years for a 25-year term.","display":"10, 15 or 16 years (for terms of 16, 21 or 25 years)","note":"Read from the surrender value factor table in the policy document and the sales brochure eligibility table.","quote":"Policy Term (Premium Paying Term)...> ... 16 (10) | 21(15) | 25 (16) ... a) Policy Term/Premium : (16/10), (21/15) & (25/16)","sources":[{"clause":null,"heading":"Policy Term (Premium Paying Term)...>","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-policy-term-premium-paying-term"},{"clause":"1(a)","heading":"Policy Term/Premium","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-a"}],"law":[]},{"key":"maturity_age","label":"Maximum maturity age","section":"Eligibility","meaning":"The oldest age at which cover ends.","status":"cross-checked","value":"75 years (nearer birthday).","display":"75 years","note":"From the sales brochure.","quote":"d) Maximum Maturity Age : [75] years (nearer birthday)","sources":[{"clause":"1(d)","heading":"Maximum Maturity Age","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-d"}],"law":[]},{"key":"suicide_clause","label":"Suicide clause","section":"Exclusions","meaning":"What is paid if death is by suicide within the first 12 months.","status":"cross-checked","value":"Suicide within 12 months from the date of commencement of risk: 80% of the total premiums paid till the date of death, provided the policy is in-force. Within 12 months from revival: the higher of 80% of total premiums paid or the surrender value.","display":"80% of total premiums paid","note":"Premiums exclude taxes, extra premium and rider premiums other than term assurance rider. Nothing is payable for a policy lapsed without acquiring paid up value.","quote":"If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, Nominee or Beneficiary of the Life assured shall be entitled to 80% of the total premiums paid till the date of death (excluding any taxes if collected explicitly, extra premium and rider premiums other than term assurance rider, if any) provided the policy is in-force. ... If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death (excluding any taxes if collected explicitly, extra premium and rider premiums other than term assurance rider, if any), or the surrender value available as on the date of death, shall be payable.","sources":[{"clause":"2(i)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-i-2"},{"clause":"2(ii)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-ii-2"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 21","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 35","url":"https://indiainsurances.com/law/irdai-life-products-2024"}]},{"key":"surrender","label":"Surrender value","section":"Renewal and rights","meaning":"What you get if you stop the policy early, and from when.","status":"cross-checked","value":"Can be surrendered after the first policy year if one full year's premium is paid. Surrender Value is the higher of Guaranteed Surrender Value (acquired after two full years' premiums) and Special Surrender Value.","display":"After 1 full year's premium; higher of GSV and SSV","note":"GSV is total premiums paid times GSV factors (Annexure 4) plus surrender value of vested bonuses (Annexure 5). No surrender value on riders.","quote":"The policy can be surrendered by the policyholder after completion of first policy year provided one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value. ... equal to the total premiums paid (excluding any extra premium, any premiums for rider(s), if opted for and taxes if collected explicitly), multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid ... In addition, the surrender value of vested simple reversionary bonuses, if any, shall also be payable ... No surrender value will be available on Rider(s), if any.","sources":[{"clause":"4","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-4"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.1 to 26.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.4 and 26.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 27","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.16 and 1.17","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(1) to (3)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(4) and (5)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(6) to (9)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)(c)(V)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"paid_up","label":"Paid-up value","section":"Renewal and rights","meaning":"What cover continues if you stop paying premiums after a few years.","status":"cross-checked","value":"If at least one full year's premium is paid and later premiums are not, the policy continues as paid-up with Sum Assured on Death and on Maturity reduced in proportion to premiums paid, plus vested Simple Reversionary Bonuses; no future bonuses.","display":"Proportionate reduced cover after 1 full year's premium","note":"Paid-up death benefit not less than 105% of premiums paid. Full Sum Assured on Death is still paid if death occurs within 6 months of the first unpaid premium after 3 full years' premiums, or within 12 months after 5 full years' premiums (not for suicide).","quote":"If after at least one full year’s premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, this policy shall not be wholly void, but shall subsist as a paid-up policy till the end of policy term. ... equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. ... The Maturity Benefit payable under the paid-up policy, on expiry of the policy term, shall be Maturity Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. A paid-up policy shall not be entitled to participate in future profits. ... This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. ... if atleast 3 full years’ premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of the death of the Life Assured within six months from the due date of first unpaid premium, “Sum Assured on Death” ... if at least 5 full years' premiums have been paid in respect of this policy, and any subsequent premium be not duly paid, in the event of death of the Life Assured within 12 months from the due date of first unpaid premium, “Sum Assured on Death” ... This provision shall not apply in case of death due to suicide.","sources":[{"clause":"2(ii)","heading":"Forfeiture in Certain Other Events","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-ii"}],"law":[]},{"key":"revival","label":"Revival period","section":"Renewal and rights","meaning":"How long after lapsing you can restart the policy.","status":"cross-checked","value":"Within five consecutive complete years from the date of first unpaid premium, during the life of the Life Assured and before the Date of Maturity, on payment of arrears with interest.","display":"5 years from first unpaid premium","note":"Interest compounding half yearly; 9.50% p.a. for 1st May 2024 to 30th April 2025. Subject to Continued Insurability.","quote":"Revival Period means the period of five consecutive complete years from the date of first unpaid premium ... A policy in lapsed condition may be revived during the life time of the Life Assured, but within the Revival period and before the Date of Maturity ... The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) ... on satisfaction of Continued Insurability of the Life Assured ... For the 12 months’ period commencing from 1st May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.50% p.a. compounding half yearly.","sources":[{"clause":"50","heading":"Revival Period","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-50"},{"clause":"3","heading":"Revival of lapsed Policies","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-3-4"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.7","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.10","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.28","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.39","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"policy_loan","label":"Policy loan","section":"Renewal and rights","meaning":"Whether you can borrow against the policy.","status":"cross-checked","value":"Yes. A loan within the surrender value is available after the first policy year if one full year's premium is paid: up to 50% of surrender value (80% after two full years' premiums) for in-force policies and 40% (70%) for paid-up policies.","display":"Yes, up to 80% of surrender value","note":"Interest 9.5% p.a. compounding half-yearly for loans sanctioned 1st May 2024 to 30th April 2025.","quote":"Loan shall be available under the policy during the policy term subject to the following terms and conditions, within the surrender value of the policy ... Loan can be availed after completion of first policy year provided one full year’s premium(s) has been paid. ... Under In-force policies | 50% | 80% ... Under Paid-up policies | 40% | 70% ... For loan sanctioned during 12 months’ period commencing from 1st May, 2024 to 30th April, 2025 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan.","sources":[{"clause":"5","heading":"Policy Loan","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-5-4"},{"clause":"5(i)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-5-i"},{"clause":"5(ii)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-5-ii"},{"clause":"5(v)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-5-v"}],"law":[]},{"key":"riders_available","label":"Riders available","section":"Cover","meaning":"Optional add-ons such as accidental death, critical illness or waiver of premium.","status":"cross-checked","value":["LIC’s Accidental Death and Disability Benefit Rider","LIC’s New Term Assurance Rider","LIC’s Accident Benefit Rider","LIC’s Premium Waiver Benefit Rider"],"display":"Accidental Death and Disability, New Term Assurance, Accident Benefit, Premium Waiver Benefit","note":"Only one of the two accident riders can be chosen. New Term Assurance Rider only at inception; Premium Waiver Benefit Rider only on the proposer's life when the Life Assured is a minor. UINs from the sales brochure: 512B209V02, 512B203V03, 512B210V02, 512B204V04.","quote":"A. LIC’s Accidental Death and Disability Benefit Rider B. LIC’s New Term Assurance Rider C. LIC’s Accident Benefit Rider D. LIC’s Premium Waiver Benefit Rider ... However, the eligible Life Assured can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. ... LIC’s Premium Waiver Benefit Rider: Under an in-force policy, this Rider can be opted for on the life of Proposer of policy (as the Life Assured is minor) ... LIC’s New Term Assurance Rider: This rider is available only at the inception of the policy ... LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) ... LIC’s Accident Benefit Rider (UIN:512B203V03) ... LIC’s New Term Assurance Rider (UIN: 512B210V02) ... LIC’s Premium Waiver Benefit Rider (UIN: 512B204V04)","sources":[{"clause":"2","heading":"Rider Benefits","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-3"},{"clause":"3(I)(a)","heading":null,"page":4,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-3-i-a"},{"clause":"3(I)(b)","heading":null,"page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-3-i-b"},{"clause":"3(I)(c)","heading":"LIC’s New Term Assurance Rider (UIN","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-3-i-c"},{"clause":"3(I)(d)","heading":"LIC’s Premium Waiver Benefit Rider (UIN","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-3-i-d"}],"law":[]},{"key":"section45","label":"Claims after 3 years (Section 45)","section":"Claims","meaning":"After 3 years a life policy cannot be questioned on any ground, and only for fraud with proof before that.","status":"cross-checked","value":"No policy can be called in question on any ground after three years from the date of issuance, commencement of risk, revival or rider, whichever is later; within three years it can be questioned on the ground of fraud or misstatement.","display":"Cannot be questioned after 3 years","note":"Annexure 3 of the policy document.","quote":"No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. ... A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later on the ground of fraud ... on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal","sources":[{"clause":"1","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-7"},{"clause":"2","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-2-8"},{"clause":"4","heading":null,"page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-8"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 45","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.6","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"tax_note","label":"Tax note in the document","section":"Premium","meaning":"What the document says about tax benefits. Not stated when it only says taxes are charged on the premium. Tax law changes; confirm separately.","status":"not-stated","value":null,"display":null,"note":"The policy document only says taxes are charged extra on premiums. The sales brochure says: 'Regarding Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.'","quote":null,"sources":[],"law":[]},{"key":"free_look","label":"Free-look period","section":"Renewal and rights","meaning":"Days after you receive the policy in which you can return it for a refund if you do not agree with its terms.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days","note":"Refund after deducting proportionate risk premium, medical examination expenses and stamp duty.","quote":"During the Free Look period of 30 days from the date of receipt of the electronic or physical mode of Policy Document whichever is earlier","sources":[{"clause":"7","heading":"Free look period","page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-7-3"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 5","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(1), 20(2)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, II.8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grace_period","label":"Grace period","section":"Renewal and rights","meaning":"Days you get after the due date to pay without losing cover or continuity.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days (15 days for monthly premiums)","note":"15 days for monthly mode.","quote":"A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium.","sources":[{"clause":"6","heading":"Grace Period","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-6-3"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 8","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 9","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 8","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.2","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 1.3","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"eligibility_entry_age","label":"Entry age","section":"Eligibility","meaning":"The youngest and oldest age at which you can buy this policy.","status":"cross-checked","value":"Minimum 8 years (completed). Maximum 59 years for a 16-year term, 54 years for a 21-year term and 50 years for a 25-year term (nearer birthday).","display":"8 years to 59 years (54 for 21-year term, 50 for 25-year term)","note":"Maximum entry ages from the sales brochure.","quote":"minimum age at entry where age is 8 years completed ... b) Minimum Age at entry : [8] years (completed) ... c) Maximum Age at entry : [59] years (nearer birthday) for Policy Term 16 years [54] years (nearer birthday) for Policy Term 21 years & [50] years (nearer birthday) for Policy Term 25 years","sources":[{"clause":"1","heading":null,"page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-2"},{"clause":"1(b)","heading":"Minimum Age at entry","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-b"},{"clause":"1(c)","heading":"Maximum Age at entry","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-c"}],"law":[]},{"key":"premium_modes","label":"Premium payment options","section":"Premium","meaning":"How often you can pay: yearly, half-yearly, quarterly, monthly.","status":"cross-checked","value":["Yearly","Half-yearly","Quarterly","Monthly (through NACH only)","Salary deductions (SSS)"],"display":"Yearly, half-yearly, quarterly, monthly, salary deduction","note":"NACH requirement for monthly mode and salary deductions are from the sales brochure.","quote":"yearly or half-yearly or quarterly premiums and 15 days for monthly premiums ... Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deductions (SSS)","sources":[{"clause":"6","heading":"Grace Period","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-6-3"},{"clause":"4","heading":"PAYMENT OF PREMIUMS","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-4"}],"law":[]},{"key":"premium_type","label":"Premium payment type","section":"Premium","meaning":"Single premium, regular premium (every year of the term) or limited premium (fewer years than the term).","status":"cross-checked","value":["Limited premium"],"display":"Limited premium","note":"From the sales brochure: premiums are paid for 10, 15 or 16 years of a 16, 21 or 25 year term.","quote":"• Limited premium payment. ... a) Policy Term/Premium : (16/10), (21/15) & (25/16)","sources":[{"clause":null,"heading":"LIC’s JEEVAN LABH (UIN: 512N304V03)","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-lics-jeevan-labh-uin-512n304v03"},{"clause":"1(a)","heading":"Policy Term/Premium","page":2,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-1-a"}],"law":[]},{"key":"guaranteed_benefits","label":"Guaranteed benefits","section":"Cover","meaning":"What is guaranteed, in rupees or as a formula, regardless of the insurer's performance.","status":"cross-checked","value":"Sum Assured on Death (higher of Basic Sum Assured or 7 times Annualized Premium) and Sum Assured on Maturity (equal to Basic Sum Assured) are guaranteed; Simple Reversionary Bonuses become part of the guaranteed benefit once declared.","display":"Sum Assured on Death and on Maturity; declared bonuses","note":"Future bonuses are not guaranteed.","quote":"Sum Assured on Death means an absolute amount of benefit which is guaranteed to become payable on death of life assured ... Sum Assured on Maturity means an absolute amount of benefit which is guaranteed to become payable at the end of the policy term ... Where “Sum Assured on Maturity” is equal to Basic Sum Assured. ... “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. ... Once declared, they form part of the guaranteed benefit of the plan","sources":[{"clause":"59","heading":"Sum Assured on Death","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-59"},{"clause":"60","heading":"Sum Assured on Maturity","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-60"},{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-3"},{"clause":"4","heading":"Participation in profits","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-3"}],"law":[]},{"key":"bonus","label":"Bonus type","section":"Cover","meaning":"Participating plans share profits as bonuses; these are NOT guaranteed.","status":"cross-checked","value":"Participating plan: Simple Reversionary Bonuses declared annually at the end of each financial year, plus a possible Final Additional Bonus on a death or maturity claim. Final Additional Bonus is not payable under paid up policies.","display":"Simple Reversionary Bonus plus Final Additional Bonus","note":"A policy that stops premiums ceases to participate in future profits.","quote":"The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in-force. ... Simple Reversionary Bonuses shall be declared annually at the end of each financial year. ... Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity ... Final Additional Bonus shall not be payable under paid up policies. ... In case the premiums are not duly paid, the policy shall cease to participate in future profits","sources":[{"clause":"4","heading":"Participation in profits","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-4-3"}],"law":[]},{"key":"illustration_returns","label":"Illustrated returns","section":"Cover","meaning":"The benefit illustration at the IRDAI rates (4% and 8%); not a promise.","status":"cross-checked","value":"For age 30, 25-year term, 16-year premium term, Basic Sum Assured Rs. 2,00,000 and yearly premium Rs. 10,025, the illustrated total maturity benefit is Rs. 2,20,000 at 4% and Rs. 3,70,000 at 8%.","display":"Rs. 2,20,000 at 4%; Rs. 3,70,000 at 8% (age 30, 25-year term, Rs. 2,00,000 sum assured)","note":"From the sales brochure benefit illustration; not guaranteed. Total premiums paid Rs. 1,60,400. The 4% and 8% totals are columns 14 and 15 (total maturity benefit including Final Additional Bonus) in policy year 25.","quote":"Age: | 30 ... Policy Term: | 25 ... Premium Payment Term: | 16 ... Amount of Instalment Premium: | 10025.00 ... at two assumed rates of interest i.e., 8% p.a. and 4% p.a. ... Basic Sum Assured Rs. | 200000 ... 150000 | 196860 | 370000 | 370000 | 220000 | 370000 | 220000 | 370000 ... Mode of payment of premium: | Yearly ... 25 | 160400","sources":[{"clause":"17","heading":"BENEFIT ILLUSTRATION","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-17"},{"clause":null,"heading":"Policy Details","page":17,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-policy-details"},{"clause":"Row 25","heading":"160400","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98#c-row-25"}],"law":[]},{"key":"money_back","label":"Survival or money-back payouts","section":"Cover","meaning":"Instalments paid during the term.","status":"cross-checked","value":"None; the benefits payable are the death benefit and the maturity benefit only.","display":"None (death and maturity benefits only)","note":"No survival payouts during the term are described.","quote":"The following benefits are payable under an in-force policy ... A. Death Benefit ... B. Maturity Benefit","sources":[{"clause":"1","heading":"The following benefits are payable under an in-force policy","page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96#c-1-3"}],"law":[]}],"documents":[{"kind":"wording","label":"Policy Document","pages":18,"fetched_at":"2026-10-16 07:11:34.200273+00","source_url":"https://licindia.in/documents/20121/1243952/Final_Policy+Docs_LIC%27s+Jeevan+Labh_V03_website.pdf/042e4ba3-075c-b59b-b08d-ff49b406831a?t=1728040449287","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/96"},{"kind":"cis","label":"CIS LIC's Jeevan Labh Plan","pages":7,"fetched_at":"2026-10-16 07:11:34.200273+00","source_url":"https://licindia.in/documents/20121/1243952/CIS+_Jeevan+Labh_736.pdf/091b2448-e4f4-d216-d834-8bff02d5ec72?t=1728034239209","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/97"},{"kind":"brochure","label":"Sales brochure (From 22/09/2025 onwards)","pages":23,"fetched_at":"2026-10-16 07:11:34.200273+00","source_url":"https://licindia.in/documents/20121/1319704/LIC_Jeevan+labh_Sales+Brochure_Eng.pdf/cafcd0b7-8f9d-6b65-f5e9-b2aad0788c98?t=1762495060800","url":"https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03/document/98"}],"versions":[],"where_to_buy":[],"claims_and_complaints":[],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"LIC's Jeevan Labh Plan (UIN 512N304V03), IndiaInsurances, https://indiainsurances.com/policy/lic/lic-s-jeevan-labh-plan-512n304v03"}