lIC has introduced a limited premium paying, non-linked, with-profits Endowment Assurance plan lIC’s Jeevan labh recently. The plan is available from ages 8 years to 59 years and a choice of policy term of 16,21,25 years with premium paying term of 10,15 and 16 years respectively. The maximum age at maturity is 75 years.
On maturity of the policy and the policy holder surviving to the end of the policy term, Basic Sum Assured along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable.
On death of the life Assured during the policy term, the Death Benefit, defined as sum of ‘Sum Assured on Death’ and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
Where ‘Sum Assured on Death’ is defined as the higher of 10 times of annualised premium or absolute amount assured to be paid on death, that is, Basic Sum Assured. The death benefit shall not be less than 105 percent of the total premiums paid as on date of death.
Minimum Basic Sum Assured is `2,00,000 with Maximum Basic Sum Assured having no limit. lIC’s Accidental Death and Disability Benefit Rider (AD&DB) is available as an optional rider by payment of additional premium.
Their New Term Assurance Rider is also available at the inception of the policy on payment of additional premium and as per rules.
The highlight of the plan is that premium is payable for limited period and risk is covered for the whole policy term.
The plan is suited to those who want Premium commitment for short duration having life coverage and benefits for a longer period.