In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as the sum of "Sum Assured on Death", vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where "Sum Assured on Death" is defined as the higher of 7 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of all the premiums paid as on the date of death.
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in a lump sum on survival to the end of the policy term provided all due premiums have been paid.
The policy shall participate in the 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 full force. The final (Additional) Bonus may also be declared under the policy in the year when the policy results in a claim either by death or maturity.
LIC Jeevan Labh comes with a premium paying term of a minimum of 10 years. If you want to invest Rs 100 per day in LIC Jeevan Labh for 15 years, your total investment amount would be Rs 5,40,000 and you will get around Rs 13,00,000 in the 21st year. You will not have to pay any premium from 16th to 20th year.
If you choose to invest Rs 200 per day in LIC Jeevan Labh for 15 years, the total investment would be Rs 10,80,000 and the maturity amount in the 21st year would be around Rs 26,30,000. You will not have to pay any premium from 16th to 20th year.
If an investor opts to invest Rs 300 per day in LIC Jeevan Labh for 16 years, the total investment amount would be Rs 17,28,000 while the maturity amount would be a whopping Rs 65 lakhs in the 25th year. For nine years between 16th and 25th year, you are not required to pay any premium.
If you invest Rs 500 per day in LIC Jeevan Labh for 15 years, your total investment would be Rs 27,00,000 while you will get around Rs 68,80,000 in the 21st year. You will not have to pay any premium from 16th to 20th year.