LIC’s Jeevan Labh is an individual life assurance savings plan. It offers a compelling blend of protection and savings, providing financial support to the family if the policyholder passes away before maturity, and a lump sum payout to the surviving policyholder at maturity. Additionally, it provides a loan facility to address liquidity needs.


Death benefit

Death benefit, payable if the policy is in force and all due premiums have been paid during the policy term, is defined as the ‘Sum Assured on Death’ along with vested Simple Reversionary Bonuses and any Final Additional Bonus, if applicable. The ‘Sum Assured on Death’ is calculated as the higher of the Basic Sum Assured or 7 times the annualized premium. This death benefit will not be less than 105% of the total premiums paid up to the date of death. Premiums mentioned exclude taxes, extra premiums, and rider premiums, if any.

Maturity Benefit

If the policyholder survives to the end of the policy term, and the policy is in force, they will receive the ‘Sum Assured on Maturity,’ which is equal to the Basic Sum Assured, along with any vested Simple Reversionary bonuses and a Final Additional Bonus, if applicable.

Participation in Profits

The policy participates in the Corporation’s profits and is eligible to receive Simple Reversionary Bonuses as per the Corporation’s experience, provided the policy is in force. A Final (Additional) Bonus may also be declared in the year when the policy matures or in the event of a death claim, but it is not applicable to paid-up policies.

The allocation of surplus from actuarial investigations to policyholders is subject to approval by the Central Government in accordance with provisions under the LIC Act, 1956.

Eligibility Conditions

a) Minimum Basic Sum Assured Rs 2,00,000
b) Maximum Basic Sum Assured No Limit
(The Basic Sum Assured shall be in multiples of Rs 10,000/-)
c) Policy Term / Premium Paying Term (16/10), (21/15) & (25/16) years
d) Minimum Age at entry [8] years (completed)
e) Maximum Age at entry [59] years (nearest birthday) for Policy Term 16 years
[54] years (nearest birthday) for Policy Term 21 years &
[50] years (nearest birthday) for Policy Term 25 years
f) Maximum Maturity Age [75] years (nearest birthday)

Payment Options Available

Mode of Instalment payment Minimum instalment amount
Monthly Rs 5,000/-
Quarterly Rs 15,000/-
Half-Yearly Rs 25,000/-
Yearly Rs 50,000/-


Suicide Clause: This policy becomes void under the following circumstances:

i. If the Life Assured, whether sane or insane, commits suicide within 12 months from the commencement of risk, the Corporation will not entertain any claims under this policy, except for refunding 80% of the total premiums paid, provided the policy is in force.

ii. If the Life Assured commits suicide within 12 months from the date of policy revival, an amount will be paid, which is higher of 80% of the total premiums paid until the date of death or the Surrender Value as of the date of death. In both cases, no other claims will be entertained under this policy.

This clause does not apply to policies that have lapsed without acquiring paid-up value, and no payouts will be made for such policies. Note that the premiums mentioned above do not include any taxes, extra amounts, or rider premiums, except for the Term Assurance Rider, if any.

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