LIC's JEEVAN LABH (UIN: 512N304V02)

(A Non-Linked, Par�cipa�ng, Individual,

Life Assurance Savings Plan)
LIC's Jeevan Labh is a limited premium paying, Non-Linked, Par�cipa�ng, Individual,
Life Assurance saving plan which offers an a� rac�ve combina�on of protec�on and
savings features. This combina�on provides financial support for the family of the
deceased policyholder in case of unfortunate death of the policyholder any �me
before maturity and a lump sum amount at the �me of maturity for the surviving
policyholder. This plan also takes care of liquidity needs through its loan facility.
1. Benefits:
A. Death benefit:
Death benefit payable in case of death of the Life Assured during the policy term,
provided the policy is in-force shall be “Sum Assured on Death” along with vested
Simple Reversionary Bonuses and Final Addi�onal bonus, if any. Where, “Sum
Assured on Death” is defined as the higher of Basic Sum Assured or 7 �mes of
annualised premium.
This death benefit shall not be less than 105% of total premiums paid upto the date
of death.
Premiums referred above exclude taxes, extra premium and rider premium(s), if
any.
B. Maturity Benefit:
On Life Assured surviving to the end of the policy term, provided the policy is in-
force, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses
and Final Addi�onal bonus, if any, shall be payable. Where “Sum Assured on
Maturity” is equal to Basic Sum Assured.
C. Par�cipa�on in Profits:
The policy shall par�cipate in profits of the Corpora�on and shall be en�tled to
receive Simple Reversionary Bonuses declared as per the experience of the
Corpora�on, provided the policy is in- force.
Final (Addi�onal) Bonus may also be declared under the policy in the year when the
policy results into a claim either by death or maturity Final Addi�onal Bonus shall
not be payable under paid-up policies.
2. Eligibility Condi�ons and Other Restric�ons :

a) Minimum Basic Sum Assured : Rs. 2,00,000

b) Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in mul�ples 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)
Date of commencement of risk under the plan:
Risk will commence immediately on acceptance of the risk.
Date of ves�ng under the plan:
The policy shall automa�cally vest in the Life Assured on the policy anniversary
coinciding with or immediately following the comple�on of 18 years of age and
shall on such ves�ng be deemed to be a contract between the Corpora�on and the
Life Assured.

3. Op�ons available :
i. Rider Benefits :
The following five op�onal riders are available under this plan by payment of
addi�onal premium. However, the policyholder can opt between either of the
LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider.
Therefore, a maximum of four riders can be availed under a policy.
a. LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
This rider can be opted for at any �me within the premium paying term of the Base
plan provided the outstanding premium paying term of the base plan is atleast 5
years. The benefit cover under this rider shall be available during the policy term or
before the policy anniversary on which the age nearer birthday of the life assured
is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death,
the Accident Benefit Rider Sum Assured will be payable as lumpsum along with the
death benefit under the base plan. In case of accidental disability arising due to
accident (within 180 days from the date of accident), an amount equal to the
Accident Benefit Sum Assured will be paid in equal monthly instalments spread
over 10 years and future premiums for Accident Benefit Sum Assured as well as
premiums for the por�on of Sum Assured on Death under the base policy which is
equal to Accident Benefit Sum Assured under the policy, shall be waived.
b. LIC's Accident Benefit Rider (UIN:512B203V03)
This rider can be opted for at any �me within the premium paying term of the Base
plan provided the outstanding premium paying term of the base plan is atleast 5
years. The benefit cover under this rider shall be available only during the
premium paying term. If this rider is opted for, in case of accidental death, the
Accident Benefit Rider Sum Assured will be payable as lumpsum along with the
death benefit under the base plan.
c. LIC's New Term Assurance Rider (UIN: 512B210V01)
This rider is available at incep�on of the policy only. The benefit cover under this
rider shall be available during the policy term. If this rider is opted for, an addi�onal
amount equal to Term Assurance Rider Sum Assured shall be payable on death of
the Life Assured during the policy term.
d. LIC's New Cri�cal Illness Benefit Rider (UIN: 512A212V01)
This rider is available at the incep�on of the policy only. The cover under this rider
shall available during the policy term. If this rider is opted for, on first diagnosis of
any one of the specified 15 Cri�cal Illnesses covered under this rider, the Cri�cal
Illness Sum Assured shall be payable.
e. LIC's Premium Waiver Benefit Rider (UIN: 512B204V03)
Under an in-force policy, this rider can be opted for on the life of proposer of the
policy (as the life assured is minor), at any �me coinciding with the policy
anniversary but within the premium paying term of the Base Policy provided the
outstanding premium paying term of the Base Policy and the rider is atleast
5 years. Further, this rider shall be allowed under the policy wherein the Life
Assured is Minor at the �me of op�ng this rider. The Rider term shall not exceed
(25 minus age of the minor Life Assured at the �me of op�ng this rider).
If this rider is opted for, on death of proposer, payment of premiums in respect of
base policy falling due a�er the date of death �ll the expiry of the rider term shall
be waived. However, in such case, if the premium paying term of the base policy
exceeds the rider term, all the future premiums due under the base policy from
the date of expiry of this Premium Waiver Benefit Rider term shall be payable by
the Life Assured. On non-payment of such premiums the policy would become
paid- up.
The premium for LIC's Accident Benefit Rider or LIC's Accidental Death and
Disability Benefit Rider and LIC's New Cri�cal Illness Benefit Rider shall not exceed
100% of premium under the base plan and the premiums under all other life
insurance riders put together shall not exceed 30% of premiums under the base plan.
Each of above Rider Sum Assured cannot exceed the Basic Sum Assured under the
Base plan.
For more details on the above riders, refer to the rider brochure or contact LIC's
nearest Branch Office.
II. Op�on to take Death Benefit in instalments:
This is an op�on to receive death benefit in instalments over the chosen period of
5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid
- up policy. This op�on can be exercised by the Policyholder during minority of the
Life Assured or by Life Assured aged 18 years and above, during his/her life �me;
for full or part of Death benefits payable under the policy. The amount opted for by
the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute
value or as a percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or
monthly intervals, as opted for, subject to minimum instalment amount for
different modes of payments being as under:
 Mode of Instalment payment Minimum instalment amount
Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum
instalment amount as per the op�on exercised by the Policyholder/Life Assured, the
claim proceed shall be paid in lumpsum only.
The interest rates applicable for arriving at the instalment payments under this op�on
shall be as fixed by the Corpora�on from �me to �me.
For exercising op�on to take Death Benefit in instalments, the Policyholder during
minority of the Life Assured or the Life Assured, if major, can exercise this op�on during
his/her life�me while in currency of the policy, specifying the period of Instalment
payment and net claim amount for which the op�on is to be exercised. The death claim
amount shall then be paid to the nominee as per the op�on exercised by the
Policyholder/Life Assured and no altera�on, whatsoever, shall be allowed to be made
by the nominee.
4. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode
(through NACH only) or through SSS mode during the Premium Paying Term of the
policy.
5. Grace Period:
A grace period of 30 days will be allowed for payment of yearly, half-yearly, quarterly
mode and 15 days for monthly mode of premium payment from the date of first
unpaid premium .During this period, the policy shall be considered inforce with the
risk cover without any interrup�on as per the terms of the policy. If the premium is not
paid before the expiry of the days of grace, the Policy lapses.
The above grace period will also apply to rider premiums which are payable along with
premium for base policy.
6. Sample Illustra�ve Premium:

The sample illustra�ve annual premiums for Basic Sum Assured of Rs. 2lakh/ for
standard lives are as under:

Age Policy Term/Premium Paying Term (in Years)

(in years) 16 (10) 21 (15) 25 (16)
20 16,699 10,682 9,006
30 16,758 10,770 9,134
40 17,013 11,133 9,584
50 17,826 12,123 10,741
 7. Rebates:
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly, Monthly & SSS - NIL

High Sum Assured Rebate:

Basic Sum Assured (B.S.A) Rebate (Rs.)
2,00,000 to 4,90,000 - Nil
5,00,000 to 9,90,000 - 1.25%o B.S.A.
10,00,000 to 14,90,000 - 1.50%o B.S.A.
15,00,000 to and above - 1.75%o B.S.A.
8. Revival:
If the premium is not paid before the expiry of the days of grace, the policy lapses. A
lapsed policy can be revived within a period of 5 consecu�ve years from the date of
first unpaid premium and before the date of maturity, as the case may be. The revival
shall be effected on payment of all the arrears of premium(s) together with interest
(compounding half yearly) at such rate as may be fixed by the Corpora�on from �me to
�me and on sa�sfac�on of Con�nued Insurability of the Life Assured and/or Proposer
(if LIC's Premium Waiver Benefit Rider is opted for) on the basis of informa�on,
documents and reports that are already available and any addi�onal informa�on in
this regard if and as may be required in accordance with the Underwri�ng Policy of the
Corpora�on at the �me of revival, being furnished by the Policyholder/Life
Assured/Proposer.
The Corpora�on reserves the right to accept at original terms, accept with modified
terms or decline the revival of a discon�nued policy. The revival of a discon�nued
policy shall take effect only a�er the same is approved by the Corpora�on and is
specifically communicated in wri�ng to the Life Assured.
Revival of rider(s), if any, will only be considered along with revival of the Base Policy,
and not in isola�on.
9. Paid-up Value:

If less than two years' premiums have been paid and any subsequent premium be not
duly paid, all the benefits under this policy shall cease a�er the expiry of grace period
from the date of first unpaid premium and nothing shall be payable.
If a�er atleast two full years' premiums have been paid and any subsequent premiums
be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up
policy �ll the end of the policy term.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum
called 'Death Paid-up Sum Assured' and shall be equal to Sum Assured on Death
mul�plied by the ra�o of the total period for which premiums have already been paid
bears to the
maximum period for which premiums were originally payable. In addi�on to the Death
Paid-Up Sum Assured, vested simple reversionary bonuses if any, shall also be payable
on Life Assured's prior death.
The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum
called 'Maturity Paid-up Sum Assured' and shall be equal to Sum Assured on Maturity
mul�plied by the ra�o of the total period for which premiums have already been paid
bears to the maximum period for which premiums were originally payable In addi�on
to the Maturity Paid-Up Sum Assured, vested simple reversionary bonuses if any, shall
also be payable on the expiry of the policy term.
A paid up policy shall not be en�tled to par�cipate in future profits. However, the
vested simple reversionary bonuses, if any, shall remain a� ached to the reduced paid
up policy.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy
is in lapsed condi�on.

10. Surrender:
The policy can be surrendered at any �me provided two full years' premiums have
been paid. On surrender of the policy, the Corpora�on shall pay the Surrender Value
equal to higher of Guaranteed Surrender Value or Special Surrender Value.
The Special Surrender Value is reviewable and shall be determined by the Corpora�on
from �me to �me subject to prior approval of IRDAI.
The Guaranteed Surrender value during the policy term shall be equal to total
premiums paid (excluding extra premiums, taxes and premiums for riders, if opted for)
mul�plied by the Guaranteed Surrender Value factors applicable to total premiums
paid. These Guaranteed Surrender Value factors expressed as percentages will depend
on the policy term and policy year in which the policy is surrendered and are specified
as below:

Guaranteed Surrender Value factors applicable

to total premiums paid
Policy Term (Premium Paying Term)...>
16 (10) 21(15) 25 (16)
1 0.00% 0.00% 0.00%
2 30.00% 30.00% 30.00%
3 35.00% 35.00% 35.00%
4 50.00% 50.00% 50.00%
5 50.00% 50.00% 50.00%
Policy

6 50.00% 50.00% 50.00%

7 50.00% 50.00% 50.00%
8 53.75% 52.30% 51.80%
9 57.50% 54.60% 53.50%
10 61.25% 56.90% 55.30%
11 65.00% 59.20% 57.10%
12 68.75% 61.50% 58.80%
13 72.50% 63.80% 60.60%
14 76.25% 66.20% 62.40%
 15 90.00% 68.50% 64.10%
16 90.00% 70.80% 65.90%
17 73.10% 67.60%
18 75.40% 69.40%
19 77.70% 71.20%
Policy

20 90.00% 72.90%
21 90.00% 74.70%
22 76.50%
23 78.20%
24 90.00%
25 90.00%
In addi�on, the surrender value of any vested simple reversionary bonuses, if any, shall
also be payable, which is equal to vested bonuses mul�plied by the Guaranteed
Surrender Value factor applicable to vested bonuses. These factors will depend on the
policy term and policy year in which the policy is surrendered and are specified as
below:
Guaranteed Surrender Value factors applicable
to vested bonuses
Policy Term (Premium Paying Term)...>
16 (10) 21(15) 25 (16)
1 0.00% 0.00% 0.00%
2 0.00% 0.00% 0.00%
3 17.58% 15.93% 15.28%
4 17.66% 16.22% 15.42%
5 17.85% 16.58% 15.55%
6 18.16% 17.03% 15.72%
7 18.60% 17.58% 15.93%
8 19.18% 17.58% 16.22%
9 19.93% 17.66% 16.58%
10 20.85% 17.85% 17.03%
Policy

11 21.99% 18.16% 17.58%

12 23.38% 18.60% 17.58%
13 25.05% 19.18% 17.66%
14 27.06% 19.93% 17.85%
15 30.00% 20.85% 18.16%
16 35.00% 21.99% 18.60%
17 23.38% 19.18%
18 25.05% 19.93%
19 27.06% 20.85%
20 30.00% 21.99%
21 35.00% 23.38%
22 25.05%
23 27.06%
24 30.00%
25 35.00%
 11. Policy Loan:
Loan can be availed under the policy provided the policy has acquired a surrender
value and subject to the terms and condi�ons that the Corpora�on may specify from
�me to �me.
The interest rate to be charged for policy loan and as applicable for en�re term of the
loan shall be determined at periodic intervals. The applicable interest rate shall be as
declared by the Corpora�on based on the method approved by the IRDAI.
Any loan outstanding along with interest shall be recovered from the claim proceeds at
the �me of exit.
12. Taxes:
(I) Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any
other cons�tu�onal tax Authority of India shall be as per the Tax laws and the rate of
tax as applicable from �me to �me.
The amount of applicable taxes, as per the prevailing rates, shall be payable by the
policyholder on premium(s) (for base policy and rider(s), if any) including extra
premium which shall be collected separately over and above in addi�on to the
premium(s) payable by the policyholder. The amount of Tax paid shall not be
considered for the calcula�on of benefits payable under the plan.
(ii) Regarding Income tax benefits/implica�ons on premium(s) paid and benefits
payable under this plan, please consult your tax advisor for details.

13. Free-Look Period:

If the Policyholder is not sa�sfied with the “Terms and Condi�ons” of the policy, the
policy may be returned to the Corpora�on within 15 days from the date of receipt of the
policy bond sta�ng the reasons of objec�ons . On receipt of the same the Corpora�on
shall cancel the policy and return the amount of premium deposited a�er deduc�ng the
propor�onate risk premium (for base plan and rider(s), if any) for the period of cover,
expenses incurred on medical examina�on, special reports, if any and stamp duty
charges.

14. Exclusion:
Suicide: - This policy shall be void
I. If the Life Assured (whether sane or insane) commits suicide at any �me within 12
months from the date of commencement of risk, the Corpora�on will not entertain
any claim under this policy except for 80% of the total premiums paid, provided the
policy is in-force.
ii. 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 �ll the
date of death or the Surrender Value available as on the date of death, shall be
payable. The Corpora�on will not entertain any other claim under this policy.
This clause shall not be applicable for a policy lapsed without acquiring paid-up
value and nothing shall be payable under such policies
Note: Premiums referred above shall not include any taxes, extra amount and any
rider premium(s) other than Term Assurance Rider, if any.
 BENEFIT ILLUSTRATION:
Age of Life Assured (nearer birthday) 30 Years
Policy Term (years) 25 Years
Premium payment Term 16 Years
Premium Payment Mode Yearly
Basic Sum Assured (Rs) 2,00,000
Premium (excluding Taxes) (Rs) 9,134
Benefits available under different Scenarios: (Amount in Rs.)
End Total Guaranteed Non Guaranteed Total Death Total Maturity
of Premium Benefits Benefits Benefit incl Benefit incl of
year s paid �ll (Simple of Final Additonal Final Addi�onal
Sum Sum
the end Bonus, if any Bonus, if any
Assured Assured Reversionary Bonus)
of the
on Death on Scenario Scenario Scenario Scenario Scenario Scenario
year
Maturity 1 2 1 2 1 2
5 45,670 2,00,000 - 4,000 30,000 2,04,000 2,30,000 - -
10 91.340 2,00,000 - 8,000 60,000 2,08,000 2,60,000 - -
15 1,37,010 2,00,000 - 12,000 90,000 2,12,000 2,91,000 - -
20 1,46,144 2,00,000 - 16,000 1,20,000 2,16,000 3,25,000 - -
25 1,46,144 2,00,000 2,00,000 20,000 1,70,000 2,20,000 3,70,000 2,20,000 3,70,000

Disclaimer:
I) This illustra�on is applicable to a standard (from medical, life style and occupa�on
point of view) life and wherein any riders are not opted.
ii) Some benefits are guaranteed and some benefits which are Non Guaranteed
benefits with returns based on the future performance show two different rates of
assumed future investment returns.
iii) The non-guaranteed benefit in the above illustra�on has been given assuming that
the death occurs at the end of policy year and has been calculated so that they are
consistent with the Projected Investment Rate of Return assump�on of 4% p.a
(Scenario 1). and 8% p.a(Scenario 2). In other words, in preparing this benefit
illustra�on it is assumed that the Projected Investment Rate of Return that LICI will
be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the
case may be. The Projected Investment Rate of Return is not guaranteed and they
are not the upper or lower limits of what you might get back, as the value of your
policy is dependent on a number of factors including actual future investment
performance.
iv) The main objec�ve of the illustra�on is that the client is able to appreciate the
features of the product and the flow of benefits in different circumstances with
some level of qualifica�on.
SECTION 45 OF THE INSURANCE ACT, 1938:
The provision of Sec�on 45 of the Insurance Act, 1938 shall be applicable as amended
from �me to �me. The simplified version of this provision is as under:
Provisions regarding policy not being called into ques�on in terms of Sec�on 45 of the
Insurance Act, 1938 are as follows:
1. No Policy of Life Insurance shall be called in ques�on on any ground whatsoever
a�er expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
 d. the date of rider to the policy
whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in ques�on within 3
years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in wri�ng to the insured or legal
representa�ve or nominee or assignees of insured, as applicable, men�oning the
ground and materials on which such decision is based.
3. Fraud means any of the following acts commi� ed by insured or by his agent, with
the intent to deceive the insurer or to induce the insurer to issue a life insurance
policy:
a. The sugges�on, as a fact of that which is not true and which the insured does
not believe to be true;
b. The ac�ve concealment of a fact by the insured having knowledge or belief of
the fact;
c. Any other act fi� ed to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the
duty of the insured or his agent keeping silence to speak or silence is in itself
equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the
Insured / beneficiary can prove that the misstatement was true to the best of his
knowledge and there was no deliberate inten�on to suppress the fact or that such
mis-statement of or suppression of material fact are within the knowledge of the
insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in ques�on within 3 years on the ground that
any statement of or suppression of a fact material to expectancy of life of the
insured was incorrectly made in the proposal or other document basis which
policy was issued or revived or rider issued. For this, the insurer should
communicate in wri�ng to the insured or legal representa�ve or nominee or
assignees of insured, as applicable, men�oning the ground and materials on which
decision to repudiate the policy of life insurance is based.
7. In case repudia�on is on ground of mis-statement and not on fraud, the premium
collected on policy �ll the date of repudia�on shall be paid to the insured or legal
representa�ve or nominee or assignees of insured, within a period of 90 days from
the date of repudia�on.
8. Fact shall not be considered material unless it has a direct bearing on the risk
undertaken by the insurer. The onus is on insurer to show that if the insurer had
been aware of the said fact, no life insurance policy would have been issued to the
insured.
9. The insurer can call for proof of age at any �me if he is en�tled to do so and no
policy shall be deemed to be called in ques�on merely because the terms of the
policy are adjusted on subsequent proof of age of life insured. So, this Sec�on will
not be applicable for ques�oning age or adjustment based on proof of age
submi� ed subsequently.
[Disclaimer: This is not a comprehensive list of Sec�on 45 of the Insurance Act,
1938 and only a simplified version prepared for general informa�on. Policy
Holders are advised to refer to Sec�on 45 of the Insurance Act, 1938, for complete
and accurate details.]
PROHIBITION OF REBATES SECTION 41 OF THE
INSURANCE ACT, 1938:
1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or con�nue an insurance in respect
of any kind of risk rela�ng to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the policy,
nor shall any person taking out or renewing or con�nuing a policy accept any
rebate, except such rebate as may be allowed in accordance with the published
prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this sec�on shall be
liable for a penalty which may extend to ten lakh rupees.

This product brochure gives only salient features of the plan.

For further details please refer to the Policy document on our
website www.licindia.in or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /

FRAUDULENT OFFERS
IRDAI is not involved in ac�vi�es like selling insurance policies,
announcing bonus or investment of premiums. Public receiving
such phone calls are requested to lodge a police compliant.
 Registered Office:
Life Insurance Corpora�on of India,
Central Office,
Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
Website: www.licindia.in,
Registra�on Number: 512