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Shrilaabh Insurance Plan

Shri Laabh Insurance Plan is a Single Premium Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.

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Participating Endowment Plan
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Single Premium Plan
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Maturity Benefit
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Key Features

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It is a Participating Endowment Plan
This is a Single Premium Plan
On survival till the end of the policy tenure, the Sum Assured + Vested Bonus would be paid as Maturity Benefit
In case of death of the Life Insured within the Policy Tenure, the nominee would receive twice the Sum Assured + vested Bonus as Death Benefit
Riders

There are 3 additional riders possible in this plan:

  • Accident Benefit Rider
  • Family Income Benefit Rider
  • Critical Illness Cover Rider

Benefits

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Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee would receive TWICE the Sum Assured + vested Bonus as Death Benefit and the policy will terminate.

Maturity Benefit

On survival till the end of the policy tenure, the Sum Assured + the vested Bonus would be payable as Maturity Benefit to the policyholder and the policy would be terminated thereafter.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

How it works

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In this plan, premium needs to be paid in a lumpsum at the policy inception but the policy continues for the entire tenure as selected. This is a Double Death Benefit Insurance Plan. This plan has simple Reversionary Bonus.

 

On survival till the end of the policy tenure, Sum Assured + Vested Bonus would be paid to the policyholder as Maturity Benefit and the policy terminate.

 

However, if the Life Insured dies within the Policy Tenure, twice the Sum Assured + accrued Bonus till date would be paid to the nominee as Death Benefit and the policy would be terminated.

 

There are 3 additional riders in this plan.

Eligibility

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  Minimum Maximum
Sum Assured (in Rs.) 20,000 No Limit
Policy Term (in years) 5 25
Premium Payment Term (in years) Equal to Policy Term
Entry Age of Life Insured (in years) 12 65
Age at Maturity - 75
Payment modes Only Single

 

FAQs

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angle down iconYou stop paying the premium

Being a Single Premium Plan, there is no requirement of further payment of premium.

angle down iconYou want to surrender the policy

There are surrender benefits under this plan after completion of 3 years.

Guaranteed Surrender Value= 90% of Single Premium paid

angle down iconYou want a loan against your policy

Loan facility is available under this plan upto 10% of Surrender Value.