LIC Jeevan Labh is a simple endowment life insurance plan. You pay premiums for a limited period and receive maturity benefits at the end of the policy term. In case of the death of the policyholder during the policy term, the assignee receives the death benefit.
LIC Jeevan Labh policy is a traditional non-linked profit sharing plan that provides investment and insurance benefits. It is a limited premium plan - you do not have to pay the premiums for the entire policy term.