Find your suitable insurance plan
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LIC Jeevan Labh plan 936 is a non-linked endowment plan, which is not linked with the market conditions for returns/profits. The plan is available with several benefits and it serves as a combination of savings and protection plan. Hence, you can accumulate money under this plan while staying protected. The plan also pays your family member’s death benefit in case of the unfortunate demise of the policyholder.
Under this basic endowment plan, you are required to pay premiums for a limited duration of time to receive maturity benefits at the end of the policy term. Also, if the policyholder dies during the term of the policy, the nominee of the plan receives a death benefit as the sum assured along with bonuses.
|
Features |
LIC Jeevan Labh Policy Details |
| Plan type |
It is an endowment plan, non-linked with limited PPT |
| Plan basis |
Individual plan |
| Benefits |
Death and maturity benefit, bonus, FAB, etc. |
| Policy tenure |
16/21/25 years |
| PPT or Premium Paying Term |
10/15/16 years PPT |
| Loans |
Yes, can avail loan against this policy if the policyholder has paid the premium for 3 full years |
| Free-look period |
15 days from the date of buying the policy |
| Nominations |
A nomination facility is available |
| Basic Sum Assured |
Min – 2 lakh, Max – No Limit |
| Frequency of premium payment |
Yearly/Half-Yearly/Quarterly/Monthly |
| Revival |
Can be revived within 2 years of the first unpaid premium |
Here are some LIC Jeevan Labh benefits:
If the policyholder dies during the term of the plan, the nominee will receive a sum assured of 105% of the premiums paid. Together with that, they would receive the simple reversionary bonus along with FAB or the final additional bonus (if any).
If the policyholder outlives the policy term, the person is eligible to receive the maturity benefit in the form of sum assured, reversionary bonus, and FAB.
LIC also offers various rebates based on premium paying modes such as; a 2% rebate if the premium is paid every year as a one-time payment, a 1% rebate in half-yearly, etc.
The policy offers a loan facility of up to 90 % of the surrender value to its policyholders if they pay the premiums regularly for the first three years of the plan. LIC decides the LIC Jeevan Labh interest rates for such loans.
The policyholder or nominee might also receive an additional bonus if it is declared during the policy term by the insurer.
If you want to save enough for the wedding or education of your children, this plan will suit you aptly.
The policy premiums paid as well as the maturity amount are all available with LIC Jeevan Labh tax benefits under various sections of the income tax act.
|
Criteria of eligibility |
Minimum |
Maximum |
| Sum assured |
INR 2 lakh |
No limit |
| Policy tenure (in years) |
16/21/25 |
|
| PPT (in years) |
10/15/16 years |
|
| Entry age |
8 years |
59 years |
| Maturity age |
75 years |
|
| Premium paying frequency |
Annual, semi-annual, quarterly, and monthly |
Below are some riders available with LIC Jeevan Labh Policy:
With this rider the nominee of the plan receives an additional sum assured in the event of accidental death of the nominee during the policy period. However, if the policyholder survives the accident and becomes disabled for life, the insurance company will pay for the sum assured in 10 equal installments over the next 10 years.
This rider enhances the death benefit to be received by the nominee in the event of the death of the policyholder. The insured can buy this rider by paying an additional cost at the time of buying the plan.
Under this rider, the nominee of the policy is paid a sum assured in the event of accidental death of the insured within 180 days from the date of an accident.
If the policyholder is diagnosed with any critical disease among the 15 mentioned under the rider, he/she can avail of a lump sum amount for treatment of the illness.
This rider allows the premiums to be waived in case of the sudden demise of the policyholder.
Among the various LIC Jeevan Labh 936 plan details, one point to note is related to suicide exclusion. In this case, the insurer will not pay any benefit to the policy nominee if the policyholder commits suicide within one year of the policy tenure. However, if the policyholder commits suicide after 1 year of the policy period, the nominee will receive 80% of the premiums without any interest.
To Conclude
The Jeevan Labh policy is available with a free-look period of 15 days within which the insured is permitted to cancel the plan. The plan comes with several benefits and is regarded as one of the best plans offered by LIC. You can use the LIC Jeevan Labh calculator to evaluate the benefits and returns that you can receive from this policy.
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Yes. You can receive a surrender value of the policy if you have been regular in paying premiums for the last three years of the policy since buying the plan.
If you are unable to pay the premium within the grace period your policy will lapse and you will not be able to take any benefit of the plan. However, you still have the option to renew the plan within 2 consecutive years by making payments of the unpaid premiums. You may note that interest under LIC is compounded semi-annually.
The policy will be cancelled if you stop paying the premium after three years. But it will continue as a paid-up plan and the death benefit and maturity amount will be reduced accordingly under the plan.
The LIC Jeevan Labh policy maturity is calculated once the term of the policy is completed. Here’s the formula:
Sum Assured (basic) + accumulated bonus (simple reversionary accumulated during the policy term) + FAB or final additional bonus
LIC is best for long-term investments, whereas FDs or fixed deposits are most suitable for short or medium-term investments.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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