LIC Jeevan Labh Plan-736 is a non-linked, with-profits endowment life insurance plan that combines savings and protection. Designed to cater to various financial goals, the policy ensures life coverage alongside substantial maturity benefits. This article delves into the key aspects of this policy, including its features, benefits, and suitability, with a detailed breakdown for better understanding.
LIC Jeevan Labh Plan 736 Calculator
Features of LIC Jeevan Labh Plan-736
The policy stands out due to its simplified structure and a combination of savings and protection elements. Below are its primary features:
| Feature | Details |
|---|---|
| Policy Type | Endowment Life Insurance (Non-Linked, With-Profits) |
| Eligibility | Entry age: Minimum 8 years; Maximum varies by policy term |
| Policy Terms | Available for 16, 21, and 25 years |
| Premium Payment Term | Limited premium payment options: 10, 15, and 16 years |
| Sum Assured | Minimum: ₹2,00,000; Maximum: No upper limit (in multiples of ₹10,000) |
| Loan Facility | Available after payment of premiums for a specified period |
| Participation in Profits | Bonuses declared annually based on LIC’s performance |
Benefits of LIC Jeevan Labh Plan-736
LIC Jeevan Labh Plan-736 offers a host of financial benefits, making it a holistic savings-cum-protection product.
- Death Benefit:
- In case of policyholder’s demise during the policy term, the nominee receives:
- Sum Assured on Death
- Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
- Sum Assured on Death is higher of either 7 times the Annualized Premium or the Basic Sum Assured.
- In case of policyholder’s demise during the policy term, the nominee receives:
- Maturity Benefit:
- Upon survival until the end of the policy term, the policyholder receives:
- Basic Sum Assured
- Accrued Bonuses
- Final Additional Bonus
- Upon survival until the end of the policy term, the policyholder receives:
- Tax Benefits:
- Premiums paid qualify for deductions under Section 80C of the Income Tax Act.
- Maturity and death proceeds are tax-exempt under Section 10(10D).
- Flexibility:
- The plan offers multiple options for policy term and premium payment term, catering to diverse financial needs.
Eligibility Criteria and Premium Payment Structure
| Criteria | Details |
|---|---|
| Minimum Entry Age | 8 years |
| Maximum Entry Age | Varies: 59 years (16-year term), 54 years (21-year term), 50 years (25-year term) |
| Maximum Maturity Age | 75 years |
| Premium Payment Modes | Annual, Half-Yearly, Quarterly, Monthly |
To understand the premium payment structure, consider the following example for a policy term of 25 years and a Sum Assured of ₹10,00,000:
| Age | Term | Premium Payment Term | Annual Premium | Total Premiums Paid |
|---|---|---|---|---|
| 30 | 25 years | 16 years | ₹62,000 | ₹9,92,000 |
Policy Suitability
LIC Jeevan Labh is suitable for individuals looking for a low-risk investment option that offers:
- Protection for loved ones in case of untimely demise.
- Long-term savings for goals like child’s education, marriage, or retirement.
- A combination of life cover and assured returns.
If you need further analysis or have questions about specific features, feel free to ask!
How to Apply for LIC Jeevan Labh Plan-736
To apply for LIC Jeevan Labh, follow these steps:
- Visit LIC’s Website or Branch Office: Access the official LIC Jeevan Labh Plan website or visit a nearby branch.
- Consult with an Advisor: Speak to an LIC agent for personalized guidance on policy terms and premium calculations.
- Submit Required Documents: Provide identity proof, address proof, age proof, and income documents.
- Complete the Proposal Form: Fill out the application form accurately.
- Medical Examination: Undergo a medical check-up if required.
- Pay the Premium: Choose your payment mode and pay the first premium.
- Receive Policy Document: Once approved, you’ll receive the policy bond.
FAQs on LIC Jeevan Labh Plan-736
1. What type of policy is LIC Jeevan Labh?
LIC Jeevan Labh is a non-linked, with-profits endowment plan. It provides life insurance coverage along with savings benefits, making it a dual-purpose policy.
2. What is the minimum and maximum Sum Assured?
- Minimum Sum Assured: ₹2,00,000.
- Maximum Sum Assured: No upper limit (in multiples of ₹10,000).
3. What benefits does the nominee receive in case of the policyholder’s death?
The death benefit includes:
- Sum Assured on Death (higher of 7 times the annualized premium or Basic Sum Assured).
- Accrued Simple Reversionary Bonuses.
- Final Additional Bonus, if applicable.
4. Can policyholders avail loans against the policy?
Yes, loans can be availed against LIC Jeevan Labh after the policy has acquired a surrender value (post premium payments for a specified duration).
5. Does LIC Jeevan Labh provide tax benefits?
Yes, the policy offers tax benefits:
- Premiums paid are eligible for deduction under Section 80C of the Income Tax Act.
- Maturity and death proceeds are tax-free under Section 10(10D).
6. What is the Final Additional Bonus?
The Final Additional Bonus is a one-time bonus declared by LIC in the year of maturity or claim. It depends on the performance of LIC and the policy’s duration.
7. Can the policy be surrendered before maturity?
Yes, the policy can be surrendered after paying premiums for at least two years. The surrender value is calculated based on the premiums paid and any bonuses accrued.
Conclusion
LIC Jeevan Labh Plan-736 stands as a versatile policy that caters to a wide audience by ensuring financial security and disciplined savings. The flexibility in terms and premium payment options, coupled with life coverage, make it a strong contender for individuals seeking a balanced insurance-cum-investment product.
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