LIC Jeevan Labh Plan-936 is a life insurance plan provided by LIC (Life Insurance Corporation of India). This participating, non-linked policy offers a combination of life insurance coverage and savings. It includes guaranteed yearly additions to the sum assured starting from the 6th policy year, enhancing the total benefit amount.
This plan, listed under LIC Jeevan Labh Plan-936, provides coverage up to 100 years of age. Policyholders have the flexibility to receive the maturity payout as a lump sum or in instalments over 10 or 20 years. Additionally, the plan offers a loan facility and bonus benefits.
Key Features of Jeevan Labh
Here are some notable features of the Jeevan Labh plan:
- Life cover combined with savings
- Flexible policy term options: Choose between 16, 22, or 28 years
- Maturity age: Coverage extends until 100 years
- Guaranteed additions: Earned from the 6th policy year onwards
- Maturity payout options: Lump sum or staggered payments over 10 or 20 years
- Loan availability: Available once the policy reaches guaranteed surrender value
- Vesting on minor’s policy: When the life assured attains majority
- Tax benefits: Applicable on premiums and maturity benefits
Benefits of LIC Jeevan Labh Plan-936
LIC Jeevan Labh Plan-936 offers dual benefits of financial protection and savings growth. Some key advantages include:
- Life Insurance Coverage: Throughout the policy term, the policyholder’s life is insured, and in the unfortunate event of death, the nominee receives the death benefit.
- Maturity Benefit: Upon policy maturity, the insured receives the sum assured along with guaranteed additions and vested bonuses.
- Tax Benefits: Premium payments are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity proceeds are exempt from taxes under Section 10(10D).
Premium Payment Options
LIC Jeevan Labh Plan-936 offers a variety of premium payment frequencies:
- Yearly
- Half-yearly
- Quarterly
- Monthly
Note: A higher modal factor applies for non-yearly payment modes, and a 5% discount is available for higher sum assured amounts.
Eligibility Criteria
To purchase a Jeevan Labh policy, the following conditions must be met:
- Minimum age: 18 years
- Maximum age: 55 years
- Maximum maturity age: 100 years
- Policy terms: 16, 22, or 28 years
- Minimum sum assured: ₹1,00,000
- No maximum sum assured limit
Jeevan Labh Premium Calculator
The LIC Jeevan Labh Plan-936 premium calculator helps determine the premium amounts based on your selected sum assured, policy term, and premium payment mode. Factors like age, gender, smoking habits, and policy term influence the premium amount.
How to Use the LIC Jeevan Labh Plan-936
To use the premium calculator for Jeevan Labh, follow these steps:
- Visit the LIC premium calculator website.
- Select your gender.
- Input your date of birth.
- Indicate whether you are a smoker or non-smoker.
- Choose your sum assured amount.
- Select a policy term: 16, 22, or 28 years.
- Choose the premium payment mode: yearly, half-yearly, quarterly, or monthly.
- Click on “Calculate Premium” to view the quote.
Surrender Value and Loan Facility
- Surrender value: The policy acquires guaranteed surrender value after two years of full premium payments.
- Loan facility: Available once the surrender value is attained, allowing you to borrow up to 90% of the available surrender value. Loan interest rates are set by LIC, and if the loan and interest exceed the surrender value, the policy is terminated.
FAQs on LIC Jeevan Labh Plan-936
1. What is the minimum and maximum sum assured under Jeevan Labh?
The minimum sum assured is ₹1,00,000, with no maximum limit set by LIC.
2. What are the age limits for purchasing Jeevan Labh?
The minimum entry age is 18 years, and the maximum is 55 years. Coverage lasts until 100 years of age.
3. What are the available policy terms?
Jeevan Labh offers policy terms of 16, 22, and 28 years.
4. What bonus provisions are available?
Guaranteed additions of ₹50 per ₹1,000 of sum assured are provided from the 6th policy year. Additionally, simple reversionary bonuses are declared annually based on LIC’s performance.
5. Can premiums be paid online?
Yes, LIC provides an online premium payment facility via its customer portal, allowing payments through net banking, credit/debit cards, UPI, etc.
Jeevan Labh is an excellent life insurance plan for those seeking long-term coverage and savings with guaranteed returns.
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