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LIC Jeevan Labh 936

LIC Jeevan Labh 936, (UIN No. 512N304V02) is a non-linked, limited premium endowment plan offered by LIC. It is designed to provide financial security and savings benefits to policyholders. The plan offers a combination of life cover, maturity benefits, and additional bonuses to policyholders, making it an attractive choice for individuals seeking long-term financial stability.

LIC Jeevan Labh 936

LIC Jeevan Labh (Plan No. 936, UIN No. 512N304V02) is a non-linked, limited premium endowment plan offered by LIC. It is designed to provide financial security and savings benefits to policyholders. The plan offers a combination of life cover, maturity benefits, and additional bonuses to policyholders, making it an attractive choice for individuals seeking long-term financial stability.

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TypeLimited Premium Endowment Plan
Plan No.936
UIN No.512N304V02
Online AvailabilityNo
Premium Payment Term10,15 & 16 Years

Death Benefits On Investing 1Crore,75,50 & 25 Lakhs

key features of lic jeevan labh

key features of lic jeevan labh

Jeevan Labh 936 comes with several key features and benefits, including:

Jeevan Labh 936 comes with several key features and benefits, including:

life covers and maturity benefits

The plan offers life cover during the policy term and provides maturity benefits at the end of the policy term. The maturity benefit includes the sum assured on maturity, along with any bonuses that may have accrued.

limited premium payment term

Policyholders have the option to choose a premium payment term shorter than the policy term. This feature allows individuals to complete their premium payments earlier, ensuring financial freedom during the later years of the policy.

Policyholders have the option to choose a premium payment term shorter than the policy term. This feature allows individuals to complete their premium payments earlier, ensuring financial freedom during the later years of the policy.

Death Benefit:

In the unfortunate event of the policyholder’s demise during the policy term, the plan provides death benefits to the nominee. The death benefit includes the sum assured on death and any applicable bonuses.

additional bonuses:

Lic jeevan labh policy offers additional bonuses in the form of Simple Reversionary Bonuses and Final Additional Bonuses, depending on the performance of the plan and LIC’s overall experience.

loan facility:

Policyholders can avail of a loan against their Jeevan Labh 936 policy after the completion of three policy years. The loan amount depends on the surrender value and terms of the policy.

surrender value:

If policyholders wish to terminate the policy prematurely, they can do so after the completion of three policy years. The plan offers a guaranteed surrender value, which is a percentage of the total premiums paid, excluding extra premiums and premiums for optional riders.

tax benefits:

Policyholders can avail tax benefits on the premiums paid under Section 80C of the Income Tax Act, 1961. The maturity benefits and death benefits are also eligible for tax exemptions under Section 10(10D).

life covers and maturity benefits

 

The plan offers life cover during the policy term and provides maturity benefits at the end of the policy term. The maturity benefit includes the sum assured on maturity, along with any bonuses that may have accrued.

limited premium payment term:

Policyholders have the option to choose a premium payment term shorter than the policy term. This feature allows individuals to complete their premium payments earlier, ensuring financial freedom during the later years of the policy.

Death Benefit:

In the unfortunate event of the policyholder’s demise during the policy term, the plan provides death benefits to the nominee. The death benefit includes the sum assured on death and any applicable bonuses.

additional bonuses:

Lic jeevan labh policy offers additional bonuses in the form of Simple Reversionary Bonuses and Final Additional Bonuses, depending on the performance of the plan and LIC’s overall experience.

loan facility:

Policyholders can avail of a loan against their Jeevan Labh 936 policy after the completion of three policy years. The loan amount depends on the surrender value and terms of the policy.

surrender value:

If policyholders wish to terminate the policy prematurely, they can do so after the completion of three policy years. The plan offers a guaranteed surrender value, which is a percentage of the total premiums paid, excluding extra premiums and premiums for optional riders.

tax benefits:

Policyholders can avail tax benefits on the premiums paid under Section 80C of the Income Tax Act, 1961. The maturity benefits and death benefits are also eligible for tax exemptions under Section 10(10D).

eligibility criteria of jeevan labh

eligibility criteria of jeevan labh

ParametersValues
Policy Term16, 21, & 25 Years
Minimum Entry Age8 Years (Completed)
Maximum Entry Age• For Policy Term 16 Years: 59 Years
• For Policy Term 21 Years: 54 Years
• For Policy Term 25 Years: 50 Years
Minimum Basic Sum AssuredRs. 2,00,000
Maximum Basic Sum AssuredNo Limit
Maximum Maturity Age75 Years

Benefits of LIC Jeevan Labh Policy

The following are the benefits provided by the LIC Jeevan Labh policy:

Death Benefit:

In the unfortunate event of the policyholder’s demise during the policy term, the plan provides death benefits to the nominee. The death benefit comprises the sum assured on death and any applicable bonuses. The sum assured on death is higher than the sum assured on maturity and is determined based on the policy term and age of the policyholder at the time of demise.

Maturity Benefit:

At the end of the policy term, policyholders are entitled to receive maturity benefits. The maturity benefit consists of the sum assured on maturity and any accrued bonuses. The sum assured on maturity is equal to the basic sum assured chosen at the inception of the policy.

Limited Premium Payment:

jeevan labh 936 The premium policy payment term is shorter than the policy term. The policyholder needs to pay premiums for a limited number of years, usually 16, 21, or 25 years, while the policy continues for a longer term, typically 16, 21, or 25 years.

 

PARTICIPATION IN PROFITS:

Jeevan Labh is a with-profit plan, which means it participates in the profits of the corporation. The policyholder is entitled to receive bonuses declared by LIC, which are based on the performance of the participating fund.

Benefits of LIC Jeevan Labh Policy

The following are the benefits provided by the LIC Jeevan Labh policy:

Death Benefit:

In the unfortunate event of the policyholder’s demise during the policy term, the plan provides death benefits to the nominee. The death benefit comprises the sum assured on death and any applicable bonuses. The sum assured on death is higher than the sum assured on maturity and is determined based on the policy term and age of the policyholder at the time of demise.

Maturity Benefit:

At the end of the policy term, policyholders are entitled to receive maturity benefits. The maturity benefit consists of the sum assured on maturity and any accrued bonuses. The sum assured on maturity is equal to the basic sum assured chosen at the inception of the policy.

Limited Premium Payment:

jeevan labh 936 The premium policy payment term is shorter than the policy term. The policyholder needs to pay premiums for a limited number of years, usually 16, 21, or 25 years, while the policy continues for a longer term, typically 16, 21, or 25 years.

PARTICIPATION IN PROFITS:

Jeevan Labh is a with-profit plan, which means it participates in the profits of the corporation. The policyholder is entitled to receive bonuses declared by LIC, which are based on the performance of the participating fund.

Functioning Of LIC Jeevan Labh Policy

Let’s understand how LIC Jeevan policy works with an Example

Consider, Mr. Akshay, who’s 30 years old and he wishes to buy the LIC Jeevan Labh policy. He’d decided to buy the policy with a sum assured of Rs. 2,00,000, a policy term of 25 times, and a decoration payment term of 16 years.

His periodic premium is Rs. 9,290 + levies = Rs. 9,708. We’ve used a 4.5-duty rate as a starting point.

If Mr. Akshay dies within the policy period, let’s consider after 2 policy times

If Mr. Akshay dies after 2 policy times, the designee will be getting

Sum Assured + Simple Reversionary perk + Final fresh perk

SUM ASSURED: Rs.2,00,000

THE SIMPLE REVERSIONARY PERK: We’ll assume that a perk of Rs.40 per 1,000 Sum Assured is declared each time.

A simple Reversionary perk will be 40 X 200 X 2, which will be Rs.16,000.

THE FINAL FRESH PERK: The final fresh perk is blazoned after a long period of premium payment. So, then the value will be nill.

TOTAL VALUE: Thus, the designee will get

Rs.2,00,000 + Rs.16,000, i.e., Rs. 2,16,000

If Mr. Akshay survives the policy term of 25 years

If Mr. Akshay survives the policy term of 25 years, he’ll get the

Sum Assured + Simple Reversionary perk + Final Addition perk.

SUM ASSURED: Rs. 2,00,000

THE SIMPLE REVERSIONARY PERK: We’ll assume that a perk of Rs. 40 per 1,000 Sum Assured is declared each year. Thus, the value will be Rs. 40 for each 1000 Sum Assured for 25 years,
i.e., 40X200X25 = Rs. 2,00,000

FINAL ADDITION PERK: We’ll assume a one-time Final Addition Perk of Rs. 20 per 1,000 Sum Assured is declared each year. Thus, the value will be Rs. 20 per 1000 Sum Assured,
i.e., 20X200 = Rs. 4,000.

TOTAL VALUE: Mr. Akshay will get Rs. 2,00,000 + Rs. 2,00,000 + Rs. 4,000 = Rs. 4,04,000.

BONUS INFORMATION

Lic new jeevan labh plan offers two types of bonuses: Simple Reversionary Bonuses and Final Additional Bonuses. The Simple Reversionary Bonus is declared annually and is payable either on maturity or death. The Final Additional Bonus may be payable along with maturity benefit, depending on the policy term.

CONCLUSION

Jeevan Labh 936 is an excellent life insurance plan offered by LIC, providing both financial protection and attractive returns. With its comprehensive features, flexibility in premium payment terms, and tax benefits, it offers individuals the opportunity to secure their future and meet their long-term financial goals. By considering Jeevan Labh 936, you can ensure the financial well-being of your loved ones while enjoying the benefits of this reliable and rewarding life insurance plan.

Policy Term: 21 years
Premium Payment Term: 15 years
Sum Assured: ₹10,00,000

To calculate the premium amount, we will consider the age, policy term, and premium payment term. The premium rates may vary slightly based on these factors, but for this example, let’s assume the annual premium rate is ₹5,000 per ₹1,00,000 sum assured.

FAQ

Most frequent questions and answers

 No, Jeevan Labh 936 is a limited premium endowment plan that offers life cover, savings, and returns.

Yes, you can surrender the policy before maturity. However, the surrender value will depend on the policy’s duration and premium payment terms.

Yes, the premiums paid for Jeevan Labh 936 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

 Yes, you can enhance your coverage by opting for riders such as accidental death benefit and critical illness benefit.

 You usually get a grace period of 30 days to pay the premium. If the premium is not paid within this period, the policy may lapse, and the benefits may cease.