LIC Jeevan Labh -T 836 | All details with premium and maturity calculators
LIC Jeevan Labh (T 836) is an endowment type of plan with limited premium payment period. Jeevan Labh has become one of the most popular plan of LIC, owing to high returns and low ‘total premium payment‘ compared to the Sum Assured. The plan becomes even more attractive with Accident and Disability Benefit, Additional Term Insurance, Critical Illness Rider Benefit etc., which are available as riders. This article provides you complete information on premium and all available benefits of LIC’s Jeevan Labh plan, with examples, illustrations and calculators.
| Plan Details – LIC Jeevan Labh | |
|---|---|
| Policy Term | For 16 year term Payment only for 10 Years |
| For 21 year term Payment only for 15 Years | |
| For 25 year term Payment only for 16 Years | |
| Age at entry | 8 to 59 years (nbd) for Term 16 Years |
| 8 to 54 years (nbd) for Term 21 Years | |
| 8 to 50 years (nbd) for Term 25 Years | |
| Premium payment modes | Yearly, Half Yearly, Quarterly, Monthly(NACH and SSS) |
| Basic Sum Assured | 200000 and above in multiples of 10000 |
| Mode Rebate | 2% for Yearly,1% for Half Yearly Nil for other modes |
| Sum Assured Rebate | 2,00,000 to 4,90,000 – Nil |
| 5,00,000 to 9,90,000 – 1.25 / thousand of basic sum assured | |
| 10,00,000 and 14,90,000 – 1.50 / thousand of basic sum assured | |
| 15,00,000 and above – 1.75 / thousand of basic sum assured | |
| Accident and disability rider | After completion of 18 years of Age |
| Loan | After 3 years |
| Surrender | After 3 years of full premium payment |
| Revival of lapsed policy | Up to two years from date of lapsation |
LIC Jeevan Labh T-836 – Important points to remember
- Jeevan Labh is an Endowment type of policy, where the maturity is given as a single lump sum payment after completion of the term.
- Maturity amount of Jeevan Labh is the total of Sum Assured, Bonus and Final Addition bonus(if any).
- Normal insurance coverage will be equal to, basic Sum Assured, plus the bonus accrued in the policy.
- Additional accident coverage equal to basic sum assured and extended permanent disability benefit is available under the plan as a rider.
- Critical Illness Benefit is also available as a rider under this plan.
- Loan is available after the completion of three years.
- Income Tax benefit under section 80C of Income Tax Act is available for the premium paid under this policy. You can calculate your income tax liability using this Income Tax Calculator
- Maturity value of the LIC Jeevan Labh plan is fully exempted from income tax u/s 10(10d) of Income Tax Act. Read more on the Income Tax rules applicable for insurance policies.
- Premium limited to a shorter period than the policy term and total premium paid is considerably less than the Sum Assured, which adds to the attraction of the plan.
LIC Jeevan Labh T-836- Online Premium, Insurance and Benefit Calculator
Jeevan Labh – premium and benefit Calculator is a powerful online calculator to provide complete idea on premium, maturity and insurance coverage benefits, in a simple and user-friendly manner. Riders such as Critical Illness Benefit Rider (CIR), and Accident and Disability Benefit (DAB) has been incorporated in to this calculator.
If you are unable to view the Jeevan Labh – calculator here (This can happen if you are viewing this page from a mobile device) Click to open Jeevan Labh – Premium and Benefit calculator.
Jeevan Labh Policy T-836 – Example with benefit tables
In order to get a clear idea on the benefits of Jeevan Labh Plan, let us take an example of a person with following details and assume that he is taking a new policy.
| Plan Details Considered for Illustration | |
|---|---|
| Sum Assured | 10,00,000 |
| Age | 25 Years |
| Term | 25 Years |
| Premium Paying Term | 16 Years |
| Yearly Premium | 46716 |
| Total Premium Paid | 7,34,781 |
Please note: Illustration shown here is just an example to understand the benefits of Jeevan Labh Policy, If you want to know the actual benefits as per your details, please use the Jeevan Labh – Calculator provided above.
Two possibilities after taking a Jeevan Labh policy are:
- Policy holder survives the term of the policy of 25 years and receives the maturity benefit – (scenario 1)
- Death occurs before the completion of 25 years – (scenario 2)
| Maturity Benefit of Jeevan Labh Policy (An Illustration) | ||
|---|---|---|
| Term Of The Policy | 25 Year | |
| Maturity Year | 2042 | |
| Sum Assured(A) | 10,00,000 | |
| Bonus(B)* (50000 X 25) | 12,25,000 | |
| Final Addition Bonus*(C) | 4,50,000 | |
| Total Maturity (A+B+C) | 27,00,000 | |
| Accident and disability benefit | 10,00,000 | |
| Total Premium Paid | 7,34,781 | |
If death occurs before the completion of the policy term, normal life coverage is paid to the nominee. Normal Life coverage includes the basic Sum Assured + Bonus accrued till date + Final Addition Bonus. If the death occurs due to an accident, an additional basic sum assured is paid along with the normal life coverage.
Jeevan Labh – Premium, Loan, Surrender value and insurance coverage – illustration*
The table provided here will help you to get a clear idea on the insurance coverage, surrender value, expected loan, Income tax benefit etc. available on various years.
Who can go for a LIC Jeevan Labh Plan
As the premium paying term is lower than the term of the policy, this plan is mainly advisable to people with higher income in the initial period. People with uncertainty in continued income for a long period and people who do not want to continue the premium for long period can also go for this plan. It is generally suitable for Non Resident Indians (NRIs) as the premium will not be a burden even if they are returning home after a period of time. The longer term of the policy will provide the policy holder with insurance for a longer period which is always desirable. And further to add, the longer term policy will naturally fetch higher returns at the time of maturity. This plan can also be used to meet the children’s marriage or educational expenses if the policy holder have young children.
Other Limited premium paying term policies from LIC
LIC offers few other limited payment plans also such as Limited premium Endowment Plan, Jeevan Lakshya, Money back plans etc. Following table is intended to provide you a comparison on the limited payment policies of LIC.
| Comparison of different limited payment plans of LIC | |||||
|---|---|---|---|---|---|
| Jeevan Labh T – 836 |
Limited premium endowment plan T – 830 |
Jeevan Lakshya T – 833 |
Money Back 20 Year T – 820 |
Money Back 25 Year T – 821 |
|
| Term / Premium Paying Term |
16/10 21/15 25/16 |
12 – 8/9 16 – 8/9 21 – 8/9 |
Term – 3 (Years) |
15 | 20 |
| Minimum Sum Assured |
2,00,000 | 3,00,000 | 1,00,000 | 1,00,000 | 1,00,000 |
| Type of Plan | Endowment | Endowment | Endowment | Money Back | Money Back |
| Returns | SA + Bonus + FAB on Maturity |
SA + Bonus + FAB on Maturity |
SA + Bonus + FAB on Maturity |
20% of SA Every 5th year |
15 % of SA every 5 th year |
| Insurance Coverage | Sum Assured + Bonus |
Sum Assured + Bonus |
Premium Waived + 10 % of SA Every year |
Sum Assured + Bonus |
Sum Assured + Bonus |
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Anish L J
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GREAT WORK ANISH…..
Great work and clean explanation. Google search only provides your site info in second page, kindly ensure it comes ahead for others to benefit. Thanks
Dear Prashaanth TR,
Thank You for great words of appreciation. I am working on it but it may take some time. Please share post so that it can reach more people.
Anish
Hi Anish,
I was checking similar kind of options in private banks also, so I was looking into Future perfect policy from ICICI bank.
Can you please suggest us to take Jeevan labh or Future perfect ? so that it would help us in selecting a good policy.
Regards,
ravikanth
Dear Ravikanth, I reserve my comments on which is the better plan. Please go through the details and decide. Any way Jeevan Labh is a great plan. I ll add the review of other plan also once I have all the details of the plan available with me. Right now I don’t have full information.
Thanks
Dear Sir
Age 50
Sum inssured 200000
Term 16yrs-10yrs
What should be the premium per month for JEEVAN LABH
Premium per month applicable for the information given is Rs.1608 in the first year and Rs.1574 thereafter. You can use this calculator.
Dear sir,
My father age is 48 he is a farmer ..I want to take a policy monthly 2000 so please tell the a) maturity amount b) death claims c) any medical test is required? For this policy
You have not mentioned the term of the plan but if it is a 16-year plan with a premium paying term 10 years, you can take 250000 SA plan (with Rs.2000 premium per month). For that, no medical report is needed if the age proof is standard.