LIC Jeevan Labh (Table No 836) is a non-linked ( Not dependent on share market) limited premium paying endowment assurance plan which means premium paying term is less than policy term for example, if policy term 16 has been selected then premium will be paid for 10 years only and maturity will be paid after completion of 16 years. This policy is similar to Jeevan shree (closed for sale) which is one of the highest bonus attracting plans of LIC.
Key Features
- High Bonus Attracting Plan
- Premiums need to be paid for less number of years than Maturity year
- Ideal Plan for planning Child's Education and Marriage
- Options to avail accidental benefit and term riders
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
Plan Parameters
| Minimum Age at Entry | 8 Years (Completed) |
|---|---|
| Maximum Age at Entry | 59 Years for 16 Year Term |
| 54 Years for 21 Year Term | |
| 50 Years for 25 Year Term | |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) Calculate Your Premium |
| Policy Term (Premium Payment Term) | 16(10), 21(15), 25(16) |
| Basic Sum Assured | 2,00,000 and above (in multiple of 10,000) |
| Premium Payment Mode rebate | 2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly |
| Rebate on High Sum Assured (Per 1000 of Sum Assured) | 0% up to 4,90,000 |
| 1.25% for 5,00,000 to 9,90,000 | |
| 1.50% for 10,00,000 to 14,90,000 | |
| 1.75% for 15,00,000 and above | |
| Loan | After 3 years |
| Surrender | After 3 years of full premium payment |
Maturity Benefit
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.
Death Benefit
In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder's nominee.
Jeevan Labh (836) with an Example
Suppose a person who is purchasing Jeevan Labh Policy with following details.
Sum Assured: Rs. 12,00,000
Policy Term: 25 Years
Premium Paying Term: 16 Years
Policy Purchase Year: 2016
Age: 29 Years.
As per above details, Yearly Premium: will be Rs. 56,357 (with Service tax)
Go To Premium Calculator
Go To Maturity Calculator
So, as per above example, policy holder needs to pay the premium of Rs. 56,357 per year for 16 years (Premium Paying Term) and after completion of 25 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.
Maturity Details
If Policy holder survives 25 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
Maturity Year Age at Maturity Total Premium Paid Maturity Amount (Approx.) 2041 54 886907 3300000
Death Claim Details
In case of death during policy term ( Before 25 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How Understand Following Table
Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,65,427 and nominee will get death claim as Rs. 19,48,800 in case of normal death or Rs. 31,48,800 as accidental death claim in case of death due to accident and policy will stop.
Year Age Total Paid Premium Normal Life Cover (Approx.) Accidental Life Cover (Approx.) 2016 29 56357 1262400 2462400 2017 30 111727 1324800 2524800 2018 31 167097 1387200 2587200 2019 32 222467 1449600 2649600 2020 33 277837 1512000 2712000 2021 34 333207 1574400 2774400 2022 35 388577 1636800 2836800 2023 36 443947 1699200 2899200 2024 37 499317 1761600 2961600 2025 38 554687 1824000 3024000 2026 39 610057 1886400 3086400 2027 40 665427 1948800 3148800 2028 41 720797 2011200 3211200 2029 42 776167 2073600 3273600 2030 43 831537 2172000 3372000 2031 44 886907 2240400 3440400 2032 45 -- 2314800 3514800 2033 46 -- 2389200 3589200 2034 47 -- 2493600 3693600 2035 48 -- 2622000 3822000 2036 49 -- 2720400 3920400 2037 50 -- 2872800 4072800 2038 51 -- 2995200 4195200 2039 52 -- 3117600 4317600 2040 53 -- 3300000 4500000
Suppose a person who is purchasing Jeevan Labh Policy with following details.
Sum Assured: Rs. 12,00,000
Policy Term: 25 Years
Premium Paying Term: 16 Years
Policy Purchase Year: 2016
Age: 29 Years.
As per above details, Yearly Premium: will be Rs. 56,357 (with Service tax)
Go To Premium Calculator Sum Assured: Rs. 12,00,000
Policy Term: 25 Years
Premium Paying Term: 16 Years
Policy Purchase Year: 2016
Age: 29 Years.
As per above details, Yearly Premium: will be Rs. 56,357 (with Service tax)
Go To Maturity Calculator
Maturity Details
If Policy holder survives 25 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
| Maturity Year | Age at Maturity | Total Premium Paid | Maturity Amount (Approx.) |
|---|---|---|---|
| 2041 | 54 | 886907 | 3300000 |
Death Claim Details
In case of death during policy term ( Before 25 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How Understand Following Table
Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,65,427 and nominee will get death claim as Rs. 19,48,800 in case of normal death or Rs. 31,48,800 as accidental death claim in case of death due to accident and policy will stop.
| Year | Age | Total Paid Premium | Normal Life Cover (Approx.) | Accidental Life Cover (Approx.) |
|---|---|---|---|---|
| 2016 | 29 | 56357 | 1262400 | 2462400 |
| 2017 | 30 | 111727 | 1324800 | 2524800 |
| 2018 | 31 | 167097 | 1387200 | 2587200 |
| 2019 | 32 | 222467 | 1449600 | 2649600 |
| 2020 | 33 | 277837 | 1512000 | 2712000 |
| 2021 | 34 | 333207 | 1574400 | 2774400 |
| 2022 | 35 | 388577 | 1636800 | 2836800 |
| 2023 | 36 | 443947 | 1699200 | 2899200 |
| 2024 | 37 | 499317 | 1761600 | 2961600 |
| 2025 | 38 | 554687 | 1824000 | 3024000 |
| 2026 | 39 | 610057 | 1886400 | 3086400 |
| 2027 | 40 | 665427 | 1948800 | 3148800 |
| 2028 | 41 | 720797 | 2011200 | 3211200 |
| 2029 | 42 | 776167 | 2073600 | 3273600 |
| 2030 | 43 | 831537 | 2172000 | 3372000 |
| 2031 | 44 | 886907 | 2240400 | 3440400 |
| 2032 | 45 | -- | 2314800 | 3514800 |
| 2033 | 46 | -- | 2389200 | 3589200 |
| 2034 | 47 | -- | 2493600 | 3693600 |
| 2035 | 48 | -- | 2622000 | 3822000 |
| 2036 | 49 | -- | 2720400 | 3920400 |
| 2037 | 50 | -- | 2872800 | 4072800 |
| 2038 | 51 | -- | 2995200 | 4195200 |
| 2039 | 52 | -- | 3117600 | 4317600 |
| 2040 | 53 | -- | 3300000 | 4500000 |
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