LIC Jeevan Labh Plan 936 (Policy Details Review)

LIC Jeevan Labh Plan No. 936 was launched by LIC on 1st Feb, 2020. It is a non-linked, participating, individual life assurance savings policy with protection and savings features.

This plan is designed for the financial support for the family of deceased policyholder in case of unfortunate death. LIC jeevan labh policy also helps to save money for future needs.

In the following paragraphs, we have explained the brief details review of policy LIC Jeevan Labh Plan – 936. 


    Benefits of LIC Jeevan Labh Policy - 936

    Maturity Benefits

    Under this policy, the policyholder shall get the sum equal to “Basic Sum Assured + Simple Reversionary Bonuses and Final Additional Bonus” at the time of maturity. 

    Death Benefit

    On death of the life assured during the policy term if policy is in-force then death benefit as “Sum assured + bonus” shall be paid with the following conditions:

    Sum assured on death higher of:

    • Basic Sum assured or
    • 7 times of annualised premium

    Death benefit shall not be less than 105% of the total premium paid up to date of death.

    Bonus

    You shall be paid two types of Bonus:

    Simple Reversionary Bonus will be credited to your policy a/c throughout the term of the policy.

    Final Additional Bonus also is paid on maturity.

    Loan against Policy

    You can avail loan against this policy. LIC gives loan as per the IRDA guidelines. You need to pay interest on loan as applicable.

    Tax Benefit

    You can avail benefit of tax deduction on premium paid under section 80c of Income Tax Act 1961 of LIC jeevan labh policy.

    Also Read: LIC Kanyadan Policy (833) - Review


    Eligibility Conditions of LIC Jeevan Labh Plan

    Minimum Basic Sum Assured

    Rs.2,00,000

    Maximum Basin Sum Assured

    No Limit

    The basic sum assured shall be in multiple of Rs.10000

    Minimum Age at entry

    8 years (completed)

    Maximum Age at entry / Policy Term

    59 years/16 years

    54 years/21 years

    50 years/25 years

    Maximum Maturity age

    75 years

    (nearest birthday)

    Policy Term/ Premium Paying Term

    16/10 years

    21/15 years

    25/16 years

     

    Payment of Premium for of LIC Jeevan Labh Policy 936

    You can pay premium on yearly, half yearly, quarterly or monthly by NACH (National Automated Clearing House) mode or through SSS mode i.e. salary deduction.

    Following are the Sample illustrations of annual premium as mentioned by LIC for the sum assured Rs. 2 Lac.

    Age

    (in years)

    Plan

    (16/10)

    Plan

    (21/15)

    Plan

    (25/16)

    20

    16699

    10682

    9006

    30

    16758

    10770

    9134

    40

    17013

    11133

    9584

    50

    17826

    12123

    10741

     

    Grace period of 30 days for yearly, half yearly, quarterly and 15 days of monthly payment of premium is allowed.

    Also Read: LIC New Children’s Money Back Plan No. 932 - Review


    Rebates under LIC Jeevan Labh Plan 936

    Mode Rebate

    Yearly payment - 2% of Tabular Premium

    Half yearly payment - 1% of Tabular Premium

    Quarterly, Monthly & SSS payment – NIL

    High Sum assured rebate:

    Basic Sum assured

    Rebates (Rs.)

    Rs.200000 – Rs. 490000

    NIL

    Rs. 5 Lacs – Rs. 990000

    1.25 per thousand of SA

    Rs. 10 Lacs – Rs. 1490000

    1.50 per thousand of SA

    Rs. 15 Lacs and above

    1.75 per thousand of SA

     

    Additional Information

    Free Look Period

    You will be allowed a free look period for 15 days if you are not satisfied with the terms and conditions of the LIC jeevan labh policy i.e. account deposited as premium shall be refunded after deducting expense of medical examination, special reports if any and stamp duty charges.

    Surrender Value

    The policy can be surrendered at any time after two full years of premium paid. On surrender LIC shall pay the premium paid after deducting surrender value.

    Revival of Policy

    If you do not pay a premium within the grace period then your policy will be lapse. The lapsed policy can be revived within a period of five consecutive years from the date of unpaid premium. On revival you need to pay the arrears of premiums and interest as per rule by IRDA.

     

    Conclusion

    LIC Jeevan Labh Plan 936 helps the financial support for the family of deceased policyholder on unfortunate death and also provides maturity benefits to the policyholder at the time of maturity of policy. In this way you can save money for future needs.

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