The LIC Jeevan Labh policy is a limited premium endowment plan by the Life Insurance Corporation of India (LIC). It combines investment and insurance benefits, making it a reliable option for individuals looking to secure their future financially.
If you invest Rs 243 daily in this policy, you can expect a return of Rs 54 lakh on maturity. This makes it one of the most attractive and high-return policies from LIC. In this article, we will break down the features, benefits, and eligibility criteria for LIC Jeevan Labh, along with a step-by-step guide on how to invest in it.
LIC Jeevan Labh Policy
| Feature | Details |
|---|---|
| Policy Name | LIC Jeevan Labh (Table No. 936) |
| Type | Endowment plan with limited premium payment |
| Investment | Rs 243 per day (~ Rs 7,290 per month) |
| Maturity Return | Rs 54 lakh (approximate) |
| Policy Term | 16, 21, or 25 years |
| Premium Paying Term (PPT) | 10, 15, or 16 years |
| Minimum Sum Assured | Rs 2 lakh |
| Maximum Sum Assured | No upper limit |
| Entry Age | 8 – 59 years |
| Maturity Age | Maximum 75 years |
| Death Benefit | Sum Assured + Bonus + Final Additional Bonus |
| Tax Benefits | Available under Section 80C and 10(10D) of the Income Tax Act |
| Official Website | LIC India |
LIC Jeevan Labh is an excellent choice for those looking for a secure, long-term investment with high returns and insurance benefits. By investing Rs 243 daily, you can build a corpus of Rs 54 lakh, making this policy ideal for long-term financial planning.
What is LIC Jeevan Labh Policy?
LIC Jeevan Labh (Plan No. 936) is a non-linked, participating endowment plan that provides financial protection to the family in case of the policyholder’s unfortunate demise. If the policyholder survives the policy term, they receive lump sum maturity benefits, including the sum assured, bonuses, and final additional bonus (if applicable).
This plan is suitable for individuals who want high returns with a lower premium-paying period while ensuring financial security for their family.
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How Does LIC Jeevan Labh Work?
LIC Jeevan Labh works on the principle of limited premium payment, where policyholders need to pay premiums for a set number of years, while the policy continues for a longer duration. Here’s an example:
Example Calculation:
- Age at Entry: 30 years
- Policy Term: 25 years
- Premium Paying Term: 16 years
- Sum Assured: Rs 20 lakh
- Annual Premium: Rs 86,954 (excluding GST)
- Total Premium Paid (16 years): Rs 13.91 lakh
- Maturity Amount (After 25 years): Rs 54 lakh (approximate)
This calculation is based on past bonus rates and may vary based on LIC’s future declarations.
Benefits of LIC Jeevan Labh Policy
1. Maturity Benefit
If the policyholder survives the policy term, they receive:
- Sum Assured on Maturity
- Accrued Reversionary Bonus
- Final Additional Bonus (if declared)
2. Death Benefit
In case of the policyholder’s unfortunate demise, the nominee receives:
- Sum Assured on Death (Higher of 7 times the annual premium or sum assured)
- Accrued Bonuses
- Final Additional Bonus (if declared)
3. Tax Benefits
- Premiums paid are tax-deductible under Section 80C.
- Maturity and death benefits are tax-free under Section 10(10D).
4. Loan Facility
Policyholders can avail loans against their policy after 2-3 years of premium payments.
5. High Return on Investment
With a return of up to 4 times the invested amount, LIC Jeevan Labh offers one of the highest returns among endowment plans.
How to Invest in LIC Jeevan Labh Policy?
Follow these steps to purchase LIC Jeevan Labh:
Step 1: Check Eligibility
Ensure you meet the age and sum assured criteria before applying.
Step 2: Calculate Premium
Use the LIC premium calculator available on LIC’s official website to determine your exact premium amount.
Step 3: Choose the Policy Term and Sum Assured
Decide on your investment amount and the policy duration based on your financial goals.
Step 4: Submit Application
Visit an LIC branch or contact an LIC agent to submit your application. You will need:
- Identity Proof (Aadhaar/PAN Card)
- Address Proof
- Income Proof (if required for high sum assured)
- Photographs
Step 5: Medical Examination (if required)
For higher sum assured policies, LIC may ask for a medical test.
Step 6: Pay Premium and Get Policy Bond
Once your application is approved, pay the first premium and receive your policy bond.
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LIC Jeevan Labh Policy FAQs
1. Can I withdraw my LIC Jeevan Labh policy before maturity?
Yes, you can surrender the policy after 3 years of premium payment. LIC will pay a surrender value, which includes a portion of the premiums paid and bonuses accrued.
2. Is the maturity amount guaranteed?
Yes, the sum assured is guaranteed, but bonuses depend on LIC’s performance.
3. What happens if I stop paying premiums?
If you stop paying within 3 years, the policy lapses. If you have paid for more than 3 years, the policy acquires a paid-up value and continues with reduced benefits.
4. Can I add riders to this policy?
Yes, you can add Accidental Death and Disability Benefit Rider or Term Assurance Rider for extra protection.
5. How does LIC Jeevan Labh compare to PPF or FD?
LIC Jeevan Labh provides insurance coverage and bonus benefits, whereas PPF and FDs are purely savings instruments.
