A Powerful Combo of Savings & Protection
Launched on 1st October 2024, LIC’s Jeevan Labh Plan 736 is a unique blend of insurance and savings, ensuring that your family’s financial future is safe while also growing your wealth steadily. Being a traditional, non-linked, with-profit, limited premium endowment plan, it is totally market risk-free and offers guaranteed returns plus bonuses.
This plan is ideal for those looking for shorter premium payment tenure and long-term benefits, making it perfect for child education, marriage, or retirement savings.
🧩 Key Highlights of LIC Jeevan Labh Plan 736
- ✅ Premium Paying Term is shorter than policy term.
- ✅ Earn Simple Reversionary Bonuses + Final Additional Bonus (FAB).
- ✅ Market Risk Free – your capital is safe.
- ✅ High Sum Assured Rebate & Mode Rebate available.
- ✅ Add riders like Accidental Death, Disability, Premium Waiver & Term Rider.
- ✅ Settlement Option: Maturity/Death Benefits can be taken in installments.
📊 Eligibility & Parameters at a Glance
| Feature | Details |
|---|---|
| Minimum Entry Age | 8 years (completed) |
| Maximum Entry Age | 59 years (for 16 years term) 54 years (for 21 years term) 50 years (for 25 years term) |
| Maximum Maturity Age | 75 years |
| Policy Terms Available | 16, 21, 25 years |
| Premium Paying Terms | 10, 15, 16 years (depending on policy term) |
| Basic Sum Assured | ₹2,00,000 and above (in multiples of ₹50,000) |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) |
| Loan Facility | Available after 1 year |
| Surrender Value | After 1 year of premium payment |
| Proposal Forms | Form No. 300 and 360 |
💰 LIC Jeevan Labh Plan 736 – Benefits in Detail
1. 🔄 Maturity Benefit
On surviving the policy term, you receive:
Maturity Amount =
Basic Sum Assured (BSA) + Simple Reversionary Bonus + Final Additional Bonus (FAB)
You can choose to receive this in lump sum or in equal installments over 5, 10, or 15 years.
2. ⚰️ Death Benefit
If the policyholder dies during the policy term, the nominee will receive:
Death Benefit =
Sum Assured on Death + Bonuses (Simple Reversionary + FAB)
Where, Sum Assured on Death = Higher of:
- 7 times of Annual Premium
- Basic Sum Assured
Note: Death benefit will not be less than 105% of total premiums paid (excluding GST, rider premium).
3. 🪙 Bonus Details
- Simple Reversionary Bonus: Declared annually and added to the policy.
- Final Additional Bonus (FAB): Paid at maturity or death (if applicable), based on LIC’s performance.
4. 💸 Rebate on Premiums
Mode Rebate:
| Mode | Rebate |
|---|---|
| Yearly | 2% of Tabular Premium |
| Half-Yearly | 1% of Tabular Premium |
| Quarterly & Monthly | NIL |
High Sum Assured Rebate:
| Basic Sum Assured | Rebate per ₹1,000 SA |
|---|---|
| ₹2L – ₹5L | NIL |
| ₹5L – ₹10L | 2.00% |
| ₹10L – ₹15L | 3.00% |
| ₹15L+ | 3.50% |
5. 🧾 Tax Benefits
- Premiums qualify for tax deductions under Section 80C.
- Maturity & Death Benefits are tax-free under Section 10(10D).
6. ♻️ Additional Facilities
| Facility | Description |
|---|---|
| Loan | After 1 full year of premium payments |
| Surrender | After 1 full year of premium payments |
| Paid-up Policy | If premium payment stops after 1 year, policy becomes paid-up |
| Revival | Possible within 5 years of unpaid premium |
| Cooling-Off | Policy can be cancelled within 30 days of receipt |
| Back Dating | Allowed within financial year (not before plan launch) |
📍 Riders Available
| Rider | Benefit |
|---|---|
| Accidental Death & Disability Rider | Extra payout in case of accidental death or disability |
| Critical Illness Rider | Covers major life-threatening diseases |
| Premium Waiver Benefit Rider | Waives future premiums in case of disability or death (for child policies) |
| Term Assurance Rider | Adds extra sum assured to death cover |
📘 LIC Jeevan Labh Plan 736 Example (Tabular)
Let’s take an example of Mr. Vinod, aged 29, who buys the policy in 2020 with:
- Sum Assured: ₹5,00,000
- Policy Term: 21 years
- Premium Paying Term: 15 years
- Yearly Premium: ₹27,749 (1st year), ₹27,263 (from 2nd year)
🧾 Premium & Maturity Details
| Particulars | Amount |
|---|---|
| Total Premium Paid | ₹4,09,431 |
| Maturity Year | 2041 |
| Age at Maturity | 50 years |
| Estimated Maturity Value | ₹10,85,500 |
⚰️ Death Claim Table (Normal & Accidental)
| Year | Age | Premium Paid | Normal Life Cover | Accidental Life Cover |
|---|---|---|---|---|
| 2020 | 29 | ₹27,749 | ₹5,00,000 | ₹10,00,000 |
| 2021 | 30 | ₹27,263 | ₹5,25,000 | ₹10,25,000 |
| 2022 | 31 | ₹27,263 | ₹5,50,000 | ₹10,50,000 |
| … | … | … | … | … |
| 2034 | 43 | ₹3,81,682 | ₹8,92,500 | ₹13,92,500 |
➡️ Suppose if Mr. Vinod dies in 2034 at age 43, the family gets:
- ₹8,92,500 (Normal Death)
- ₹13,92,500 (Accidental Death)
✅ Summary: Why Choose LIC Jeevan Labh 736?
| Benefit | Description |
|---|---|
| Short Premium Payment Term | Pay for fewer years, enjoy long-term benefits |
| High Return Potential | With bonuses & FAB |
| Family Protection | Strong death benefit with additional rider options |
| Ideal for Milestone Planning | Child education, marriage, retirement |
| Safe Investment | No market risk |
