Launched on 1st February 2020, the LIC Jeevan Labh Plan 936 is a non-linked, participating, limited premium payment endowment plan. It combines the benefits of insurance and savings, making it suitable for people who want financial protection along with a lump sum on maturity.
Unlike market-linked plans, this policy provides guaranteed benefits, along with bonuses declared by LIC. With shorter premium-paying terms compared to the policy term, it is a great choice for long-term financial goals like child education, marriage, or wealth creation.
Key Features of LIC Jeevan Labh 936
- Limited Premium Payment: Pay premiums for 10, 15, or 16 years, and enjoy cover till maturity (16, 21, or 25 years).
- Guaranteed Returns: Get Sum Assured + Bonus + Final Addition Bonus (FAB) on maturity.
- Death Protection: Financial security to family in case of policyholder’s untimely demise.
- Bonus & FAB: As a participating plan, it earns Simple Reversionary Bonus and Final Addition Bonus.
- Tax Benefits: Premiums are exempt under Section 80C and maturity proceeds under Section 10(10D).
- Loan Facility: Available after two years.
- Add-on Riders: Option to add Accidental Death, Critical Illness, Term Rider, and Premium Waiver Rider.
Plan Parameters
| Parameter | Details |
|---|---|
| Plan Name | LIC Jeevan Labh |
| Table No. | 936 |
| Type | Endowment + Insurance (Non-Linked, Participating) |
| Minimum Age | 8 years (Completed) |
| Maximum Entry Age | 59 yrs (for 16 yrs term), 54 yrs (21 yrs term), 50 yrs (25 yrs term) |
| Maximum Maturity Age | 75 years |
| Policy Terms | 16, 21, 25 years |
| Premium Paying Terms | 10 (for 16 yrs), 15 (for 21 yrs), 16 (for 25 yrs) |
| Sum Assured | ₹2,00,000 and above (in multiples of ₹10,000) |
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly (NACH) |
| Loan Available | After 2 years |
| Surrender | Allowed after 2 full years’ premiums |
Benefits of LIC Jeevan Labh Plan 936
Maturity Benefit:
At the end of policy term, if the policyholder survives:
Maturity = Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (FAB)
Death Benefit:
If the policyholder dies during the policy term:
Death Benefit = Sum Assured on Death + Bonus + FAB
Where,
Sum Assured on Death = Higher of:
- 7 times of annualized premium OR
- 125% of Basic Sum Assured
(Minimum: 105% of premiums paid till date of death)
Riders (Optional):
- Accidental Death and Disability Benefit Rider
- Critical Illness Rider
- Term Assurance Rider
- Premium Waiver Benefit Rider
Rebates and Discounts
Mode Rebate:
| Mode | Rebate |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly/Monthly | NIL |
High Sum Assured Rebate:
| Sum Assured Slab | Rebate (%) |
|---|---|
| ₹2 Lakh to ₹4.90 Lakh | NIL |
| ₹5 Lakh to ₹9.90 Lakh | 1.25% |
| ₹10 Lakh to ₹14.90 Lakh | 1.50% |
| ₹15 Lakh and above | 1.70% |
Example: LIC Jeevan Labh 936 Illustration
Let’s understand with a real-world example:
Policyholder Details:
- Name: Vinod
- Age at entry: 29 Years
- Policy Term: 21 Years
- Premium Paying Term: 15 Years
- Sum Assured: ₹5,00,000
- Policy Purchase Year: 2020
- Premium (Year 1): ₹27,749
- Premium (2nd year onward): ₹27,263
Premium Payment Schedule
Vinod pays premiums from 2020 to 2034 (15 years). Policy matures in 2041, and benefits are provided accordingly.
Maturity Details (If Vinod Survives Till End)
| Maturity Year | Age at Maturity | Total Premium Paid | Approx. Maturity Amount |
|---|---|---|---|
| 2041 | 50 Years | ₹4,09,431 | ₹10,85,500 |
Maturity Breakdown (Approx):
- 100% of Sum Assured: ₹5,00,000
- Simple Reversionary Bonus: ₹4,00,000
- Final Additional Bonus (FAB): ₹1,85,500
Death Benefit Scenario
If Vinod dies in 2034 (age 43), after paying premiums for 14 years:
| Total Premium Paid | Death Claim (Normal) | Death Claim (Accidental) |
|---|---|---|
| ₹3,81,682 | ₹8,92,500 | ₹13,92,500 |
Explanation:
- Normal Death: Sum Assured + Bonus + FAB
- Accidental Death: Extra ₹5,00,000 (Sum Assured again)
Surrender, Loan & Paid-Up Value
Surrender:
Allowed after paying at least 2 full years’ premiums.
Loan:
Available after 2 years based on surrender value.
Paid-Up Value Formula:
Paid-Up Value = (Sum Assured × No. of premiums paid) ÷ (Total premiums payable)
Example:
If Vinod paid 10 of 15 premiums:
Paid-Up = ₹5,00,000 × (10/15) = ₹3,33,333
(Plus bonus accrued till that date)
Additional Information
| Feature | Details |
|---|---|
| Proposal Form | Form No. 300, 340, 360 |
| Suicide Clause | 80% of premium returned if suicide within 12 months |
| Revival | Within 5 years of last unpaid premium |
| Backdating | Allowed (within same financial year) |
| Cooling-Off Period | 15 days (Free-look period) |
Advantages of LIC Jeevan Labh 936
- Ideal for long-term wealth creation and family protection
- Guaranteed lump sum + bonus returns
- Good for child education, retirement planning, or marriage funds
- Flexible term and premium payment durations
- LIC’s trust and long-term performance
Is LIC Jeevan Labh Plan 936 Right for You?
Yes, if you’re looking for:
- A secure insurance policy with guaranteed returns
- A limited premium payment option
- Long-term goals like education or marriage planning
- Income tax benefits under Sections 80C & 10(10D)
Summary Table
| Particulars | Details |
|---|---|
| Plan Name | LIC Jeevan Labh |
| Plan Type | Endowment + Insurance |
| Premium Paying Term | 10, 15, or 16 years |
| Policy Term | 16, 21, or 25 years |
| Minimum Sum Assured | ₹2,00,000 |
| Bonus | Simple Reversionary + FAB |
| Tax Benefits | 80C (Premium), 10(10D) (Maturity) |
| Loan Facility | Yes (after 2 years) |
| Riders | Available |
| Maturity Example | ₹5 Lakhs SA → ₹10.85 Lakhs Maturity in 21 yrs |
