LIC Jeevan Labh Plan-936: Key features, Benefits, Eligibility and Claim requirements

The LIC Jeevan Labh Plan-936 is a non-linked, limited premium-paying plan that is an endowment life insurance plan with benefits to the insured. This plan provides a good combination of both savings and protection for the insured. The table number for this plan is 936. Earlier, the table number for this plan was 836, which was changed to 936.

If you want to get information about LIC Jeevan Labh Plan-936, then you can read this article. This plan is the best-selling life insurance plan in LIC. About which we are giving you information today.

Plan Name LIC Jeevan Labh Plan
Policy Type Endowment
Plan detail Plan No. 936
UIN 512N304V02
Official Website www.licindia.in

What is LIC Jeevan Labh Plan-936?

Jeevan Labh Plan-936 provides a comprehensive life insurance cover. In addition to the life benefit, the plan also offers benefit participation, a bonus, as well as death and maturity benefits.

This plan is the best-selling endowment plan among the plans offered by LIC. Policyholders between the ages of 8 and 59 years can take advantage of a variety of benefits under the plan. Along with this, it also gives a good profit in work time.

Eligibility criteria for LIC Jeevan Labh-936

Minimum Maximum
Sum Assured 1,00,000 No Limit
Entry Age 8 years (Completed) 59 years (Nearest Birthday)
Maturity Age N/A 75 years
Policy Term 16 years 25 years
Premium Paying Term 10 years 16 years

Minimum Entry Age: 8 years

Maximum Entry Age: 59 years

  • 59 years for a policy term of 16 years.
  • 54 years for a policy term of 21 years.
  • 50 years for a policy term of 25 years

Term of Insurance and Premium in this plan, the payments are made over a set period of time.

LIC Jeevan Labh Plan-936 is a premium-paying plan with a limited number of premiums. Hence, the premium payment term (PPT) in this plan is less than the policy term.

(Policy Term & PPT) (Policy Term) (Premium Paying Term)
16 years 10 years
21 years 15 years
25 years 16 years

Let us understand LIC Jeevan Labh Plan-936 with an example

Plan: LIC’s Jeevan Labh (936).

Archit’s Age: 20 years

Term: 25 years (policy term)

PPT: 16 years (Premium Payment Term)

S.A. Term Rider: Rs. 200000 (Sum Assured)

Death Benefit: Rs. 200000

The basic sum assured is Rs. 200000.

The installments to be deposited in the first year will be as follows:

The first year’s premium includes tax at a rate of 4.5%.

Yearly: Rs. 9857 (9433 + 424)

Half-yearly: Rs. 4979 (4765 + 214)

Quarterly: Rs. 2515 (2407 + 108)

Monthly (ECS): Rs. 838 (802 + 36)

YLY Mode Average Daily Prem.: Rs. 27

After one year, the instalment is due because GST rises to 2.25%.

2.25% after the first year’s premium with tax

Yearly: Rs. 9645 (9433 + 212)

Half-yearly: Rs. 4872 (4765 + 107)

Quarterly: Rs. 2461 (2407 + 54)

Monthly (ECS): Rs. 820 (802 + 18)

YLY Mode Average Daily Prem.: Rs. 26

If the customer dies during these 25 years, then the compensation amount of Rs. 2 lakhs and the amount deposited along with interest will be paid to his nominee.

If the customer dies due to an accident during these 25 years, then the compensation amount of Rs. 4 lakhs and the amount deposited along with interest will be paid to his nominee.

In these 16 years, Archit will deposit a total amount of Rs. 154532.

Total Paid Premium (approximately): 154532

An Approximate Return at Maturity Time:

Rs. 200000 (Basic Sum Assured) S.A.

Bonus amount: Rs. 250000 (Bonus)

F.A.B. (Final Addition Bonus): Rs. 90000

Total Expected Return: Rs. 540000The total expected return is Rs. 540000.amount will be received by Archit.

Key Features of LIC’s Jeevan Labh Plan-936

  • This plan offers the option to choose a policy term of 16 years, 21 years, or 25 years.
  • It is a non-linked plan with a limited premium-paying term.
  • This is a plan made for individuals.
  • It offers premium payment options of 10 years, 15 years, or 16 years.
  • offers yearly, half-yearly, quarterly, and monthly premium payment options, as well as a salary savings plan
  • If the policy holder has paid premiums regularly for 2 years, then he becomes eligible for the loan facility.
  • It provides a free look period of 15 days from the date of issue of the policy.

Benefits of the LIC Jeevan Labh Plan-936

LIC Jeevan Labh Plan offers many benefits as mentioned below, so we will discuss all those benefits here.

Death Benefit

If the policy holder dies within the policy term, the nominee receives the death benefit as Sum Assured. In addition, vested simple reversionary bonuses and final additional bonuses, if any, are paid to the nominee.

Maturity Benefit

If the policyholder survives the policy term, the sum assured is paid as a maturity benefit along with vested simple reversionary bonuses and a final additional bonus.

Tax Benefits

The premium paid for the LIC Jeevan Labh policy is exempted from income tax under section 80C of the Income Tax Act, 1961. Apart from this, the maturity amount is also tax free under section 10 (10D).

Profit sharing

If the policy is in full force, vested simple reversionary bonuses are also given to the policy holders. This is because the LIC Jeevan Labh Plan-936 is itself a profit-sharing policy in nature.

Advantage of Premium Payment Mode

Mode Off.
Yearly 2%
Half-Yearly 1%
Quarterly, Monthly Nil

What happens when you stop paying premiums on LIC’s Jeevan Labh plan-936?

Grace Period: You must pay the premium on each due date. If, for any reason, you are not able to pay the premium on the due date, you are given an additional time to pay the outstanding premium. This additional time is 30 days for policyholders who pay premiums in yearly, half-yearly and quarterly modes. An additional 15 days is given to policyholders paying monthly premiums.

Paid-Up Value: If the premium is not paid, even within the grace period, the policy lapses. If the premium has been paid for at least three years, the policy converts to a paid-up policy. The amount payable on this paid-up policy is calculated as follows: sum assured reduced by the ratio of premiums paid and actual premiums payable. The accumulated bonus is also added to the amount obtained from this calculation. Future bonuses are not added to the paid up policy. And this paid up amount is paid by LIC on maturity or death. From this Sum Assured with Paid Up Value, the Death Benefit and Maturity Benefit are calculated.

Death Paid-up Sum Assured = 110% of reduced sum assured + 10% of reduced sum assured (Income Benefit)

Maturity Paid-up Sum Assured = Maturity Sum Assured * (Number of Premiums Paid/Total Premium Payable)

Also, if you have paid premiums for 3 years and the policy is discontinued, in the event the policyholder dies within 6 months of the policy closure, the nominee will get the remaining death benefit after deducting the premium for that year.

If you have paid premiums for 5 years and the policy is discontinued, in the event the policyholder dies within 12 months of the policy closure, the nominee will get the full death benefit after deducting the premium due.

Surrender Value: If the policyholder has paid premiums for 3 years, then he can surrender the policy and get surrender value. On surrender, the Guaranteed Surrender Value or the Special Surrender Value, whichever is higher, is payable. It is calculated as follows:

Guaranteed Surrender Value = (Guaranteed Surrender Value Factor * Total Premium Paid + Guaranteed Surrender Value Factor of Bonus * Accrued Bonus)

The special surrender value, depending on the future performance of the company, is calculated as follows,

(Paid-up Sum Assured + Accrued Bonus) * Special Surrender Value Factor

Revival: The policy that has been discontinued and is on a paid-up basis can be revived. This revival can be done within two years of the closure of the policy. To revive the policy, the outstanding premium and interest, if any, will be payable.

Claim requirements in LIC Jeevan Labh Plan-936

Death Claim: In the event of the customer’s death, the claimant must submit the following documents to the corporation in order to file the claim:

  • The Original Policy Document
  • Claim Form
  • Proof of Title.
  • Proof of Death (Death Certificate)
  • Age Proof
  • School/College Certificate
  • Employer’s Certificate
  • Medical treatment prior to death (if any) and etc.

Maturity/Surrender Claim: In the case of a maturity claim or surrender claim, the customer shall have to submit the following documents to the Corporation.

  • Discharge Form
  • The Original Policy Document
  • Bank details
  • Age Proof and other documents

Riders Provided by the LIC Jeevan Labh Plan-936

Accidental Death and Disability Rider: An additional sum assured is offered to the nominee if the insured dies due to accidental death during the policy term. However, if the life insured becomes disabled, the accident sum insured is paid in 10 equal instalments over 10 years. This rider can be opted for by paying an additional premium over and above the basic policy premium.

Term Assurance Rider: The benefit of this rider increases on the death of the insured. You can opt for this rider at the time of taking the policy by paying an additional amount.

How to Apply for LIC Jeevan Labh Plan-936?

The Life Insurance Corporation of India allows you to apply for this plan both online and offline.

All eligible applicants who want to apply for LIC Jeevan Labh Plan-936 online must read all instructions carefully and follow the below steps to apply for the online application form.

Step 1-Firstly, visit the official portal of LIC at www.licindia.in.

Step 2- On the home page of LIC, you have to click on the option of Jeevan Labh Plan-936.

Step 3-Then the application form for the LIC Jeevan Labh Plan will open in front of you on the screen.

Step 4-Now enter the required details like name, father/wife name, date of birth, income details, bank details, etc.) and upload the documents.

Step 5-After that, click on the submit button for the final submission of the application.

For offline mode, you have to visit the LIC Corporation office.

I hope you got the complete information regarding LIC Jeevan Labh Plan–936 in this article of ours.

FAQ’s

Q1. What is the full form of LIC?

Answer: The full form of LIC is Life Insurance Corporation of India.

Q2. In which year did LIC start its Jeevan Labh Plan?

Answer: In the year 2020.

Q3. What is the table and UIN number of LIC Jeevan Labh Plan-936?

Answer: Table No. = 936

UIN Number = 512N304V02

Q4. Where can we apply for the LIC Jeevan Labh Plan?

Answer: Offline mode: You can apply for it through the insurance agents of LIC.

It is possible to apply for it online at www.licindia.in.

Q5. What is the minimum sum assured for this plan?

Answer: The minimum sum assured for this plan is Rs. 1 lakh.

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