LIC Jeevan Labh Plan is a new insurance policy from LIC which is a mixture of Investment and Insurance. The payment of premiums for this LIC’s Jeevan Labh Plan is limited to a term shorter than the policy. Hence it is termed as Limited Premium Endowment Plan. So, Let’s have a look at the following sections of this page to know more about LIC Policy Jeevan Labh.
Jeevan Labh LIC Plan No 836 Review
The LIC Jeevan Labh Plan 836 is a new Endowment Plan introduced by Life Insurance Corporation of India on 1st January 2016. This Jeevan Labh LIC Plan will start working from 4th January 2016. A Unique Identification Number is given for LIC’s Jeevan Labh Plan that is 512N304V01. The policyholder has to quote the UIN no. in all relevant documents that are required to buy the policy.
Jeevan Labh LIC Policy is a Limited Premium Paying, Non-Linked, with Profit Endowment Assurance plan. The benefits payable to the Insured are sum assured plus vested Simple Reversionary Bonuses and Final Additional bonus. LIC’s New Endowment plan 836 is a non-linked participating Insurance Plan. The LIC New Jeevan Labh Plan provides Optional Benefit, Accidental Death and Disability Benefit Rider by payment of additional premium. LIC Jeevan Labh Plan 836 also takes care of Liquidity needs through its loan facility. This plan offers a combination of protection and saving features.
Usually, the corporation releases a lot of plans every year. So, it has launched a similar plan last year under the name LIC Limited Payment Endowment Plan (Table no. 830). The Insured can use Jeevan Labh LIC Calculator to calculate Premiums and Benefits. Hence, we are providing Jeevan Labh LIC Plan Maturity Calculator and Premium Calculator for calculating the Maturity benefits and Death benefits of the plan. Refer LIC Jeevan Labh premium chart and LIC Jeevan Labh Calculator before buying this plan. For more details about this Jeevan Labh LIC Plan, refer the official website, i.e., www.licindia.in
LIC Jeevan Labh Plan Eligibility Conditions
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LIC’s Jeevan Labh Endowment Plan 836 Benefits
Maturity Benefits
On survival of the Life Assured to the end of policy term,
Maturity benefit (Benefits payable on maturity) = Basic Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus, if any.
Death Benefits
On death of the Life Assured during the policy term,
Death benefit (Benefits payable on death) = ‘Sum Assured on Death’ + vested Simple Reversionary Bonuses + Final Additional Bonus if any.
- ‘Sum Assured on Death’ is higher of basic sum assured or 10 times of annualized premium.
- Death benefit shall not be less than 105% of total premiums paid as on date of death.
- The premiums mentioned above exclude taxes, extra charges, and Rider Premiums if any.
LIC Jeevan Labh Policy Rebates
The Life Insurance Corporation has provided two rebates for this basic LIC Jeevan Labh Plan. They are
- Mode Rebate
- Sum Assured Rebate
Mode Rebate:
|
Mode |
Percentage |
| Yearly mode | 2% of tabular premium |
| Half-yearly mode | 1% of tabular premium |
| Quarterly and monthly mode | NIL. |
High Basic Sum Assured Rebate:
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Basic Sum assured |
Rebate as per Rs.1000 B.S.A |
| Rs. 2,00,000/- to Rs. 4,90,000/- | NIL. |
| Rs. 5,00,000/- to Rs. 9,90,000/- | 1.25 % Basic Sum Assured. |
| Rs. 10,00,000/- to Rs. 14,90,000/- | 1.50 % Basic Sum Assured. |
| Rs. 15,00,000/- and above | 1.75 % Basic Sum Assured. |
Jeevan Labh LIC Policy Buying Procedure
The documents required for buying LIC Jeevan Labh Policy are
- Application form/ Proposal form No. 300, 340 and 360 along with a photo.
- Address proof.
- Age proof.
- Medical reports(if required).
Claim Procedure of LIC New Jeevan Labh Plan
The documents required for claim procedure under LIC Jeevan Labh 836 Policy are given below.
- Original Policy Document
- NEFT Mandate Form.
- Proof of Title.
- Death Certificate.
- Accident/ Disability Proof (as mentioned in the rider circular).
- School/ College/ employer’s certificate.
- If age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
LIC’s Jeevan Labh Plan Premium Calculator
Here we are providing the required data for calculating the premium rates in LIC Jeevan Labh Policy using LIC Jeevan Labh 836 premium and maturity calculator. To calculate Premium Online, the Insured have to enter the following details mentioned below.
- Name.
- Email Id.
- Mobile.
- Age.
- Term.
- Sum Assured.
After entering all the above details, you can easily calculate the premium for LIC Jeevan Labh Plan 836.
LIC Jeevan Labh Maturity Calculator
LIC Jeevan Labh 836 Plan Maturity Calculator helps you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the policyholder during the maturity time. You can calculate the Maturity benefits using Jeevan Labh LIC Plan Maturity calculator. Maturity amount is calculated based on previous year Bonus Rates. LIC Jeevan Labh Maturity Calculator provides maturity amount based on Policy term, Age of the LIC Policyholder, Sum Assured, Policy name, etc. You need to provide these details along with the Mobile number, Name, Email ID to calculate the maturity value. But you will receive approximate or nearby maturity amount in this LIC Jeevan Labh Calculator.
Additional Information of Jeevan Labh LIC Plan 836
Loan facility
Loan facility is available under this plan, after payment of premiums for at least 3 full years subject to the policy conditions.
Grace period for payment of premium
Under LIC Jeevan Labh plan 836, the grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for a monthly mode.
Participation in Profit
New LIC Jeevan Labh policy intended to participate in profits of the Corporation and entitled to receive Simple Reversionary Bonuses.
Paid-up Value
Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
Example:
Suppose, if you have taken the policy of 2,00,000 basic sum assured and Total no. of premiums payable is 20, and if after 5 full years premium have been paid and any subsequent premiums be not duly paid, then
Paid-up value = 2,00,000 x (5/20) = 50,000.
Surrender Value
The policyholder can surrender the LIC Jeevan Labh 836 policy at any time during the policy term, provide at least three full years premiums have paid.
Revival
If premiums are not paid within the grace period, then the policy will lapse. A lapsed policy may be revived during the lifetime of the life assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Suicide clause
If the life assured commits suicide before 12 months from the date of commencement of risk, the corporation will return 80% of premiums paid to the insured excluding any taxes and extra premium, if any.
Taxes
Taxes, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
LIC Policy Jeevan Labh Riders
Riders are available under this LIC Jeevan Labh Plan. Availability of Accidental Death and Disability Benefit Rider and New Term Assurance Rider.
- LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V01): LIC Accidental Death and Disability Benefit Rider (AD&DB) is accessible as an optional rider.
- LIC’s New Term Assurance Rider UIN (512B210V01): LIC New Term Assurance Rider is available at the policy on payment of additional premium.
Along with this, you can also find other LIC Insurance Plans from our site such as LIC Term Plans, Money Back Plans, Pension Plans, etc.