LIC Jeevan Labh Plan No. 936 was launched by LIC on 1st Feb, 2020.
It is a non-linked, participating, individual life assurance savings policy with protection and savings features.
This plan is designed for the financial support for the family of deceased policyholder in case of unfortunate death. LIC jeevan labh policy also helps to save money for future needs.
In the following paragraphs, we have explained the brief details
review of policy LIC Jeevan Labh Plan – 936.
Benefits of LIC Jeevan Labh Policy - 936
Maturity Benefits
Under this policy, the policyholder shall get the sum equal to
“Basic Sum Assured + Simple Reversionary Bonuses and Final Additional Bonus” at
the time of maturity.
Death Benefit
On death of the life assured during the policy term if policy is
in-force then death benefit as “Sum assured + bonus” shall be paid with the
following conditions:
Sum assured on death higher of:
- Basic Sum assured or
- 7 times of annualised premium
Death benefit shall not be less than 105% of the total premium
paid up to date of death.
Bonus
You shall be paid two types of Bonus:
Simple Reversionary Bonus will be credited to your policy a/c
throughout the term of the policy.
Final Additional Bonus also is paid on maturity.
Loan against Policy
You can avail loan against this policy. LIC gives loan as per the
IRDA guidelines. You need to pay interest on loan as applicable.
Tax Benefit
You can avail benefit of tax deduction on premium paid under section 80c of Income Tax Act 1961 of LIC jeevan labh policy.
Also Read: LIC Kanyadan Policy (833) - Review
Eligibility Conditions of LIC Jeevan Labh Plan
|
Minimum
Basic Sum Assured |
Rs.2,00,000 |
|
Maximum
Basin Sum Assured |
No
Limit |
|
The
basic sum assured shall be in multiple of Rs.10000 |
|
|
Minimum
Age at entry |
8 years
(completed) |
|
Maximum
Age at entry / Policy Term |
59
years/16 years 54
years/21 years 50
years/25 years |
|
Maximum
Maturity age |
75
years (nearest
birthday) |
|
Policy
Term/ Premium Paying Term |
16/10
years 21/15
years 25/16
years |
Payment of Premium for of LIC Jeevan Labh Policy 936
You can pay premium on yearly, half yearly, quarterly or monthly
by NACH (National Automated Clearing House) mode or through SSS mode i.e.
salary deduction.
Following are the Sample illustrations of annual premium as
mentioned by LIC for the sum assured Rs. 2 Lac.
|
Age (in
years) |
Plan (16/10) |
Plan (21/15) |
Plan (25/16) |
|
20 |
16699 |
10682 |
9006 |
|
30 |
16758 |
10770 |
9134 |
|
40 |
17013 |
11133 |
9584 |
|
50 |
17826 |
12123 |
10741 |
Grace period of 30 days for yearly, half yearly, quarterly and 15 days of monthly payment of premium is allowed.
Also Read: LIC New Children’s Money Back Plan No. 932 - Review
Rebates under LIC Jeevan Labh Plan 936
Mode Rebate
Yearly payment - 2% of Tabular Premium
Half yearly payment - 1% of Tabular Premium
Quarterly, Monthly & SSS payment – NIL
High Sum assured rebate:
|
Basic Sum assured |
Rebates (Rs.) |
|
Rs.200000 – Rs. 490000 |
NIL |
|
Rs. 5 Lacs – Rs. 990000 |
1.25 per thousand of SA |
|
Rs. 10 Lacs – Rs. 1490000 |
1.50 per thousand of SA |
|
Rs. 15 Lacs and above |
1.75 per thousand of SA |
Additional Information
Free Look Period
You will be allowed a free look period for 15 days if you are not
satisfied with the terms and conditions of the LIC jeevan labh policy i.e.
account deposited as premium shall be refunded after deducting expense of
medical examination, special reports if any and stamp duty charges.
Surrender Value
The policy can be surrendered at any time after two full years of
premium paid. On surrender LIC shall pay the premium paid after deducting
surrender value.
Revival of Policy
If you do not pay a premium within the grace period then your
policy will be lapse. The lapsed policy can be revived within a period of five
consecutive years from the date of unpaid premium. On revival you need to pay
the arrears of premiums and interest as per rule by IRDA.
Conclusion
LIC Jeevan Labh Plan 936 helps the financial support for the family of deceased policyholder on unfortunate death and also provides maturity benefits to the policyholder at the time of maturity of policy. In this way you can save money for future needs.
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