LIC Jeevan Labh Plan 936

By | February 6, 2020

LIC Jeevan Labh Plan 936, Benefits, Features, parameter and Review.

LIC Jeevan Labh Plan 936

LIC Jeevan Labh Plan 936

LIC of India new plan launched on 1st. february 2020 which name is LIC Jeevan Labh Plan 936 (LIC Table no. 936) is a traditional plan which means not related to market. Jeevan Labh Plan 936 is a combination of insurance and savings.

LIC’s Jeevan Labh Plan 936 is a participating limited premium paying, non-linked, with-profit endowment Insurance Plan. This plan is a comprehensive Endowment plan that ensure a financially secure and guarantees your peace of mind.

LIC Jeevan Labh 936 provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of this plan is it has the limited premium payment option. For the 16 years policy term policy holder have to pay the premium for 10 years and 21 years and 25 years of policy term policy holder have to pay the premium for 15 years and 16 years respectively.

What is LIC Jeevan Labh plan 936?

LIC Jeevan Labh Plan 936 is one of the best limited premium payment endowment insurance plans offered by LIC (Life Insurance Corporation of India), Available to anyone, in the age group of 8 to 59 years, this limited premium paying endowment policy ensures both death and maturity benefits for the policyholders and their nominees.

Key Features

  • Higher Bonus Attracting Plan
  • Premiums need to be paid for less number of years than Maturity year
  • Ideal Plan for planning Child’s Education and Marriage
  • Options to avail accidental and disability benefit rider, critical illness, premium waiver rider, and term rider.
  • Settlement option available for maturity and death benefits in instalments 5, 10, and 15 years. 
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D).

LIC Jeevan Labh Plan 936 Parameter

Minimum Age at Entry 8 Years (Completed)
Maximum Age at Entry 59 Years for 16 Year Term
54 Years for 21 Year Term
50 Years for 25 Year Term
Maximum Age at Maturity 75 Years
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (NACH)
Policy Term 16, 21, 25 years.
Premium Payment Term 10, 15, 16 years.
Basic Sum Assured 2,00,000 and above (in multiple of 10,000)
Loan After 2 years
Surrender After 2 years of premium payment

Also Read this : LIC’s Best Lifetime Money Back plan

Rebates in LIC Jeevan Labh Plan 936

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Premium Payment Mode Percentage(%)
Yearly Mode 2%
Half yearly Mode 1%
Quarterly and Monthly Nil

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA) Rebate per Rs. 1000 /- S.A.
Rs. 2,00,000 to Rs. 4,90,000 NIL
Rs. 5,00,000 to Rs. 9,90,000 1.25 % of (B.S.A)
Rs. 10,00,000 to Rs. 14,90,000 1.50 % of (B.S.A)
Rs. 15,00,000 and above 1.70 % of (B.S.A)

Benefits

Maturity Benefits

LIC Jeevan Labh Plan 936 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

  • Sum Assured on Maturity: On Survival to the end of the policy term, Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.

Death Benefits

LIC Jeevan Labh Plan 936 Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

  • Sum Assured on Death : On the death of the policyholder during the policy term, Sum Assured on death, Vested Simple Reversionary Bonuses, and Final Additional Bonus will be paid.
  • Sum Assured on Death is 7 times higher than the annualized premium.
  • Death Benefit : The Death Benefit shall not be less than 105% of the total premium paid as on death.

Read also : LIC new Jeevan Anand plan 915 lifetime plan

LIC Jeevan Labh Plan 936 Surrender, Loan and Paid-up value.

LIC Jeevan Labh Plan 936 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan 936, after at least 2 full years of premium paid.

Paid-up value : Once a LIC Jeevan Labh Plan 936 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid

LIC Jeevan Labh Plan 936 with an Example

An example of Vinod who is purchasing this Plan with following details.

Sum Assured (Rs.)5,00,000
Age (Years)29
Policy Term(Years)21
Premium Paying Term15
Purchase Year2020
Yearly Premium1st. yrs (27749), 2nd yrs. (27263) onward

As per above example, policy holder needs to pay the premium of Rs. 27,749 1st. year and Rs. 27,263 2nd year onward every year for 15 years (Premium Paying Term) and after completion of 21 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below.

Maturity Details

If Policy holder survives 21 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.

Maturity YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)
2041504,09,43110,85,500

Death Claim Details

In case of death during policy term ( Before 21 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand given below Table?

Suppose if, unfortunate death of policy holder happens in year 2034 (at age 43), then by that time total premium paid will be Rs. 3,81,682 and nominee will get death claim as Rs. 8,92,500 in case of normal death or Rs. 13,92,500 as accidental death claim in case of death due to accident and policy will be stop.

Year Age Total Paid Premium Normal Life Cover (Approx.) Accidental Life Cover (Approx.)
2020 29 27749 525500 1025500
2021 30 27263 551000 1051000
2022 31 27263 576500 1076500
2023 32 27263 602000 1102000
2024 33 27263 627500 1127500
2025 34 27263 653000 1153000
2026 35 27263 678500 1178500
2027 36 27263 704000 1204000
2028 37 27263 729500 1229500
2029 38 27263 755000 1255000
2030 39 27263 780500 1280500
2031 40 27263 806000 1306000
2032 41 27263 831500  1331500
2033 42 27263 857000  1357000
2034 43 27263 892500 1392500
2035 44 27263 920500 1420500
2036 45 948500 1448500
2037 46 976500 1476500
2038 47 1009500 1509500
2039 48 1045000 1545000
2040 49 1085500 1585500
2041 50 1085500
(Maturity)
0

Additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.

Riders Facility : Accidental Death and Disability Benefit Rider, critical illness and Term Assurance Rider is available.

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available.

Proposal Form : Form No. 300, 340 and 360.

LIC others Endowment plans

LIC new endowment plan 914LIC Jeevan Labh Plan 936
LIC new jeevan anand plan 915LIC Jeevan Umang Plan 845

अधिक जानकारी के लिए कृपया संपर्क करें:

बास्पा नंद पंचोली
संपर्क सूत्र-: 9891009400
Email-basupancholi@gmail.com
कार्यालय का पता:-
25, केजी, मार्ग, जीवन प्रकाश भवन
भारत का एलआईसी, शाखा इकाई 117 तीसरा तल,
सी.पी. नई दिल्ली -110001

I hope this information about “LIC Jeevan Labh New Plan 936” would be liked, if yes then do share it with all your friends on social media so that with the help of you, other people can also read the information of this plan, and He can take advantage of this, any such information is left and if you want to know, then your suggestions and proposals are acceptable and also make a comment in the comment box below! Thank you…….

Leave a Reply

Your email address will not be published. Required fields are marked *