LIC Jeevan Labh Plan 836 Review, Maturity, Death Benefits

LIC Jeevan Labh Plan No 836 Review

LIC Jeevan Labh Plan 836 Review, Maturity, Death Benefits : LIC Jeevan Labh Plan 836 is a new Endowment Plan introduced by Life Insurance Corporation of India on 1stJanuary 2016. This Jeevan Labh 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. LIC Jeevan Labh 836 plan 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 Endowment plan is a non-linked participating Insurance Plan. 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. You can use LIC Jeevan Labh Plan 836 Calculator to calculate Premiums and Benefits. We provide Lic Jeevan Labh Plan Maturity Calculator and Premium Calculator to calculate Maturity benefits and Death benefits. Refer Lic Jeevan Labh plan 836 premium chart and Lic Jeevan Labh Premium calculator before buying this plan.

Lic Jeevan Labh Plan 836 Eligibility Conditions

Eligibility Conditions for basic plan are,

Entry Age:
  • Minimum: 8 years (completed).
  • Maximum:
    • 59 years (nearest birthday) for Policy Term 16 years.
    • 54 years (NBD) for Policy Term 21 years.
    • 50 years (NBD) for Policy Term 25 years.
Maximum Maturity Age:
  • 75 years (nearest birthday).
Policy term:
  • 16 years.
  • 21 years.
  • 25 years.
Premium Paying Term:
  • 10 years.
  • 15 years.
  • 16 years.
Premium Payment Mode:
  • Yearly, Half-yearly, Quarterly or Monthly mode (through ECS only or through salary deductions).
Sum Assured:
  • Minimum: Rs.2,00,000/-.
  • Maximum: No limit.
  • Sum Assured shall be in multiples of Rs. 10,000/-.
Documents required for a new policy:
  • Application form/Proposal form along with a photo.
  • Address proof.
  • Age proof.
  • Medical reports (if required).

Lic 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

There are two rebates for the basic Lic Jeevan Labh Plan, they are

  1. Mode Rebate
  2. 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:

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

These are the Required documents to buy LIC Jeevan Labh Policy.

  • 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 Jeevan Labh Plan 836 Premium Calculator

 

Jeevan Labh LIC Plan 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 LIC Jeevan Labh Plan Maturity calculator. Maturity amount is calculated based on previous year Bonus Rates. Jeevan Labh LIC Plan 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 Mobile number, Name, Email ID to calculate the maturity value. But you will receive approximate or nearby maturity amount in this LIC Jeevan Labh Plan Maturity Calculator.

Additional Information of LIC Jeevan Labh 815 Plan

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.

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.

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

LIC Jeevan Labh 836 policy can be surrendered at any time during the policy term, provide at least three full years premiums have been 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, he/she would be returned with 80% of premiums paid 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.

All content provided in this post is for informational purposes only. The owner of this site makes no representations as to the accuracy or completeness of any information on this site. For detailed and accurate information, please refer the official website www.licindia.in.

 

 

5 Comments on "LIC Jeevan Labh Plan 836 Review, Maturity, Death Benefits"

  1. mujhey RS – 10,000 ki ek policy karni hey ek bachey ki jo 8year ka hey . 10 year key liye kuch jankari meleygee

  2. ek bachey ki policy ki hy rs – 10,000 yearly 10year key ley to mujhey pori jankari chaey kab kitna bapas hoga mera paisa.

    • Sir,

      Greetings !

      Thank you for your enquiry regarding Lic Child Plan for 8 yrs child. I request you to kindly share your location and mobile number to assist you further in this matter.

      Regards,

      LicPolicyEnquiry.com

  3. ni basti islamabad kahata khedi oumar mazied ke pas sharanpur

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