LIC Jeevan Labh Plan 736 Calculator
Estimate premium and benefits (UIN: 512N304V03)
Optional Riders
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CALCULATION DETAILS
MATURITY BENEFIT (ON SURVIVAL)
DEATH BENEFIT FOR NOMINEE
When planning for the future, having a dependable life insurance plan with savings benefits is important. LIC’s Jeevan Labh Plan 736 is a popular endowment insurance plan that offers life cover along with attractive maturity benefits. To help individuals easily estimate premiums and benefits, a LIC Jeevan Labh Plan 736 calculator is widely used.
What is LIC Jeevan Labh Plan 736?
LIC Jeevan Labh Plan 736 is a limited premium paying endowment life insurance plan by Life Insurance Corporation of India. It combines the dual benefits of insurance protection and wealth accumulation in a single plan.
The plan provides financial security to the family of the policyholder in case of death during the policy term and rewards the policyholder with maturity benefits if they survive the term.
Key Features of Jeevan Labh Plan 736
- Policy Terms: 16, 21, or 25 years.
- Premium Paying Term: Limited to 10, 15, or 16 years based on the chosen policy term.
- Minimum Entry Age: 8 years.
- Maximum Entry Age: 59 years for 16 years term, 54 years for 21 years term, and 50 years for 25 years term.
- Minimum Sum Assured: ₹2,00,000 with no upper limit.
- Premium Payment Modes: Yearly, half-yearly, quarterly, or monthly.
- Loan Facility: Available after payment of first year’s premium.
- Riders: Optional riders like Accidental Death and Disability Benefit Rider.
The plan encourages limited premium payment while providing coverage for longer, making it cost-effective for policyholders.
Importance of LIC Jeevan Labh Plan 736 Calculator
The LIC Jeevan Labh Plan 736 calculator is a free, user-friendly online tool that helps prospective and existing policyholders estimate their premiums and projected benefits, enabling well-informed financial decisions.
Why Use the Calculator?
- Estimate Premiums: The calculator takes inputs like age, sum assured, and policy term to compute the annual, half-yearly, quarterly, or monthly premium payable.
- Calculate Benefits: It estimates the maturity benefits, death benefits, bonuses, and other payouts.
- Financial Planning: By simulating different scenarios, users can choose the term and sum assured that best fit their budget and financial goals.
- Transparency: Helps policyholders understand premium fluctuations and benefits before buying the plan.
This calculator eliminates guesswork and provides personalized premium details based on official LIC formulas and rates.
How Does the LIC Jeevan Labh Plan 736 Calculator Work?
Using the LIC Jeevan Labh Plan 736 calculator is simple. Here is a step-by-step guide:
- Enter Personal Details: Provide your name and age (nearest birthday). The age must be between 8 and 59 years.
- Select Policy Term: Choose from 16, 21, or 25 years.
- Enter Basic Sum Assured: Minimum ₹2,00,000; can be increased in multiples of ₹10,000 depending on age and term.
- Choose Premium Payment Mode: Annual, half-yearly, quarterly, or monthly.
- Optional Riders: Choose if you want additional riders like Accidental Death Benefit.
- Calculate: The tool processes inputs to display:
- Premium amount payable for each mode.
- Death benefit (higher of sum assured or 7x annual premium) plus bonuses.
- Maturity benefit including vested simple reversionary bonuses and final additional bonus (FAB).
The calculator uses LIC’s official premium rates and bonus structures tied to Plan 736 (UIN: 512N304V03), ensuring accurate estimates.
Benefits of LIC Jeevan Labh Plan 736
1. Dual Benefit of Protection and Savings
The plan safeguards your family in case of unfortunate death and also helps you accumulate savings with returns in the form of bonuses.
2. Limited Premium Payment Term
You pay premiums only for a limited period (10, 15, or 16 years), but coverage continues for a longer tenure (up to 25 years), reducing the financial burden.
3. Loan Facility
Loans are available against policy after payment of the first year’s premium, providing liquidity in emergencies.
4. Optional Riders for Enhanced Protection
You can opt for riders such as:
- Accidental Death and Disability Benefit Rider
- Term Assurance Rider
- Premium Waiver Benefit Rider
These riders add extra layers of protection.
5. Flexibility in Premium Payments
Choose how frequently you want to pay the premium—yearly, half-yearly, quarterly, or monthly—based on your convenience.
6. Tax Benefits
Premiums paid under this plan may qualify for tax deductions under Section 80C, and maturity proceeds are tax-exempt under Section 10(10D), subject to prevailing tax laws.
7. Premium Rebates
Higher sum assured and annual premium payments attract rebates, reducing the overall premium burden.
Understanding the Premium and Benefits Calculation
The premium for LIC Jeevan Labh Plan 736 depends on several factors:
- Age of the policyholder (nearest birthday)
- Sum Assured
- Policy term and corresponding premium payment term
- Mode of premium payment
- Optional riders selected
Death Benefit
In case of death during the policy term, the nominee receives the higher of:
- Basic Sum Assured on death
- 7 times the annualized premium
Plus the accrued bonuses till date.
Maturity Benefit
If the policyholder survives the policy term, maturity benefits comprise:
- Sum Assured on maturity
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (FAB), if any
These bonuses are declared by LIC based on company profits annually and vary accordingly.
Paid-up Value and Surrender Value
If premiums are discontinued, the policy obtains a paid-up value based on premiums paid. Surrender value is payable after the surrender period, providing some financial relief if the policyholder can no longer continue the policy.
How to Use LIC Jeevan Labh Plan 736 Calculator Online?
You can access the LIC Jeevan Labh Plan 736 calculator on the official LIC website or through several trusted financial websites. Follow these steps:
- Visit LIC’s official website or any authorized LIC calculator site.
- Navigate to the ‘Calculate Premium’ or ‘Quick Quote’ section.
- Fill in basic details: name, date of birth, gender, and contact info.
- Select Jeevan Labh Plan 736 from the plan list.
- Enter sum assured, policy term, and payment mode.
- Choose any additional benefits or riders.
- Click on “Calculate” to see premium amounts and expected benefits.
The tool will show detailed premium schedules and maturity/death benefit projections, which can be saved or printed for reference.
Advantages of Using a Calculator Before Buying
Using the LIC Jeevan Labh Plan 736 calculator before purchasing the policy is highly beneficial:
- Get an accurate estimate of premiums you need to pay.
- Compare benefits for different sums assured and policy terms.
- Understand financial commitment and plan your budget accordingly.
- Explore how optional riders affect premiums and benefits.
- Avoid surprises by knowing policy payouts upfront.
This transparency helps you decide confidently and tailor the policy to your needs.
Final Tips for LIC Jeevan Labh Plan 736 Policyholders
- Read the policy document carefully to understand terms and conditions.
- Pay premiums on time to enjoy full benefits and avoid policy lapses.
- Utilize loan and revival options wisely but ensure timely repayments.
- Keep track of bonuses declared annually which enhance maturity value.
- Use the online calculator regularly to monitor premiums and benefits based on changing needs.
Frequently Asked Questions
What is LIC Jeevan Labh Plan 736?
It is a limited premium paying endowment plan by LIC that offers both life insurance protection and savings benefits.
What is the minimum and maximum entry age to buy this plan?
Minimum entry age is 8 years. Maximum entry age varies by policy term: 59 years (16 years term), 54 years (21 years term), and 50 years (25 years term).
What is the minimum sum assured for Jeevan Labh Plan 736?
The minimum basic sum assured is ₹2,00,000 with no upper limit.
What benefits does the plan offer on maturity?
At maturity, the policyholder receives the sum assured along with vested simple reversionary bonuses and a final additional bonus (FAB).
Are there any tax benefits on premiums paid or maturity?
Yes, premiums paid up to ₹1.5 lakh per year qualify for tax deduction under Section 80C. Maturity and death proceeds are tax-exempt under Section 10(10D).
Can I pay premiums monthly or only annually?
Premiums can be paid yearly, half-yearly, quarterly, or monthly as per the policyholder’s convenience.
Summary
The LIC Jeevan Labh Plan 736 offers a perfect blend of life insurance protection with savings benefits under a limited premium payment scheme. The LIC Jeevan Labh Plan 736 calculator is an essential tool for prospective and current policyholders to estimate premiums, understand benefits, and make sound financial decisions with clarity and confidence.