LIC Jeevan Labh Calculator
Calculate Premium & Maturity for Plans 736, 836, 936
Calculation Results
LIC Jeevan Labh is a popular savings and insurance plan from Life Insurance Corporation of India (LIC) that helps people build wealth while providing life cover. It comes in different versions, like plans 736, 836, and 936, each with slight changes over time.
Introduction to LIC Jeevan Labh
LIC Jeevan Labh offers protection for your family and a lump sum at maturity if you survive the policy term. This non-linked, with-profits endowment plan means your money grows through declared bonuses from LIC’s profits.
You pay premiums for a shorter period than the full term, making it easier on your pocket. For example, pay for 10 years but get benefits after 16 years. This plan suits those wanting steady savings with insurance.
Families in India trust it for a child’s education, marriage, or retirement needs. Official details are on LIC’s website.
History and Plan Versions
LIC launched Jeevan Labh on January 4, 2016, as Plan 836. It gained popularity quickly for its flexible premium terms.
In February 2020, LIC updated it to Plan 936 (UIN: 512N304V02), improving payout options like installments for death or maturity benefits.
Plan 936 was withdrawn on October 1, 2024. The newest version, Plan 736 (UIN: 512N304V03), launched on October 17, 2024, and remains active. It adjusted death benefits to 7 times the annual premium from 10 times in older plans.
These updates keep the plan compliant with insurance rules while enhancing features. No withdrawal date for 736 yet.
Key Features Across All Versions
All Jeevan Labh plans share core features. Policy terms are 16, 21, or 25 years. Premium paying terms match as 10 years (for 16-year term), 15 years (for 21-year term), or 16 years (for 25-year term).
Minimum entry age is 8 years; maximum maturity age is 75 years. Basic Sum Assured (BSA) starts at ₹2 lakhs, with no upper limit. Premium modes include yearly, half-yearly, quarterly, or monthly via ECS, or single.
Rebates apply: 2% for yearly and 1% for half-yearly premiums. High Sum Assured rebates up to 3.5% for ₹15 lakhs and above in some versions.
Loans are available after 2-3 full years’ premiums (up to 90% of surrender value). Riders like Accidental Death & Disability Benefit (AD&DB) and Term Assurance add protection.
Comparison of Jeevan Labh Plans 736, 836, and 936
| Feature | Plan 736 (Active, Launched Oct 2024) | Plan 936 (Withdrawn Oct 2024, Launched Feb 2020) | Plan 836 (Older, Pre-2020) |
|---|---|---|---|
| Death Benefit | Higher of BSA or 7x Annualised Premium (AP) + Bonuses | Higher of BSA or 10x AP + Bonuses | Higher of BSA or 10x AP + Bonuses |
| Policy Terms | 16, 21, 25 years | 16, 21, 25 years | 16, 21, 25 years |
| Premium Paying Terms | 10/15/16 years | 10/15/16 years | 10/15/16 years |
| Min/Max Entry Age | 8 to 59/54/50 years | 8 to 59/54/50 years | 8 to 59/54/50 years |
| Riders | AD&DB, Term Assurance | AD&DB, Term Assurance, Critical Illness, Premium Waiver Benefit | AD&DB |
| Loan After | 2 full years’ premiums | 2 full years’ premiums | 3 full years’ premiums |
| High SA Rebate | Yes (slab-based) | Yes | Yes |
Plan 736 suits current buyers with updated regulations. Existing 836/936 policies continue with original terms.
How the Jeevan Labh Calculator Works
A Jeevan Labh calculator estimates premiums, maturity, and death benefits. Enter age, policy term, sum assured, and gender. It uses current bonus rates like ₹55 per ₹1,000 SA for 2024-25 (up from ₹51).
For example, a 30-year-old male, ₹5 lakhs BSA, 16-year term (10-year PPT): annual premium around ₹23,500 (excluding GST). Maturity could be BSA + bonuses (approx. ₹9-10 lakhs at 8% illustration).
Death benefit: At least 7x annual premium + vested bonuses + Final Additional Bonus (FAB).
Use online tools like LIC Premium Calculator or third-party ones for illustrations. Always verify with agents, as bonuses vary yearly.
Benefits Explained
Maturity Benefit: If you survive, get BSA + Simple Reversionary Bonuses (declared yearly) + FAB. Bonuses vest from year 1 and compound.
Death Benefit: Nominee gets higher of BSA or 7-10x AP (version-dependent) + bonuses. Minimum 105% of premiums paid. Lump sum or 5-10 yearly installments (for 936).
Tax Benefits: Premiums qualify under Section 80C (up to ₹1.5 lakhs). Maturity/death proceeds tax-free under Section 10(10D).
Surrender Value: After 2 years, Guaranteed Surrender Value (GSV) = 30% year 2, up to 90% later of premiums paid (excluding extras) + bonuses. Special surrender value may be higher.
Paid-Up Policy: After 2 premiums, it becomes paid-up with reduced benefits.
Eligibility Criteria
Anyone aged 8-59 years (depending on the term) can buy. No medical tests for low SA; underwriting for higher. Proposer can be parent for minors.
Max maturity age 75. Available offline via agents or branches; not always online.
Sample Premium and Maturity Illustration
For a 35-year-old, ₹10 lakhs BSA, 21-year term (15-year PPT):
- Annual Premium: Approx. ₹45,000-50,000 (yearly mode rebate applied).
Estimated Maturity (with 2025 bonuses of ~₹40-46/₹1000 SA): ₹10 lakhs + ₹8-10 lakhs bonuses + FAB ≈ ₹19-21 lakhs.
Use calculators for exacts; returns around 5-6% IRR, better than fixed deposits for guaranteed plans.
Riders and Add-Ons
AD&DB Rider: Extra payout if death/disability from accident (up to ₹50 lakhs).
Term Assurance Rider: Boosts death cover cheaply.
Newer plans add Critical Illness or Premium Waiver (waives future premiums if the proposer dies).
Premiums for riders are low, enhancing value.
How to Buy and Manage Policy
Visit LIC branch or agent. Submit the proposal form, ID proof, photos. Pay first premium.
Online via LIC portal for new business. Track via e-Services. For surrender: Download the form and submit it with the docs; payout in 7-10 days.
Free-look period: 15-30 days to cancel with refund.
Common Mistakes to Avoid
Do not buy just for tax savings; compare IRR with mutual funds. Understand bonuses are not guaranteed.
Avoid high PPT if cash flow tight. Check the latest bonus rates yearly via LIC site.
Frequently Asked Questions (FAQ)
What is the minimum premium for Jeevan Labh?
Minimum BSA ₹2 lakhs leads to annual premiums starting ~₹20,000 depending on age/term.
Can I change premium mode later?
Yes, anytime after policy issuance.
Are bonuses guaranteed?
No, but LIC declares them consistently; check annual rates.
What if I miss premiums?
Grace period 15-30 days; revive within 5 years.
Is there GST on premiums?
Yes, 4.5% on first year, 2.25% thereafter (recently revised).
How to calculate exact maturity?
Use official LIC calculator or agent illustrations with current bonuses.
Can NRIs buy this?
Yes, subject to rules.
Conclusion
LIC Jeevan Labh (especially active Plan 736) balances insurance and savings reliably. With flexible terms, bonuses, and tax perks, it fits family financial plans. Consult an LIC agent for personalized quotes and start securing your future today.