LIC Jeevan Labh Plan 836 Calculator
Calculate Premium, Maturity & Death Benefits | UIN: 512N304V01
Calculation Results
When planning for the future, especially for family security and long-term goals, having a reliable life insurance plan that also helps you save is essential. LIC Jeevan Labh Plan 836 is one of India’s popular endowment plans, designed to provide both life cover and money back at maturity. To help make decisions easier, LIC offers a Jeevan Labh 836 Calculator that estimates premium amounts and maturity benefits quickly.
What is LIC Jeevan Labh Plan 836?
LIC Jeevan Labh Plan 836 is a limited premium paying, participating endowment plan. This means you pay premiums only for a limited number of years, but enjoy life cover and bonuses for the entire policy term. It is a non-linked, with-profits plan that does not invest your money in the stock market but participates in LIC’s profits through declared bonuses.
Key Highlights:
- Policy Term Options: 16, 21, or 25 years
- Premium Paying Term (PPT): 10, 15, or 16 years, depending on the policy term
- Minimum Entry Age: 8 years
- Maximum Entry Age: Varies by term (up to 59 years)
- Minimum Sum Assured: ₹2,00,000
- Loan Facility: Available after 3 years
- Riders: Accidental Death and Disability Benefit Rider available
This plan offers a balance of protection and savings, making it suitable for those looking to secure their family’s financial future and accumulate wealth over time.
How Does LIC Jeevan Labh Plan 836 Work?
The plan works on a straightforward principle: you pay premiums for a set number of years (limited premium paying term), but the life cover and bonuses continue throughout the policy term. At maturity, you receive the sum assured plus bonuses declared during the term.
Premium Payment Structure:
- For a 16-year term, premium payment is for 10 years.
- For a 21-year term, premium payment is for 15 years.
- For a 25-year term, premium payment is for 16 years.
Maturity Benefit:
At the end of the policy term, if the policyholder survives, they receive:
- The Sum Assured on Maturity (the guaranteed amount)
- Simple Reversionary Bonuses accrued every year
- Final Additional Bonus (FAB), if declared by LIC
Death Benefit:
If the policyholder passes away during the policy term, the nominee receives:
- The higher of 10 times the annual premium or the sum assured on maturity
- Plus all accumulated bonuses
This provides not just savings but also financial security for your loved ones in case of any unforeseen event.
Benefits of LIC Jeevan Labh Plan 836
Why choose LIC Jeevan Labh 836? Here are some compelling benefits:
- Limited Premium Payment: Pay premiums only for a part of the policy term but enjoy coverage for the full term.
- Life Cover: Provides financial protection for the family in case of death during the policy term.
- Bonuses: Benefit from LIC’s profits through yearly declared bonuses and an additional final bonus.
- Loan Facility: Policyholders can take loans against the policy after 3 full years of premium payment.
- Tax Benefits: Premiums paid and maturity proceeds enjoy tax benefits under Sections 80C and 10(10D) of the Income Tax Act.
- Riders: Additional protection via riders like Accidental Death and Disability Benefit, Term Assurance Rider, and Critical Illness Rider.
- Flexibility: Multiple policy term options and premium payment terms to suit individual needs.
What is the LIC Jeevan Labh 836 Calculator and Why Use It?
The LIC Jeevan Labh 836 Calculator is an online tool that helps potential policyholders estimate two crucial things:
- Premium Amount: How much they will need to pay annually or monthly based on their age, sum assured, and chosen term.
- Maturity Benefit: The estimated maturity amount including sum assured and bonuses after the policy term.
Using the calculator helps in planning your investments smartly and tailoring the policy according to your financial goals. For example, it can show you how different policy terms or sum assured amounts change your premium and maturity value.
The calculator is very user-friendly and requires inputs like:
- Age of the policyholder
- Sum Assured (the coverage amount)
- Policy Term (16, 21, or 25 years)
- Premium Payment Term (10, 15, or 16 years)
Once these details are entered, it displays the expected premium amount and gives a projection of maturity proceeds.
How to Use the LIC Jeevan Labh 836 Calculator?
Using the calculator is simple:
- Enter Your Age: Provide your current age.
- Select Policy Term: Choose from 16, 21, or 25 years.
- Choose Premium Payment Term: This is automatically linked to the policy term (10, 15, or 16 years).
- Enter Sum Assured: Decide the amount of life cover you want.
- Select Payment Frequency: Yearly, half-yearly, quarterly, or monthly.
- Click Calculate: The tool computes the premium amount and shows the estimated maturity benefit.
This quick calculation helps you decide an affordable premium and gives peace of mind about your future financial security.
Multiple online portals including LIC India’s official website and trusted insurance portals offer these calculators for free use.
Example Calculation Using LIC Jeevan Labh 836 Calculator
To understand better, let’s take an example:
- Age: 30 years
- Policy Term: 21 years
- Premium Payment Term: 15 years
- Sum Assured: ₹5,00,000
Output:
- Approximate Annual Premium: ₹25,000 (without riders)
- Total Premium Paid: ₹3,75,000 (over 15 years)
- Estimated Maturity Amount: ₹7,50,000 to ₹8,50,000 (including bonuses)
In case of death during policy term, the nominee would receive the larger of 10 times the annual premium or sum assured plus bonuses.
This example shows the balance between affordable premium payments and a good maturity value.
Who Should Consider LIC Jeevan Labh Plan 836?
This plan suits individuals who:
- Want a limited period premium payment with a longer policy term
- Are looking for a combination of insurance and savings
- Prefer a low-risk investment with returns in the form of bonuses
- Want to secure the financial future of their family in case of premature demise
- Are seeking tax benefits on premiums and maturity proceeds
- Prefer flexible policy terms and payment options.
Important Features of LIC Jeevan Labh 836
Here are some additional key features:
| Features | Details |
|---|---|
| Premium Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Grace Period | 15 days for monthly premiums, 30 days for other modes |
| Surrender Value | Available after 3 years of timely premium payments |
| Bonus Declaration | Simple Reversionary Bonus and Final Additional Bonus (if any) |
| Loan Facility | Available after 3 years of premiums paid |
| Riders | Accidental Death & Disability, Term Assurance, Critical Illness |
| Backdating | Allowed within the same financial year |
Policyholders can use the loan facility for liquidity needs and opt for riders for additional protection. The grace period ensures premiums are not immediately due on the exact date, providing some payment flexibility.
Tax Benefits on LIC Jeevan Labh 836
One of the attractive aspects of LIC Jeevan Labh Plan 836 is the tax advantage. Policyholders can claim:
- Section 80C: Premiums paid up to ₹1.5 lakh per annum are eligible for deduction from taxable income.
- Section 10(10D): The maturity proceeds including bonuses and death benefits, are tax-free under this section.
These tax benefits make the plan even more cost-effective, increasing the plan’s overall value proposition for long-term investors.
Comparison with Newer LIC Jeevan Labh Plan 936
It is important to know that LIC Jeevan Labh 836 has been withdrawn for new sales and replaced with the Jeevan Labh 936 Plan, which has some updated features but retains the core benefits. If looking to buy now, consider the newer plan, but understanding Plan 836 helps appreciate LIC’s traditional endowment model.
Where to Find LIC Jeevan Labh 836 Calculator?
Several reliable sources provide the official or near-official calculators:
- LIC India Official Website: Offers a calculator tool dedicated to Jeevan Labh Plan 836 and others.
- Insurance Portals: Websites like My Insurance Dost, Policy Bazaar, InsuranceFunda, and BimaPremiumCalculator provide easy-to-use calculators.
- Mobile Apps: LIC’s customer app often includes premium and maturity calculators for various plans.
For more information, visit the LIC India website or trusted insurance portals as needed.
Frequently Asked Questions
What is LIC Jeevan Labh Plan 836?
It is a limited premium paying, participating endowment life insurance plan offering both protection and savings benefits.
Can I pay premiums monthly or only annually?
Premiums can be paid yearly, half-yearly, quarterly, or monthly as per your convenience.
What is the minimum sum assured in this plan?
The minimum sum assured is ₹2,00,000.
How long do I need to pay premiums?
Premium payment term depends on the policy term: 10 years for 16-year policy, 15 years for 21-year policy, and 16 years for 25-year policy.
What happens if the policyholder dies during the term?
The nominee receives the higher of 10 times the annual premium or the sum assured on maturity, plus all accumulated bonuses.
Are there any tax benefits?
Yes, premiums paid are eligible for deduction under Section 80C, and maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act.
What bonuses does this plan offer?
It offers simple reversionary bonuses declared yearly and a possible final additional bonus at maturity.
Conclusion
LIC Jeevan Labh Plan 836 is a trusted, traditional limited premium endowment plan that combines life insurance with savings by paying premiums for a limited period while securing life cover and bonuses throughout the policy term. The LIC Jeevan Labh 836 Calculator simplifies financial planning by estimating premiums and maturity benefits based on age, sum assured, and term.