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LIC Jeevan Labh Policy or LIC Plan No. 936, under which you get both savings and protection. Under this policy, a person from 8 years to 59 years can apply and can take advantage of maturity benefits, or additional benefits along with death the benefit from a small investment.
In this policy, if the policyholder dies due to any reason, then the nominee is given the benefit of a sum assured up to Rs 2,00,000 as well as maturity benefit and additional benefits.
What is LIC Jeevan Labh Policy | LIC Plan No. 936?
LIC comes up with different plans from time to time for its customers. Under this, LIC Jeevan Labh Policy or LIC’s plan number 936 is such a plan, that both saving and protection options are given to the policyholder simultaneously.
This is a limited premium paying policy, and also a non-linked policy. The meaning of non-linked policy can be understood from the fact that this policy has no relation to the stock market. In the future, if the prices rise or fall in the market, then that time the market values will not affect your policy and your money.
Your policy will be absolutely safe and you will be given the full amount on maturity under the LIC Jeevan Labh policy.
This policy has been brought into the market by LIC keeping in mind the reasons like a marriage of children, buying property, etc. in the future and for their education, etc. Let us now talk about the top 11 features and aspects of this policy, so that you will quickly understand so many things about the policy.
Top 11 Features of LIC Jeevan Labh Policy, LIC 936 Plan Top features
Here are the top 11 features of LIC Jeevan Labh Policy (LIC plan no. 936).
- The name of this policy is LIC Jeevan Labh Policy or LIC Plan No. 936. This is a non-linked endowment plan with a limited premium paying terms option.
- The minimum age limit for applying to LIC Jeevan Labh Policy is 8 years and the maximum age limit is 59 years.
- Your maximum maturity age limit under this policy should be up to 75 years. That is, if you are 59 years old, then you can take a policy term of 16 years. Under which 59 years (your age at the time of taking the Policy) and 16 years (Policy term) in total you will get maturity benefits at the age of 75 years.
- In this policy, there are 3 policy terms, the first is 16 years, the second is 21 years and the third is 25 years.
- You get a premium paying terms (PPT) option of up to 10 years for the policy term of 16 years. 15 years of Premium paying terms (PPT) option for the policy term of 21 years, and 16 years in the policy term of 25 years. That is, if you have taken a policy for 25 years, then in this you have to pay a premium for 16 years.
- Under LIC Jeevan Labh policy you can choose a time period/frequency for paying your Policy Premium, monthly, quarterly, half-yearly, yearly, and also under the SSS mode i.e. Salary Savings Scheme mode.
- In this policy, you have to take a minimum sum assured of Rs 2,00,000. No limit on the maximum Sum Assured.
- Under this policy, if you pay regular premiums for 3 years, then the facility of a loan will also be provided to you.
- There is no limit on the maximum amount you can invest under this policy.
- You also get income tax exemption under LIC Jeevan Labh’s policy.
- Under this policy, if the policyholder dies, then whoever is the nominee in the policy is given the sum assured along with other additional benefits.
That is if the policyholder dies before the end of the policy, and he has paid all the premiums so far, then whoever is the nominee in that policy will be given the Sum Assured after the death of the policyholder. And along with the Simple Reversionary Bonus, you will also get the benefit of the Final Additional Bonus.
Overall we can say that the nominee will be given an additional sum insured.
Tell me an example of LIC Jeevan Labh Policy
Suppose your name is Ram and your age is 30 years. Now you have taken LIC Jeevan Labh policy at the age of 30 years for 25 years, then in the policy term of 25 years, you will have to pay regular premiums for 16 years.
In this, you need a minimum sum-assured amount of Rs 2,00,000. Now in such a situation, if you take the option of paying your premiums monthly, then your monthly premium will be around Rs 798 and if you take an annual premium paying terms option then your yearly premium will be around Rs 9450.
The total amount of Premiums
So now in such a situation, you pay a total premium of Rs 1,48,065 for 16 years.
I.e Total Premium amount = Rs 1,48,065
The Total amount of Maturity Benefits
After 25 years of Policy, i.e after maturity of the policy, you will get Rs 2,00,000 as sum-assured plus around Rs 2,34,435 as a Vested Simple Reversionary Bonus, and around Rs 90,000 as a Final additional bonus will be given to you as maturity benefit.
In this way, you will get a total of Rs 5,24,435 after the maturity of the policy.
Sum Assured amount = Rs 2,00,000
Vested Simple Reversionary Bonus = Rs 2,34,435
Final Additional Bonus = Rs 90,000
I.e Total Maturity Benefits = Rs 5,24,435
FAQ – LIC Jeevan Labh Policy, LIC 936 plan
What will be the amount of money given as a death benefit in this policy?
In this policy, a sum assured of Rs 2,00,000 plus Vested Simple Reversionary Bonus, plus Final Additional bonus are given to the nominee. The amount of the bonus depends on the age of the policy, the longer the age of the policy, the higher will be the bonus amount.
Is there available a Grace Period in LIC Jeevan Labh Policy?
Yes, there is. If you pay your premiums monthly then you are given a grace period of 15 days, and if you pay your premiums quarterly, half-yearly, yearly then you are given a Grace period of 30 days for this.
The grace period is the extra time after the due date for payment of your premium. If the policyholder dies during the grace period, then LIC will pay the death claim in it.