Saturday, November 10, 2018

LICI/JL/836/ENGLISH

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LIC Jeevan Labh Plan (836)


LIC Jeevan Labh (Table No 836) is a non-linked ( Not dependent on share market) limited premium paying endowment assurance plan which means premium paying term is less than policy term for example, if policy term 16 has been selected then premium will be paid for 10 years only and maturity will be paid after completion of 16 years. The benefit illustration given in this example is based on simple reversionary bonus declared for 2015-16 (Latest).

Key Features

  • High Bonus Attracting Plan
  • Premiums need to be paid for less number of years than Maturity year
  • Ideal Plan for planning Child's Education and Marriage
  • Options to avail accidental benefit and term riders
  • Paid premiums are exempted from income tax under 80C
  • Maturity amount is tax free under 10 (10D)

Plan Parameters

Minimum Age at Entry8 Years (Completed)
Maximum Age at Entry59 Years for 16 Year Term
54 Years for 21 Year Term
50 Years for 25 Year Term
Calculate Age
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Calculate Your Premium
Policy Term (Premium Payment Term)16(10), 21(15), 25(16)
Basic Sum Assured2,00,000 and above (in multiple of 10,000)
Premium Mode Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly
Rebate on High Sum Assured
(Per 1000 of Sum Assured)
0% up to 4,90,000
1.25% for 5,00,000 to 9,90,000
1.50% for 10,00,000 to 14,90,000
1.75% for 15,00,000 and above
LoanAfter 3 years
SurrenderAfter 3 years of full premium payment [ Surrender Value Calculator]

Maturity Benefit

On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.

Death Benefit

In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder's nominee.

Jeevan Labh (836) with an Example

Sum Assured (Rs.)12,00,000
Age (Years)29
Policy Term(Years)25
Premium Paying Term16
Purchase Year2016
Yearly Premium (Rs.) (Without ST)54,385
Total Paid Premium (Rs.)8,70,160
(To know premium with prevailing service tax (ST) and benefits as per your details, please use Premium Calculator and Maturity Calculator for this plan.)













So, as per above example, policy holder needs to pay the premium of Rs. 54,385 per year for 16 years(Premium Paying Term) and after completion of 25 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below. The following illustration has been prepared as per 2015-16 bonus rate(Latest).
Maturity Details
If Policy holder survives 25 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
Maturity YearAge at MaturityTotal Premium PaidMaturity Amount (Approx.)
2041548701603240000
Death Claim Details
In case of death during policy term ( Before 25 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand Following Table
Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,52,620 and nominee will get death claim as Rs. 19,20,000 in case of normal death or Rs. 31,20,000 as accidental death claim in case of death due to accident and policy will stop.
YearAgeTotal Paid PremiumNormal Life Cover (Approx.)Accidental Life Cover (Approx.)
2016295438512600002460000
20173010877013200002520000
20183116315513800002580000
20193221754014400002640000
20203327192515000002700000
20213432631015600002760000
20223538069516200002820000
20233643508016800002880000
20243748946517400002940000
20253854385018000003000000
20263959823518600003060000
20274065262019200003120000
20284170700519800003180000
20294276139020400003240000
20304381577521360003336000
20314487016022020003402000
203245--22740003474000
203346--23460003546000
203447--24480003648000
203548--25200003720000
203649--26400003840000
203750--27840003984000
203851--29400004140000
203952--30600004260000
204053--32400004440000
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