LIC Jeevan Labh Details (Plan 736, 836, 936)
LIC Jeevan Labh is one of the most popular LIC plans in India. It is a limited premium payment endowment plan — which means you pay premium for fewer years, but the policy continues for a longer period.
What is LIC Jeevan Labh?
Jeevan Labh is a non-linked, participating endowment plan. It gives you:
- Life insurance cover throughout the policy term
- Savings that grow with LIC bonus every year
- A good lump sum at maturity
Plan Numbers Explained
| Plan Number | Policy Term Options | Premium Term |
|---|---|---|
| 736 (Old) | 16, 21, 25 years | 10, 15, 16 years |
| 836 (Revised) | 16, 21, 25 years | 10, 15, 16 years |
| 936 (Current) | 16, 21, 25 years | 10, 15, 16 years |
Plan 936 is the latest version currently available for purchase.
Key Features
| Feature | Details |
|---|---|
| Entry Age | 8 to 59 years |
| Minimum Sum Assured | ₹2,00,000 |
| Premium Payment | Limited (shorter than policy term) |
| Bonus | Simple Reversionary Bonus (SRB) declared annually |
| FAB | Final Additional Bonus on maturity (if eligible) |
| Tax Benefit | 80C and 10(10D) |
Why Jeevan Labh is Popular
1. Limited Premium Payment
You pay premium for only 10, 15, or 16 years but get coverage and savings for 16, 21, or 25 years. After you stop paying, the policy still continues.
2. Annual Bonus
LIC adds a bonus to your policy every year. This bonus grows and is paid at maturity along with the Sum Assured.
3. Final Additional Bonus (FAB)
If you hold the policy till maturity, you also get a special one-time bonus called FAB. This significantly increases your total maturity amount.
Real Example Plan 936
- Age: 30 years
- Sum Assured: ₹10,00,000
- Policy Term: 21 years
- Premium Payment Term: 15 years
- Yearly Premium (approx): ₹56,000
- Total Premium Paid (approx): ₹8,40,000
- Estimated Maturity Amount: ₹24,00,000 – ₹28,00,000
Maturity Formula
Death Benefit
If the policyholder dies during the policy term:
- Family gets Sum Assured + all accumulated bonuses
- No more premiums need to be paid
Surrender Value
You can surrender the policy after 3 years. The surrender value depends on how many years you have paid. Use our LIC Surrender Value Calculator to check.
Who Should Buy Jeevan Labh?
- People who want a safe, long-term savings plan
- Salaried individuals who want to pay premium for fewer years
- Anyone who wants to build a corpus for retirement or child's education
Final Verdict
Disclaimer: All figures are for illustration. Bonus rates may change. Consult an LIC agent before purchasing.