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Endowment Plan

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LIC Jeevan Labh (lic table no 836)

LIC JEEVAN LABH Plan (LIC TABLE NO 836) is a traditional plan which means not related to market. LIC Jeevan Labh Endowment plan is a combination of insurance and savings. LIC's Jeevan Labh Endowment Plan is a participating limited premium paying, non-linked, with-profit endowment Insurance Plan. New LIC Jeevan Labh Plan is a comprehensive Endowment plan that ensure a financially secure and guarantees your peace of mind. New Jeevan Labh plan provides financial protection for the family of the deceased policyholder any time before maturity. The main benefit of Jeevan Labh plan is it has the limited premium payment option. For the 16-years policy term policy holder have to pay the premium for 10 years and 21 and 25 years of policy term policy holder have to pay the premium for 15 and 16 years respectively.

JEEVAN LABH Endowment plan Conditions

Minimum age at Entry – 8 years (Completed).

Maximum age at Entry

Term of the Policy Maximum age at Entry
16 Max. age is 59 yrs.
21 Max. age is 54 yrs.
25 Max. age is 50 yrs.
Policy Term 16, 21, 25 yrs..
Premium Payment Term 10, 15, 16 yrs.
Min. Sum Assured Rs. ,200,000.
Max. Sum Assured No Limit.
Premium payment mode SSS, ECS, Quarterly, Half Yearly and Yearly.
Max. Accident Death Benefit 50 LACS.

LIC Limited Endowment Plan Rebates

Rebate means discount on premium.Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Premium Payment Mode Percentage(%)
Yearly Mode 2%
Half yearly Mode 1%
Quarterly and Monthly Nil

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA) Rebate per Rs. 1000 /- S.A.
Rs. 2,00,000 to Rs. 4,90,000 NIL
Rs. 5,00,000 to Rs. 9,90,000 1.25 % of(B.S.A)
Rs. 5,00,000 to Rs. 9,95,000 1.50 % of (B.S.A)

LIC JEEVAN LABH Endowment Policy Maturity Benefits

LIC Bima 836 Maturity Benefit = Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bouns(FAB).

  • Sum Assumed on Maturity: On Survival to the end of the policy term, Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.

LIC JEEVAN LABH Endowment Plan Death Benefits

LIC Jeevan Labh Plan Death Benefit = Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bouns(FAB).

  • Sum Assured on Death: On the death of the policyholder during the policy term, Sum Assured on death, Vested Simple Reversionary Bonuses, and Final Additional Bouns will be paid.
  • Sum Assured on Death is 10 times higher than the annualized premium.
  • Death Benefit: The Death Benefit shall not be less than 105% of the total premium paid as on death.

LIC JEEVAN LABH Endowment Policy Surrender Value

Policy can be surrendered after 3 years.

After 3 years, if premium is not paid by the policy holder then policy becomes reduced paid up means policy value will be changed based on premium paid till that time. No Further Bonus will be added. But policy will not become inactive fully. Sum assured on death becomes reduced paid up sum assured amount and maturity sum assured becomes reduced paid up sum assured.

Benefit Example for LIC jeevan labh plan

An example of VINOD who is purchasing this Plan with following details.

Sum Assured: Rs.5,00,000
Policy Term: 21 Years

Premiun Payment Term:15 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 27749

Maturity Details

If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.

Maturity Year Age at Maturity Maturity Amount(approx)
2037 46 1085500

Following table provides details of year-wise risk cover.

Year Age Risk Cover Normal Risk Cover Accidental Premium Tax Saved Net Premium Amount Received
2016 25 525500 1025500 27749 8033 19716 0
2017 26 551000 1051000 27263 8033 19230 0
2018 27 576500 1076500 27263 8033 19230 0
2019 28 602000 1102000 27263 8033 19230 0
2020 29 627500 1127500 27263 8033 19230 0
2021 30 653000 1153000 27263 8033 19230 0
2022 31 678500 1178500 27263 8033 19230 0
2023 32 704000 1204000 27263 8033 19230 0
2024 33 729500 1229500 27263 8033 19230 0
2025 34 755000 1255000 27263 8033 19230 0
2026 35 780500 1280500 27263 8033 19230 0
2027 36 806000 1306000 27263 8033 19230 0
2028 37 831500 1331500 27263 8033 19230 0
2029 38 857000 1357000 27263 8033 19230 0
2030 39 892500 1392500 27263 8033 19230 0
2031 40 920500 1420500 0 0 0 0
2032 41 948500 1448500 0 0 0 0
2033 42 976500 1476500 0 0 0 0
2034 43 1009500 1509500 0 0 0 0
2035 44 1045000 1545000 0 0 0 0
2036 45 1085500 1585500 0 0 0 0
2037 46 0 0 0 0 0 1085500

Additional Information

Revival: Policy should be revived before 3 years from last un-paid premiums.

Loan Facility: Loan facility is available under LIC Jeevan Labh plan, after at least 3 full years payment of premiums.

Riders Facility:Accidental Death and Disability Benefit Rider and Term Assurance Rider.

Suicide Clause: If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period: Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility: Available.

Proposal Form: Form No 300,340,360.

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