LIC Jeevan Labh 836: Plan Details, Premium & Maturity Calculator Explained
When it comes to a perfect blend of insurance and savings, LIC’s Jeevan Labh Plan 836 stands out as one of the most trusted and rewarding endowment plans offered by the Life Insurance Corporation of India. Designed to offer a dual benefit of life protection and wealth accumulation, this limited premium paying plan is ideal for individuals who wish to secure their family’s financial future while also saving for long-term goals like marriage, education, or buying a home.
What is LIC Jeevan Labh 836?
LIC Jeevan Labh 836 is a non-linked, with-profits, limited premium endowment plan. Launched by LIC to cater to customers who want a limited premium paying term with good returns and life cover, this plan does not participate in the equity market, making it a low-risk option.
The key feature of this plan is that policyholders need to pay premiums only for a limited time, but the life cover and bonuses continue throughout the policy term. It also provides a lump sum amount at maturity, making it an excellent tool for future financial planning.
LIC Jeevan Labh 836 Plan Details
Here’s an overview:
- Plan Type: Endowment (Non-linked, Participating)
- Policy Term Options: 16, 21, and 25 years
- Premium Paying Term (PPT): 10, 15, and 16 years respectively
- Minimum Entry Age: 8 years
- Maximum Entry Age: Varies depending on policy term (e.g., 59 years for 16-year term)
- Maximum Maturity Age: 75 years
- Minimum Sum Assured: ₹2,00,000
- Maximum Sum Assured: No upper limit (subject to underwriting)
- Loan Facility: Available after 3 years
- Riders Available: Accidental Death and Disability Benefit Rider
Must See: LIC’s Jeevan Anand Plan 149: Features, Benefits & Maturity Calculator
How Does LIC Jeevan Labh 836 Work? – A Simple Guide by My Insurance Dost
At My Insurance Dost, we aim to make insurance simple for everyone. Let’s break down how LIC Jeevan Labh Plan 836 works. When you buy LIC Jeevan Labh 836, you choose a policy term of either 16, 21, or 25 years. Based on your policy term, you will pay premiums for a limited number of years:
- 10 years for a 16-year term
- 15 years for a 21-year term
- 16 years for a 25-year term
After the policy term is over, you will get a maturity amount. This is a lump sum payout that includes:
- The Sum Assured (the guaranteed amount you chose)
- Plus the bonuses earned over time
This amount can help you achieve future goals like your child’s education, marriage, or your own retirement.
What Happens If the Policyholder Passes Away?
If the person covered under the policy dies during the policy term, their family (nominee) receives a Death Benefit, which includes:
- All the bonuses earned till that point
- Plus a Death Sum Assured, which is the higher of:
- 10 times the annual premium, or
- A fixed percentage of the Sum Assured based on the policy year:
| Policy Year | Death Benefit (% of Basic Sum Assured) |
|---|---|
| 1st to 5th | 100% |
| 6th to 10th | 125% |
| 11th to 15th | 150% |
| 16th to 20th | 200% |
Also, LIC guarantees that the total death benefit will always be more than 105% of the total premiums paid.
Real-Life Example from My Insurance Dost
Let’s understand this with an example:
- Age of the person: 35 years
- Sum Assured: ₹5,00,000
- Policy Term: 25 years
- Premium Paying Term: 16 years
- Annual Premium: ₹22,601
This person pays ₹22,601 every year for 16 years. After 25 years, they will receive a maturity amount of around ₹13,50,000, which includes the sum assured and bonuses.
If the person passes away before the 25 years are over, the nominee will get the Death Benefit, which will be:
- The higher amount between the basic sum assured (₹5,00,000) or 10 times the annual premium (₹2,26,010),
- Plus all applicable bonuses (simple reversionary and final additional bonus)
Key Benefits of LIC Jeevan Labh 836
- Death Benefit: In case of unfortunate death during the policy term, the nominee receives the Sum Assured on Death along with vested bonuses. The Sum Assured on Death is higher of:
- 10 times the annual premium, or
- Sum Assured on Maturity
- But not less than 105% of total premiums paid.
- 10 times the annual premium, or
- Maturity Benefit: On survival till the end of the policy term, the policyholder gets the Sum Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
- Tax Benefits: Premiums paid and maturity amounts are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.
- Loan Facility: Policyholders can avail of loans against the policy after three full years of premium payments.
LIC Jeevan Labh 836 Premium and Maturity Calculator
To help policyholders estimate the future value of their investments, LIC provides a digital LIC Jeevan Labh 836 premium and maturity calculator. This tool allows users to:
- Enter age, sum assured, policy term, and premium payment term
- View annual and monthly premium estimates
- Get maturity value and total return projection
- Compare benefits under different scenarios
You can use the LIC Jeevan Labh 836 maturity calculator available on LIC’s official website or trusted insurance portals like My Insurance Dost to easily compute your premium and expected maturity amount.
Example Calculation:
Let’s say a 30-year-old buys a LIC Jeevan Labh 836 policy for ₹5 lakhs sum assured with a policy term of 21 years and a premium paying term of 15 years.
- Approx. Yearly Premium: ₹25,000 (without riders)
- Total Premium Paid in 15 years: ₹3,75,000
- Expected Maturity Amount: ₹7,50,000 – ₹8,50,000 (includes bonuses)
This makes LIC Jeevan Labh 836 not just a safe insurance plan but also a good long-term investment.
FAQ
1. Who Should Buy LIC’s Jeevan Labh Plan 836?
LIC Jeevan Labh 836 is ideal for:
- Parents planning for children’s education or marriage
- Individuals looking for a risk-free savings option
- Business owners seeking life cover and tax-saving investments
- Young professionals wanting to start financial planning early
With flexible policy terms and assured maturity benefits, it fits the needs of a wide range of investors.
2. Why Should You Buy LIC Jeevan Labh Plan?
- It’s a safe investment with guaranteed returns over time.
- You can take a loan against the policy if needed.
- The premiums you pay are tax-free under Section 80C of the Income Tax Act.
- The maturity amount you receive is also tax-free under Section 10(10D).
- If you choose a higher sum assured, you can get extra tax benefits on the premium you pay.
3. How to calculate premium and maturity for LIC Jeevan Labh 836?
To calculate your premium and maturity amount for LIC Jeevan Labh 836, you need details like your age, sum assured, policy term, and premium payment term. Once you have these, you can use a maturity calculator to estimate your returns and total premium.
4. What are the benefits and features of LIC Jeevan Labh Plan 836?
LIC Jeevan Labh 836 offers several valuable benefits:
-
Life cover and savings in one plan
-
Limited premium payments for long-term benefits
-
Tax benefits under Sections 80C and 10(10D)
-
Loan facility after a few years of premium payment
-
Guaranteed maturity amount with bonuses
Conclusion
LIC Jeevan Labh 836 is a reliable life insurance plan that offers guaranteed returns and life cover with limited premium payments. It’s a great option if you want to build savings while protecting your family’s future. At My Insurance Dost, we make it easy to understand and choose the right policy. Use our maturity calculator to plan your investment, check your returns, and make informed decisions. Whether your goal is saving for the future or securing your loved ones, this plan can be your trusted partner. Start today with My Insurance Dost!
