LIC Jeevan Labh 836 is a plan with the limited premium paying terms, non linked Endowment Assurance Plan with Profit. That combines protection with savings. Other benefits are also available under this plan like tax benefits, loan facility and rider benefits.
Sum assured: Minimum limit for a sum assured is Rs. 2 lakh and there is no maximum limit.
Policy Term: 16, 21 or 25.
Premium Paying Term: 10, 15 and 16 for policy term 16, 21 and 25 respectively
Entry Age: The minimum entry age of the policy holder should be 8 years and the maximum age limit is 59 years.
Maximum Maturity Age: 75 Years.
Premium Payment Mode: Premium can be paid Monthly, Quarterly, Half Yearly or Yearly.
Maturity Benefits: on maturity, basic sum assured along with vested simple reversionary bonus and the final additional bonus is paid to the policy holder.
If the death of the policyholder happens before the commencement of risk, your nominee will be refunded the premiums paid (excluding taxes). If the Death happens after the commencement of risk, the nominee will get:
Base Sum Assured + Simple Reversionary Bonus (every year) + Final Additional Bonus (applicable in the year of death)
Rider benefits: Accidental Death benefit is available during the policy term; accident benefit sum assured will be paid along with death benefit under the basic plan. Disability benefits are paid till 70 years of age of the policy holder.
Income Tax Benefit: Premium paid in this policy is tax exempted under section 80C. The maturity benefits are also exempted from tax under section 10(10D).
Liquidity Benefit: Policy holder can take a loan under this policy after completion of 3 full years of the Policy.
An example of Jeevan Labh Plan, 836.
Suppose someone of 30 years age is going to apply for policy 836 for the Basic Sum Assured Rs. 1000000, for the term of 16, 21 or 25 years. Following are Key points of the policy.
“Jeevan Labh” Table 836
Age: 30 Year
Basic Sum Assured: Rs. 1000000/-
|Plan||Jeevan Labh||Jeevan Labh||Jeevan Labh|
|Policy Term:||16 Year||21 Year||25 Year|
|Premium Paying Term:||10 Year||15 Year||16 Year|
|Basic Sum Assured:||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Double Accidental Benefit:||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Death Sum Assured:||Rs. 10,00,000/-||Rs. 10,00,000/-||Rs. 10,00,000/-|
|Premium for First Year||Rs. 87,456/-||Rs. 56,013/-||Rs. 47,514/-|
|From Second year Onward Premium||Rs. 85,573/-||Rs. 54,807/-||Rs. 46,491/-|
|Total Premium Paid||Rs. 8,57,613/-||Rs 8,23,311/-||Rs. 7,44,879/-|
|Approximate Maturity Return||Rs. 17,13,000/-||Rs. 20,87,000/-||Rs. 27,00,000/-|
Above Calculations are approximate and according to current bonus rate. It may vary according to the rate of bonus and taxes.