LIC New Jeevan Labh Plan (936)
LIC New Jeevan Labh Plan (936) Summary
LIC Jeevan Labh is a simple endowment plan. You pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits. In case of death of the policyholder anytime during the policy term, the nominee will get the Death Benefit.
LIC Jeevan Labh Policy is a traditional, non-linked, with-profit plan offering investment and insurance benefits. It is a limited premium payment plan – you don’t have to pay the premiums for the entire duration of the term of the policy. We will explain the plan benefits with the help of an example.
| Launch Date | 1st February 2020 |
| Table Number | 936 |
| Product Type | Endowment |
| Bonus | Yes |
| UIN | 512N304V02 |
Compare this plan with other Investment Plans
LIC New Jeevan Labh Plan (936) - Benefits
We have Sumit Roy, age 35 who wishes to buy this plan. He goes in for the plan with the following: Sum Assured - Rs. 2,00,0
Scenario 3: If Sumit survives till the end of the policy term of 25 years - Arvind will get the Sum Assured +
...
How does LIC New Jeevan Labh Plan (936) work?
When buying the LIC Jeevan Labh Plan, the customer has to decide on the following:
- Sum Assured (this is the amount of cover that you want)
- Policy Term (this is the period for which you wish to have the cover). The premium payment term gets decided automatically based on the policy term as follows:
- If you select a policy term of 16 years, you have to pay premiums for 10 years
- If you select a policy term of 21 years, you have to pay premiums for 15 years
- If you select a policy term of 25 years, you have to pay premiums for 16 years
Based on the above 2 factors and the age at which you are taking the policy, your annual premium will be decided.
Since it is a Participating plan, you will be eligible for the following at various points through the policy term. These are not guaranteed and you will only know the values as and when they are declared by LIC.
- Simple Reversionary Bonus
- Final Addition Bonus
Tax Rebates in LIC New Jeevan Labh Plan (936)
- Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act.
- Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act
- Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act
Eligibility Criteria for buying LIC New Jeevan Labh Policy (936)
| Minimum | Maximum |
| Sum Assured | Rs. 2,00,000 | No-Limit |
| Policy Term(in years) | 16,21,25 | |
| Premium Paying Term(in years) | 10 for 16 years of the policy term 15 for 21 years of the policy term 16 for 25 years of the policy term |
|
| Age at Entry | 8 years (completed) | 59 years for policy term 16 years |
| 54 years for policy term 21 years | ||
| 50 years for policy term 25 years | ||
| Maximum Maturity Age | 75 years | |
| Premium Paying Frequency | Annually, Half-yearly, Quarterly, Monthly | |
