LIC Jeevan Labh Policy-936

LIC Jeevan Labh offers 2 core benefits of insurance and savings to policyholders. This savings plan also offers bonuses that increase the final returns that a customer is entitled to. This LIC policy not only provides a financial safety net for you in the future but also takes care of the financial needs of your family in your absence. 

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LIC Jeevan Labh Plan 936 (previously known as LIC Jeevan Labh 836) is an endowment plan that comes with a maturity benefit if you survive the policy term. Its participating nature allows customers to earn a percentage of the profits made by LIC of India. This makes it an ideal choice for savings, increased returns, and insurance protection, all in one product.

LIC Jeevan Labh Policy Features

  • Customers have to pay premiums for a limited period to enjoy long-term protection.

  • Policyholders can avail of loan facilities on this plan, after paying a regular premium for 2 years. It is limited to 90% of the surrender value.

  • The plan offers the option to avail of the death and maturity benefit in installments across 5, 10, or 15 years.

  • If the plan is bought for a child, parents can add the LIC’s Premium Waiver Benefit Rider with the policy. If the parent dies, LIC waives future premiums so that the child does not have to bear the burden of keeping the policy in force.

  • One can enjoy rebates on the premium amount if the sum assured is Rs.5 lakhs and above.

Jeevan Labh LIC Policy Benefits

  1. Death Benefit

    The death benefit is paid by the insurer to the beneficiary in case of death of the insured person during the tenure of the policy. The death benefit under LIC Jeevan Labh will be either of the following –

    • Basic sum assured amount

    • 7 times the annualized premium

    The final death benefit on the death of the policyholder will include the highest of these two plus a vested simple reversionary bonus and a final additional bonus (if any).

  2. Maturity Benefit

    If the insurance holder survives the entire policy tenure and has been paying due premiums till the end, he/she gets the maturity benefit. It is equal to the basic sum assured plus a vested simple reversionary bonus and final additional bonus (if any).

  3. Tax Benefits

    The premium paid towards the policy up to the maximum limit of Rs.1.5 lakh in a financial year and the maturity proceeds are tax exempted under Section 80C and 10(10D) of the Income Tax Act.

How Does LIC Jeevan Labh 936 Work?

Let’s understand this with the help of an example.

Say that Ravi (30 years old) wants to purchase the policy with the following coverage options -

  • Basic Sum Assured (BSA) – Rs.10 Lakhs

  • Policy Term - 21 years

  • Premium Paying Term - 15 years

  • LIC Bonus Rate 2020-21 for Jeevan Labh 936 – Rs.44 per Rs.1000 BSA

Using the LIC Jeevan Labh Calculator, the annual premium comes to be Rs.54,707.

Death benefit to the family if Ravi dies in the 10th year of the policy

  • Higher of (7 x 54,707 = Rs.3.82 Lakhs) or the BSA (Rs.10 lakhs), which means the nominee will receive the latter.

  • Over 10 years, the bonus will be equal to Rs (44 x 10,00,000/1,000) x 10 = Rs. 4.4 Lakhs.

  • The total death benefit will be equal to Rs (10,00,000 + 4,40,000) = Rs. 14,40,000.

Maturity benefit if Ravi survives the entire policy term of 21 years

  • He will get the BSA (Rs.10 lakhs) plus accrued bonuses.

  • The total bonus amount for 21 years will be equal to Rs (44 x 10,00,000/1,000) x 21 = Rs.9.24 Lakhs.

  • The final maturity value at the end of 21 years will be equal to Rs.19.24 lakhs.

Sample Illustration of LIC Jeevan Labh 936 Premium

Here we have shown a sample illustration of the annual premium rate for Rs.2 lakhs basic sum assured amount for standard lives. For a clearer picture, you should use the LIC Jeevan Labh premium calculator.

Age Policy Tenure (Premium Paying Tenure)
16 (10) 21 (15) 25 (16)
20 16,699 /- 10, 682/- 9,006/-
30 16,758/- 10,770 /- 9,134/-
40 17,013/- 11,133/- 9,584/-
50 17,826/- 12,123 /- 10,741/-

LIC Jeevan Labh Plan Eligibility Criteria

Let’s take a look at the eligibility criteria of the policy.

Criteria Minimum Maximum
Entry Age 8 years 59 years for PT 16 years
54 years for PT 21 years
50 years for PT 25 years
Sum Assured Rs.2,00,000 No upper limit
Maturity Age N/A 75 years
Policy Term 16, 21& 25 years
Premium Paying Term 10, 15 & 16 years

LIC Jeevan Labh Riders

Under LIC Jeevan Labh Policy, there are five optional riders, which can be availed by the policyholder by paying an additional premium. Rider benefits can be purchased along with the base plan to increase the coverage of the policy.

  1. Accidental Death and Disability Benefit Rider

  2. Accidental Benefit Rider

  3. Term Assurance Rider

  4. Critical Illness Rider

  5. Premium Waiver Benefit

Other Details of LIC Jeevan Labh Plan

  1. Grace Period

    A grace period of 15-30 days is offered to the insured to pay any unpaid due premium.

  2. Free-look Period

    In case the policyholder is not satisfied with the terms and conditions of the policy then they cancel it within the first 15 days.

  3. Policy Surrender

    LIC Jeevan Labh Plan acquires a surrender value if the premiums are paid for a minimum of two full policy years. Policyholders will receive either the Guaranteed Surrender Value or the Special surrender value, whichever amount is higher. It depends on the total premium paid, the year of surrendering, and the policy term.

  4. Paid-Up Value

    If the life assured fails to pay premiums after regularly paying it for at least 2 years, the policy acquires a paid-up value. The sum assured then reduces based on the premiums paid.
    The reduced paid-up sum assured is equal to:
    Number of premiums paid/ total number of premiums to be paid X sum assured on death or maturity

Required Documents for LIC Jeevan Labh Plan

To avail of the benefits offered by the LIC Jeevan Labh plan, these documents should be kept handy -

  • Address Proof

  • Other KYC Documents: Adhaar Card, PAN Card, Tax Details, etc.

  • Age Proof

  • Properly filled proposal form/ application form

  • Medical diagnosis reports as required

  • Medical history

Policy Exclusions of LIC Jeevan Labh

The LIC Jeevan Labh policy rejects any claim filed in case of the suicide of the life assured.

  • If the life assured commits suicide within 1 year of the policy's initiation, 80 % of the premiums paid to date are returned to the beneficiary.

  • If the life assured commits suicide after completion of 1 year from the date of policy revival, acquired surrender value or 80% premiums paid to date is offered based on whichever is higher.


  • Q: What is the maturity value of LIC Jeevan Labh?

    Ans: LIC Jeevan Labh maturity value is calculated as follows: Basic sum assured + Accumulated Simple Reversionary Bonus during policy term + Final Additional Bonus (FAB) A simple Reversionary Bonus is declared each financial year during the policy term and keeps getting added to the policy. FAB is a one-time bonus declared for the year in which policy is getting matured. Bonuses are not guaranteed.
  • Q: How does the LIC Jeevan Labh calculator work?

    Ans: LIC Jeevan Labh 936 premium and maturity calculator works by factoring in the entry age of the policyholder, policy term, premium payment term, and the sum assured. To use the calculator, the following minimum conditions related to LIC Jeevan Labh 936 Plan has to be met.
    Age 8-59
    Policy term (premium paying term) 16(10), 21(15), 25(16)
    Sum assured(in Rs.) Above 2,00,000
  • Q: Can I buy LIC Jeevan Labh for my child?

    Ans: Yes, you can save for your child’s future with LIC’s Jeevan Labh Policy. You can buy it in your child’s name if he/she is above 8 years of age. In such cases, you will be the proposer that pays the premium and your child will be the life assured. If he/she survives till the end of the policy term, LIC will pay the final maturity sum to them.
  • Q: How can I get discounts on the premiums charged for LIC Jeevan Labh?

    Ans: You can get rebates on the premium amount if you pay premiums yearly or half-yearly.
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