LIC Jeevan Labh 836 vs LIC Jeevan Labh 936

However, existing policyholders of the former policy can still claim the benefits that come with the plan. Let us understand the comparison between LIC Jeevan Labh 836 vs 936. 

Introduction to LIC Jeevan Labh

LIC Jeevan Labh policy is a limited premium paying endowment plan. This plan offers a combination of dual benefits of insurance and savings. It provides a death benefit for the policyholder's family in case of their death within the policy term and a maturity benefit if they survive it. This insurance policy participates in the profits earned by LIC, based on which policyholders are offered bonuses.

Some of the important features of this plan are as follows:

• Death and maturity benefits are payable by the insurer along with bonuses. 

• Premiums can be paid annually, half-yearly, quarterly, or monthly for 10, 15, and 16 years. The policy tenure for these premium-paying terms is 16, 21, and 25 years, respectively.

• Policyholders can avail of extra protection with the riders available with the plan. 

• The plan offers attractive rebates on High Sum Assured.

• It also offers loan facility for emergency needs.

While the majority of the benefits associated with LIC Jeevan Labh 836 and LIC Jeevan Labh 936 remain the same, the latter comes with a few additional and improved features.

The following section offers an in-depth comparison between the two for better understanding. 

Comparison Between LIC Jeevan Labh 836 and LIC Jeevan Labh 936

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Common Features of LIC Jeevan Labh 836 and LIC Jeevan Labh 936

Most of the benefits and features of the two plans have been kept similar. Let’s look at the common features of Jeevan Labh LIC plan 836 and 936. 

• Sum Assured - Policyholders have the flexibility to choose from different sum assured options. While there is no limit to the maximum amount that can be assured, the minimum sum assured under both policies is fixed at Rs.2 Lakhs. 

• Minimum Death Benefit - While certain aspects of the sum assured on death are different, the minimum death benefit in both cases cannot be less than 105% of the premiums paid till death. 

• Maturity Benefit - The maturity benefit under both the plans shall be equal to the basic sum assured and is payable along with vested Simple Reversionary bonuses and Final Additional bonuses. 

• Participation in Profits - Both policies participate in the company's profits. LIC declares the bonus rates every year and, therefore, they are not constant. These bonuses, viz., the simple reversionary bonus and the final additional bonus, are added to the base sum assured and act as a means of extra savings for the policyholders.

• Policy Term and Premium Paying Term - The policy term under both versions ofLIC Jeevan Labh can be chosen by the policyholder. They have the flexibility to choose from three different options, viz. 16 years, 21 years, and 25 years. Consequently, the premium paying terms corresponding to the policy terms are 10 years, 15 years, and 16 years respectively.

• Tax Benefits - The tax benefits under both plans can be availed under sections 80C and 10(10D) of the Income Tax Act. Please note that tax benefits are subject to changes in tax laws. 

Common LIC Jeevan Labh Policy Details of Plan 836 and 936

• Free-Look Period—The Jeevan Labh LIC plans 836 and 936 offer a 15-day free-look period to review the policy details. If the policyholder is dissatisfied with the terms and conditions of the policy, they can return the policy and get a refund. In both cases, some charges, such as proportionate risk cover (base + riders), stamp duty, and medical expenses, will be deducted. 

• Rebates - With the Jeevan Labh Policy LIC offers attractive rebates. These rebates are provided on premium paying modes and high sum assured as follows:
  Payment Mode Rebate

High Sum Assured Rebate

• Grace Period - Both policies offer a grace period of 15 days in the monthly premium paying mode and 30 days in other premium paying modes in case of missed premium payment. This period starts from the date of the first unpaid premium. 

• Exclusions - Suicide is an exclusion under both the Jeevan Labh LIC plans.

  In an active policy, if the Life Assured (sane or insane) commits suicide within 12 months from the policy inception date, no claim will be made except 80% of the premiums paid.

   If suicide occurs within 12 months of policy revival, only the higher of 80% of premiums paid or the surrender value will be paid. No benefit will be payable in case of lapsed policies without paid-up value.

Summing Up

LIC Jeevan Labh 836 and LIC Jeevan Labh 936, while mostly similar, offer some striking differences that cannot be overlooked. The factors discussed above are comprehensive and should give you a thorough understanding of the differences between the two. Existing and new buyers of LIC Jeevan Labh plan are advised to go through these and the terms and conditions of each plan to come to a decision.

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