LIC Jeevan Labh 836 vs LIC Jeevan Labh 936

Although both of these plans were withdrawn by LIC and reintroduced as plan no 736, existing policyholders of the former policy can still claim the benefits that come with the plan.

LIC Jeevan Labh - An Overview

LIC Jeevan Labh policy is a limited premium-paying endowment plan. Irrespective of the plan version, 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 a loan facility for emergency needs.

While most features of LIC Jeevan Labh 836 and LIC Jeevan Labh 936 remain similar, the newer LIC Plan 936 introduced certain enhancements in benefits and policy provisions. Before purchasing the policy, you can estimate premiums and benefits using the LIC Jeevan Labh 936 Premium and Maturity Calculator. The following section presents a detailed comparison of both plan versions to help you understand their key differences.

LIC Jeevan Labh 836 vs 936 - A Comparison

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 - Under both LIC Plan 836 and LIC Plan 936, the maturity benefit consists of the Basic Sum Assured along with vested Simple Reversionary Bonus and Final Additional Bonus, if declared.

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 can be chosen from 16, 21, or 25 years. The corresponding premium paying terms are 10, 15, and 16 years, respectively. These features remain common across LIC Jeevan Labh 836 and LIC Jeevan Labh 936.

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 policy versions 836 and 936 provide a 15-day free-look period, allowing policyholders to review the LIC Jeevan Labh 836 Policy Details and Jeevan Labh 936 Policy Details after receiving the policy document. 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 LIC Jeevan Labh 836 and LIC Jeevan Labh 936 provide a grace period of 15 days for monthly premium payments and 30 days for other premium payment modes in case of missed premiums. This period begins from the date of the first unpaid premium, allowing policyholders to continue their Jeevan Labh LIC policy by paying the due premium within the specified timeframe.

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. These terms are applicable across the relevant provisions of LIC Jeevan Labh 936 and earlier versions such as LIC Jeevan Labh 836.

Summing Up

Although LIC Jeevan Labh 836 and LIC Jeevan Labh 936 are largely similar, there are several important differences that policyholders should carefully evaluate before making a decision. The comparison above provides a comprehensive overview of LIC Jeevan Labh 836 vs 936, helping you understand the changes in features, eligibility, and benefits. Before purchasing the policy, review the Jeevan Labh 936 Policy Details, use the LIC Jeevan Labh Calculator 936 to estimate premiums and maturity benefits, and read the policy terms and conditions carefully to make an informed decision.

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