LIC’s Jeevan Labh 836 versus LIC’s Jeevan Labh 936

Ever since its inception, LIC’s Jeevan Labh insurance policy has been gaining significant traction in the insurance sector in India. The popularity of this plan can be attributed to the wide-ranging features and attractive bonus rates offered to the policyholders. Following the success of LIC’s Jeevan Labh 836, the company introduced a revised version of the plan, viz. LIC’s Jeevan Labh 936 with even better benefit options.

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Introduction to LIC’s Jeevan Labh

LIC’s Jeevan Labh is a non-linked, limited premium paying endowment plan. This insurance policy participates in the profits earned by LIC, based on which policyholders are offered bonuses. The extra amount in addition to the assured death and maturity benefits allows the life assured an opportunity to increase their savings corpus. 

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

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

  • Based on the acquired surrender value, policyholders can avail of a loan facility with this plan. 

  • Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis, depending on the convenience of the policyholder. 

  • Policyholders can avail of extra protection against accidental death and disability through the riders available with the plan. 

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

Please note that LIC’s Jeevan Labh 836 was withdrawn by the company in 2020, following the introduction of LIC’s Jeevan Labh 936. However, existing policyholders of the former policy can still claim the benefits that come with the plan. 

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

Comparison Between LIC’s Jeevan Labh 836 and LIC’s Jeevan Labh 936

LIC’s Jeevan Labh 836 Basis for Comparison LIC’s Jeevan Labh 936
Withdrawn Current Status Active
Higher of absolute sum assured or 10 times the annualized premium Death Benefit Higher of absolute sum assured or 7 times the annualized premium
Maturity benefit is payable as a lump sum amount only Settlement  Option to receive the maturity benefit in installments or a lump sum
Premium payment required in full for 3 years Surrender Value Premium payment required in full for 2 years
The loan can only be availed if 3 years' premiums have been made in full Loan Facility The loan can only be availed if 2 years' premiums have been made in full
2 years from the date of 1st unpaid premium Revival Period 5 years from the date of 1st unpaid premium
  • LIC’s Accidental Death and Disability Benefit Rider
  •  LIC’s New Term Assurance Rider
Riders
  • LIC’s Accidental Death and Disability Benefit Rider
  • LIC’s New Term Assurance Rider
  • LIC’s Accident Benefit Rider
  •  LIC’s New Critical Illness Benefit Rider
  • LIC’s Premium Waiver Benefit Rider

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’s Jeevan Labh 836 and LIC’s 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 LIC’s Jeevan Labh 836 and LIC’s Jeevan Labh 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. 

  • Death Benefit - While certain aspects of the sum assured on death has changed (refer to the table above), the 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 applicable bonuses. The sum assured on maturity is paid as a lump sum amount, unless the policyholder opts for the settlement option (refer to the table above).  

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

  • Policy Term and Premium Paying Term - The policy term under both versions of LIC's 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.

  • Enhanced Protection - Both LIC’s Jeevan Labh 836 and LIC’s Jeevan Labh 936 come with add-on riders against accidental death and disability. These riders can be purchased by paying an extra amount in addition to the premium payable for the policy. Please note that the rider sum assured cannot exceed the base sum assured under the policies.

  • 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 benefit is subject to changes in tax laws. 


Summing Up

LIC’s Jeevan Labh 836 and LIC’s 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’s Jeevan Labh are advised to go through these and the terms and conditions of each plan to come to a decision.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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