LIC Jeevan Labh and LIC Jeevan Lakshya are traditional endowment insurance policies offered by LIC that combine protection and savings benefits. While Jeevan Labh provides a lump-sum payout at maturity, Jeevan Lakshya offers a regular income annually in addition to maturity benefits.
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Let us thoroughly understand the plan, its benefits and how they differ to help you make an informed decision.
LIC Jeevan Labh Plan
LIC Jeevan Labh 736 is a limited premium payment insurance policy that offers assured benefits. If you wish to secure your family's future financially, the plan pays the sum assured on death to your family as the Death Benefit. The policy also offers a loan facility that you can avail of for urgent financial requirements.
Beneficiaries are entitled to the sum assured on death of the life guaranteed. The death benefit received is a Sum Assured plus a vested simple reversionary bonus and a final additional bonus.
Policyholders can receive death and maturity benefits in installments for 5, 10, or 15 years.
Based on LIC’s financial valuation, the plan entitles policyholders to receive a part of the profits made by the company in the form of bonuses.
One can avail of the following riders for enhanced protection:
LIC Jeevan Lakshya 733 is designed to offer a financially secure future for the policyholder's family. An essential aspect of this plan is its annual income benefit provided to the dependents in the event of the policyholder’s unfortunate demise. Further, LIC offers a maturity benefit on surviving the duration of the policy term.
Key Features of LIC Jeevan Lakshya:
If the policyholder dies while the policy is still in force, assigned nominees are eligible to receive the sum assured on death.
The annual income benefit scheme offers the nominees a sum equal to 10% of the basic sum assured every year till the date of maturity following the policyholder's death.
If the life assured survives the duration of the policy, they are entitled to an amount equal to the basic sum assured as a maturity benefit.
One can avail of the following riders for enhanced protection:
LIC Accidental Death and Disability Benefit Rider
LIC Accident Benefit Rider
LIC New Term Assurance Rider
Lic Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
Here is a list of differences between LIC Jeevan Labh and LIC Jeevan Lakshay:
Parameters
LIC Jeevan Labh
LIC Jeevan Lakshya
Type of plan
Limited premium endowment plan
Endowment plan with annual income benefit
Age At Entry
Minimum: 18 years Maximum: 50 years
Minimum: 8 years Maximum: 59 years
Ideal for
Savings + insurance with a fixed lump sum
Financial protection for a family, especially with children
Maximum Maturity Age
65 years
75 years
Policy Term
13 to 25 years
16/ 21/ 25 years
Premium Paying Term
Policy term minus 3 years
Limited (10/ 15/ 16 years)
Maturity Benefit
Sum Assured + Bonus
Sum Assured + Bonus
Death Benefit
Full Sum Assured + Bonuses
Annual payouts till maturity + final lump sum
Premium paying term
10,15, or 16 years
Fixed premium term (policy term - 3 years)
Income facility on death
No
Yes, annual income till maturity
Loan facility
Yes
Yes
LIC Jeevan Labh vs LIC Jeevan Lakshya: Sample Illustration
To estimate the kind of benefits receivable under LIC Jeevan Labh vs LIC Jeevan Lakshya, we have considered a sample 35-year-old person who has assured a sum of Rs. 5 lakhs. Based on the policy term and the premium paying term demonstrated in the table below, we have calculated the maturity benefits against each plan.
Features
LIC Jeevan Lakshya
LIC Jeevan Labh
Age
35 years
35 years
Sum Assured
Rs.5 Lakhs
Rs.5 Lakhs
Policy Term
25 years
25 years
Premium Paying Term
22 years
16 years
Annual Premium
Rs. 22,821
Rs 25,582
Total Premium Amount
Rs. 4,80,436
Rs. 3,91,680
Please note that each plan's premium paying term differs per the chosen policy term. This illustration should not be construed as definitive, and one should carefully evaluate their options after careful research.
Common Features of LIC Jeevan Labh and LIC Jeevan Lakshya Policy
Despite their unique characteristics, both plans share some common features. Here, we will highlight these standard features:
Endowment Policies: Both fall under endowment insurance policies. This means they combine life insurance coverage with a savings benefit, offering financial security to policyholders and their families.
Basic Sum Assured: Both policies have the same lower cap for basic sum assured, Rs 2 lakhs. However, there is no upper cap on the sum assured amount. It can be as high as finalised during the underwriting process.
Participating Policies: Both policies participate in LIC’s profits. This makes both of these eligible for bonuses declared by the company which is payable with the maturity benefit.
Maturity Benefit: Policyholders receive a maturity benefit at the end of the policy term in both plans. The maturity benefit includes the sum assured, accrued bonuses, and final additional bonuses, if applicable. This lump-sum payout can be used to meet various financial goals.
Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, both plans provide a death benefit. The nominee receives the sum assured along with any accrued bonuses and final additional bonuses. Additionally, LIC Jeevan Lakshya policy offers an annual income benefit until the end of the policy term, providing financial support to the family.
Premium Payment Term: Both plans offer flexibility in premium payment terms.
Loan facility: Policyholders can take a loan against both these plans after paying one full year’s premiums.
How To Buy LIC Plans From Policybazaar?
Follow the steps below to buy LIC Plans from Policybazaar:
Step 2: Fill in the form with your name and contact number. Click on “View plans”.
Step 3: Enter your age, resident city, and your annual income.
Step 4: Once you've done this, select the plan by selecting your desired investment amount and tenure and clicking on “Get Details.”
Step 5: Cross-check the details, the premium you need to pay, and customize the amount and policy term as you want. Proceed to make an online payment.
Wrapping Up!
LIC Jeevan Lakshya 733 vs LIC Jeevan Labh 736 are based on comprehensive insurance for potential buyers. However, as highlighted above, these two plans come with unique features that serve to fulfil the varying needs of policyholders. Read the policy documents thoroughly, compare both the plans and choose the plan that aligns better with your needs.
Q: What factors should I consider when deciding between LIC Jeevan Labh vs LIC Jeevan Lakshya?
Ans: Before buying either plan, consider premium affordability, policy terms, and financial goals. Assess whether you prefer periodic payouts or a lump-sum maturity benefit, and make an informed decision.
Q: What is LIC Jeevan Labh, and how does it differ from LIC Jeevan Lakshya?
Ans: Both Plans are life insurance policies offered by LIC. Jeevan Labh policy is a limited premium endowment plan, whereas Jeevan Lakshya policy is a traditional participating endowment plan. The main difference is in their features and benefits.
Q: Among LIC Jeevan Labh vs LIC Jeevan Lakshya, Which policy better suits long-term savings and protection needs?
Ans: The choice between two for long-term savings and protection needs depends on individual preferences and financial goals. Jeevan Labh policy offers a lump-sum maturity benefit, which may appeal to those who prefer a single substantial payout. In contrast, Jeevan Lakshya policy provides periodic payouts, suitable for those looking for regular income alongside protection.
*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
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in