LIC Jeevan Labh 836

LIC is one of the biggest players in the insurance domain today, offers a range of the most comprehensive insurance products. The company's plans cater to the needs of people belonging to diverse age groups and income brackets. LIC's Jeevan Labh 836 is one such product that offers a lot of flexibility to the policyholders.

Read more
Benefits of LIC Plans
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
We don’t spam
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated
58.9 million
Registered Consumers
26.4 million

Introduction to LIC’s Jeevan Labh 836

Now withdrawn, LIC’s Jeevan Labh 836 is a type of traditional endowment insurance product that offers benefits of savings as well as protection. The plan offers financial backing to the family of the life insured in the event of her/his unfortunate demise. Further, if the policyholder survives the duration of the policy term, (s)he is eligible to receive maturity benefit as a lump sum payout. 

LIC Jeevan Labh 836 Policy Features

Key features of this policy include:

  • It is a limited premium paying policy. 

  • With this plan, you can take advantage of the loan facility for your liquidity needs. 

  • The policy participates in the profits of the company, which confers bonuses to the policyholders. 

  • Accidental death and disability can be covered through riders available on paying extra charges.

  • LIC Jeevan Labh 836 can be surrendered at any point during the policy tenure, in the condition that premiums for 3 full years have been paid. 

  • If the life assured is below the age of 18, the policy shall vest on the completion of 18 years by the life assured. 

  • The plan offers flexibility in choosing the policy term, viz. 16 years, 21 years, and 25 years. 

Eligibility Criteria

The following table highlights the basic requirements to be eligible for this plan.

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 
Maturity Age NA 75 years
Sum Assured Rs. 2 Lakhs No limit
Policy Term 16 years, 21 years, 25 years
Premium Paying Term 10 years, 15 years, 16 years

Plan Benefits of LIC Jeevan Labh 836

  • Death Benefit - In the event of the policyholder's unfortunate demise, (s)he is entitled to receive the SA on death with final additional bonus and simple reversionary bonus, subject to company profits. The death benefit payable is defined as the absolute sum assured or 10 times the annual premium (whichever is higher).

  • Maturity Benefit - Sum assured on maturity is defined as an amount equal to the basic sum assured in addition to bonuses earned through participating profits of LIC. The maturity benefit is payable as a lump sum amount to the life assured on surviving the policy term.

  • Vesting Benefit - Vesting is only applicable if the life assured is under the age of 18 at the time of risk commencement. If the life assured survives the vesting date and no request for policy surrender has been received by LIC, the policy shall automatically vest in the name of the life assured. In such a case, the life assured becomes the sole owner of the policy benefits and rights (if any) of the proposer shall cease to exist.

  • Participation in Profits - LIC Jeevan Labh 836 is a participating, with-profit insurance policy. Subject to provisions in section 28 of the LIC Act of 1956, the policy participates in the profits made by the Corporation. Consequently, policyholders will be eligible to receive a simple reversionary bonus at a rate declared by LIC annually, in addition to assured death and maturity benefits. 

Rider Benefits with LIC Jeevan Labh 836

The riders that can be availed under this insurance plan are Accidental Death and Disability Benefit Rider and New Term Assurance Rider of LIC. Let’s understand these riders in more detail.

Riders Rider Details
LIC’s Accidental Death and Disability Benefit Rider 
  • To be eligible to receive benefits under this rider, the life assured should have completed 18 years of age. 
  • The benefits shall be available till the end of the policy term or up to 70 years of age, whichever comes earlier. 
  • The sum assured under this rider is spread across equal monthly installments for 10 years in case of accidental disability of the life assured. 
  • In case of death of the life assured as a result of an accident, the accident benefit sum assured is payable in addition to the death benefit.
  • LIC should be intimated about the accident resulting in disability within 90 days of occurrence. 
  • The accident benefit sum assured shall not exceed Rs.100 Lakhs. 
LIC’s New Term Assurance Rider
  • If death occurs during the policy term and the rider is in force, the death benefit in addition to the Term Assurance Rider Sum Assured is payable. 
  • The maximum cover that can be availed under this rider shall not exceed Rs.25 Lakhs. 
  • If the policyholder opts for the rider at the time of surrendering the base policy, a percentage of the premium charged for this rider is refunded.

Other Key Policy Details

  • Grace Period - One month, however, no less than 30 days shall be allowed as a grace period for yearly, half-yearly, and quarterly premium payment modes. The grace period is capped at 15 days for monthly premium payments. All due premiums payments have to be made during this period or the policy lapses.

  • Policy Revival - The policy can be revived after failure to pay premiums during the grace period. However, a gap of a minimum of 2 years from the first unpaid premium is mandatory to revive a lapsed policy.

  • Free-look Period - During this period, the policyholder has the option to go through the term and conditions of the policy. If a policyholder is not satisfied with any clause of the agreement or the policy, he/she has the authority to return it to LIC. 

Exclusions Under LIC Jeevan Labh 836

The policy has a suicide exclusion clause under the terms of which - 

  • If death by suicide occurs within 12 months from the date of risk commencement, no benefits shall be payable by the insurer, except 80% of the premiums paid. 

  • Similarly, if death occurs as a result of a suicide attempt within 12 months from policy revival, only 80% of the premiums paid are refunded back to the beneficiaries.

Secure Future Tomorrow
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
Download the Policybazaar app
to manage all your insurance needs.