LIC Jeevan Labh Plan 836

LIC Jeevan Labh Plan 836- An Overview

LIC Jeevan Labh 836 is a traditional limited premium endowment insurance product offered by the LIC of India. This plan provides financial support for your family members in case of the unforeseen death before maturity. A lump sum amount is provided during maturity for the surviving policyholder. 

This Jeevan Labh LIC 836 plan is no longer available for sale; thus, if you want to secure the future of your loved ones, you can choose LIC Jeevan Labh 736.

Key Features of LIC Jeevan Labh 836 Policy

Key features of the LIC of India Jeevan Labh policy include: 

• It is a limited premium paying policy. 

• This plan lets you use the loan facility for your liquidity needs.

• The policy participates in the company's profits, 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, provided premiums for three full years have been paid.

• The plan offers flexibility in choosing the policy term, which can be 16 years, 21 years, or 25 years.

• Choose to pay premiums regularly at yearly, half-yearly, quarterly or monthly intervals. 

Eligibility Criteria of LIC Jeevan Labh Plan 836

The following table highlights the basic requirements to be eligible for the LIC of India Jeevan Labh policy.

Benefits of LIC Jeevan Labh 836

• Death Benefit - In the event of the policyholder's unfortunate demise, (s)he is entitled to receive the sum assured on death with a final additional bonus and simple reversionary bonus, subject to company profits. The death benefit payable is the basic sum assured or 10 times the annual premium (whichever is higher). This death benefit shall not be below 105% of all the premium amounts paid till death date. 

• Maturity Benefit - The sum assured on maturity equals the basic sum assured, along with final additional bonuses and simple reversionary bonuses (vested). The maturity benefit is payable as a lump sum to the life assured upon surviving the policy term.

• Participation in Profits - LIC Jeevan Labh 836 is a participating, with-profit insurance policy that participates in the corporation's profits. 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. 

Riders Available with LIC of India Jeevan Labh 836

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

LIC Jeevan Labh Policy Details

• Grace Period - The policy provides an extended timeline, called a grace period, of 15 days (for monthly payments) and 30 days (for other premium payment modes) to pay due premiums. If premiums are not paid within this period, the policy will lapse.

• Loan Facility - The policyholder can avail of the loan facility after the policy has acquired a surrender value. 

• Policy Surrender - The policy can be surrendered after three years of premium payments have been made. The surrender value of the policy is based on the total premiums paid. 

• Policy Revival - If premiums are not paid within the grace period then in that case, the policy will lapse A lapsed policy can only be revived within a time of 2 years (consecutively) from the first missed premium payment.

• Free-look Period - During this period of 15 days, the policyholder can review the policy's terms and conditions. If dissatisfied with any part of the policy, the policyholder can return it to LIC for a refund. 

• Rebates - 

  • Payment Mode Discount:

  Yearly	2% of Tabular Premium
  Half-yearly: 1%	1% of Tabular Premium
  Quarterly, Monthly, or through Salary (SSS	No Discount

  • High Sum Assured Discount

  If your Basic Sum Assured (insurance coverage) is high, you get the following rebates:

  Basic Sum Assured (B.S.A.)	Rebate
  ₹2,00,000 to ₹4,90,000	No discount
  ₹5,00,000 to ₹9,90,000	1.25% discount on BSA
  ₹10,00,000 to ₹14,90,000	1.50% discount on BSA
  ₹15,00,000 and above	1.75% discount on BSA

• Paid-Up - The policy becomes a paid-up policy if subsequent premiums are not paid after three years of premium payment. In that case, the policy will have reduced benefits called “Death Paid-up Sum Assured” and “Maturity Paid-up Sum Assured”

• Surrender - The policy can be surrendered when 3 full year premium amounts have been paid. 

Exclusions Under LIC Jeevan Labh 836

The Jeevan Labh LIC plan 836 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.

How To Buy LIC Plans From Policybazaar?

Follow the steps below to buy LIC Plans from Policybazaar:

Step 1: Visit LIC. 

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.

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