LIC Jeevan Labh Calculator

What is the LIC Jeevan Labh Calculator?

The LIC Jeevan Labh Calculator is an online tool offered by the LIC of India that estimates the premiums and the benefits of the LIC Jeevan Labh Plan. By entering personal details such as age, policy term, and sum assured to the LIC Jeevan Labh Policy Calculator, users can get an estimate of their annual/monthly premium payments and maturity and death benefits. This calculator helps policyholders plan their finances by offering an estimate of the cost and returns of the plan. 

How to Use LIC Jeevan Labh Calculator Online?

Below is the step-by-step procedure for using LIC Jeevan Labh Premium Calculator 

Step 1: Visit LIC official website.

Step 2: Navigate to the section “Calculate Premium”.

Step 3: Fill in your name, date of birth, gender, and contact details. Click on “Next” then click on “Quick Quote”

Step 4: Choose the Jeevan Labh plan from the list and click “Coverage”.

Step 5: Fill in details such as Sum Assured and Policy term. Based on the policy term you enter, its respective premium payment term will be selected automatically. 

Once you fill in all the details, the results should accurately indicate the premium amount and the death/maturity benefit. You can swipe to see the premiums payable yearly, half-yearly, quarterly, or monthly and pick whichever option fits your budget.

How Does This Calculator Help?

For New Customers: 

• The LIC Jeevan Labh calculator helps you understand estimated premiums and benefits before purchasing the plan. 

• Enter your age, desired sum assured, and policy term, 

• The calculator shows premium variations and projected maturity value, helping you make an informed decision.

For Existing Customers (Active Plan - 736):

• The LIC Jeevan Labh calculator helps you monitor your active plan’s progress.

• Enter your policy term, sum assured, and premiums paid.

• You can calculate your due premium amount for renewal premium payment.

• The tool shows updated maturity projections, bonus estimates, and year-wise coverage, giving you a clear view of how your policy is growing.

For Existing Customers (Withdrawn Plans - 836 & 936):

• The LIC Jeevan Labh maturity calculator also supports older plans like 836 and 936.

• Enter your original plan details such as sum assured, term, and premiums paid.

• The calculator provides revised maturity estimates, bonus projections, and coverage insights, helping you understand the current value of your withdrawn plan.

An Overview of LIC Jeevan Labh Plan

LIC Jeevan Labh Plan 736 (previously available as LIC Jeevan Labh 936 and 836) is a limited-premium paying endowment plan that combines the dual benefits of life protection and savings. This plan provides financial support for the policyholder's family in case of the policyholder's unfortunate death during the policy term, and a maturity payout is paid if the policyholder survives the policy term. 

How Does LIC Jeevan Labh Calculator Work?

The LIC Jeevan Labh 736 calculator works by entering the personal details. It is an easy-to-use online tool that simplifies financial planning by offering quick estimates based on inputs. The LIC Jeevan Labh policy calculator works similarly to a standard LIC calculator. Based on your requirements, the following details have to be filled in when using the LIC Jeevan Labh maturity calculator:

Your Age - Select age between 8 years to 50 years. Max Age for 16 year term is 59, 21 year term is 54 and 25 year term is 50.

Policy Term - You can choose from 3 different policy term options, viz. 16 years, 21 years, and 25 years. 

Premium Paying Term - The corresponding premium paying terms are 10 years, 15 years, and 16 years. For instance, if you choose a policy term of 16 years, the premium paying term will be 10 years. 

Sum Assured - The minimum sum assured is Rs.2 Lakhs. There is no cap on the maximum amount that you can assure. 

Optional Riders: You can choose to add riders such as Accidental Death & Disability or Term Assurance rider while using the LIC Jeevan Labh calculator.

Sample Calculation Using LIC Jeevan Labh Calculator

Let us understand how the LIC Jeevan Labh calculator works with an example. A 30 year-old individual decides to invest Rs 5 Lakhs. 

The following are the premium amounts (inclusive of taxes) he will have to pay under different policy and respective premium paying terms:

The LIC Jeevan Labh premium calculator provides a benefit illustration for each of these amounts. This detailed illustration clearly shows details such as final payout amounts, premiums payable, bonus amounts, if any, details provided by the policyholder, etc. 

If you wish to calculate the benefits payable for a paid-up Jeevan Labh plan, there is a simple formula: 

Death Benefit (Death Paid-up Sum Assured) = [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death] + Vested Bonuses 

This Death benefit shall not be less than 105% of the total premiums paid up to the date of death.

Maturity Benefit (Maturity Paid-up Sum Assured) = [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Maturity] + Vested Bonuses. 

In this case, only bonus amounts accumulated before the policy became paid up will be considered. For more details, read on to Jeevan Labh Paid-Up Value Calculator.

Benefits of Using LIC Jeevan Labh Calculator

Below mentioned are some of the benefits of using LIC Jeevan Labh Premium and Maturity calculator:

Online Availability: LIC Jeevan Labh Calculator for premium and maturity calculation is a user-friendly tool easily available online. For the withdrawn Jeevan Labh 836 plan, the available calculator can be used instead of LIC Jeevan Labh 836 premium and maturity calculator as it works similarly.

Free of Cost: LIC Calculator tool is free of cost, which means that it can be used multiple times without worrying about the money.

Reliability: The LIC Jeevan Labh Calculator is available on the company's official website, highlighting its reliability.

Versatility: LIC Jeevan Labh Calculator factors in individual aspects such as age and presents specific results according to the options chosen by each buyer. 

Instant Results:  Once you input the details requested, you do not have to wait around for the results. The LIC Jeevan Labh LIC policy Calculator offers prompt and accurate responses, which is unlikely when done manually.

Accuracy: Given that the LIC Jeevan Labh premium and maturity calculator take into consideration the policy term and the sum assured option chosen by each person, it offers the most accurate results.

Policy Comparison: The LIC Jeevan Labh maturity calculator offers you the option to compare quotes with other plans and helps you make the best choice.

Flexibility:  You have the flexibility to switch between various options and observe for yourself how the premiums vary because the LIC Jeevan Labh premium calculator shows results in all premium paying terms.

LIC Jeevan Labh Plan Comparison (736 vs 936 vs 836)

Summing Up

LIC Jeevan Labh calculator is a valuable tool for policyholders as it educates them about the policy. It offers them the ability to estimate premiums associated with chosen sum assured amounts while also showcasing the impact of age on premium variations. Using the calculator LIC Jeevan Labh policy details will be better understood, helping you make an informed decision. Additionally, the LIC Jeevan Labh policy calculator provides insights into potential maturity benefits, allowing users to have a comprehensive understanding of premiums, sum assured, and final benefits.

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