LIC Jeevan Labh Calculator

Let us understand how the Jeevan Labh calculator works and the benefits it offers to the policyholders.

What is LIC Jeevan Labh Calculator?

LIC Jeevan Labh Calculator is an online tool offered by the LIC of India. The calculator not only helps the policyholder to get an estimate of the premiums payable by the policyholder but also helps plan their financial future by giving an estimate of maturity or death benefits.

LIC Jeevan Labh calculator also illustrates how premiums fluctuate based on variables, predominantly age. Furthermore, potential policyholders can gain insights into the maturity benefits depending on the premium and sum assured by using the LIC Jeevan Labh maturity calculator.

An Overview of LIC Jeevan Labh

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. 

Here are the features and benefits of the plan:

• The plan's death benefit amount is the higher of the Basic sum assured amount or 7 times the annualised premium. This amount can never be less than 105% of the premiums paid. 

• The minimum sum assured is Rs 2 lakhs, with no upper limit.

• The minimum entry age of the policy is 8 years, and the maximum is 59 years.

• The policy terms are 16, 21 & 25 years with limited-premium paying options of 10, 15 & 16 years respectively.

• The death and maturity benefit payout can also be received in a lump sum or in instalments.

• The plan also offers optional riders for enhanced protection. The riders available are Accidental Death and Disability Benefit Rider, Accident Benefit Rider, New Term Assurance Rider, and Premium Waiver Benefit Rider. 

• Policyholders also have a loan facility under the plan in times of emergency.

• The plan participates in the profits of LIC of India, if declared. In these cases, the policy is entitled to bonuses to be paid along with the final payout (death or maturity)

How Does LIC Jeevan Labh Calculator Work?

The LIC Jeevan Labh calculator is an easy-to-use online tool that simplifies financial planning by offering quick estimates based on inputs.

Based on your requirements, the following details have to be filled in when using the LIC Jeevan Labh maturity calculator:

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. 

How to Calculate the Premium for LIC’s Jeevan Labh 936?

You can use the LIC’s Jeevan Labh premium calculator to get an accurate idea of the premium amount payable for your LIC Jeevan Labh Policy. The online tool takes into consideration your age, the policy term, and the sum assured to offer you the best estimate on the premium amount. Further, you have the option of adding various riders, and the LIC’s Jeevan Labh premium and benefit calculator will reflect the total premium payable and the corresponding maturity benefit receivable.

How to Use LIC Jeevan Labh Calculator?

Below is the step-by-step procedure for using LIC Jeevan Labh Maturity 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 scroll to see the premiums payable yearly, half-yearly, quarterly, or monthly and pick whichever option fits your budget.  

Please note that the bonus rates that apply to the maturity benefit are subject to company profits and, therefore, may change in the future when you purchase the plan. 

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:

You can get a benefit illustration for each of these amounts from the LIC Jeevan Labh calculator. It is a detailed illustration clearly showing details such as final payout amounts, premiums payable, bonus amounts, if any, details provided by the policyholder, etc. 

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 Maturity 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 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.

• Compare Quotes: 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. 

Summing Up

LIC Jeevan Labh calculator is a valuable tool for policyholders as it empowers them to make an informed decision. It offers them the ability to estimate premiums associated with chosen sum assured amounts while also showcasing the impact of age on premium variations. 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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