LIC Jeevan Labh Plan (836)
LIC Jeevan Labh (Table No 836) is a non-linked ( Not dependent on share market) limited premium paying endowment assurance plan which means premium paying term is less than policy term for example, if policy term 16 has been selected then premium will be paid for 10 years only and maturity will be paid after completion of 16 years. The benefit illustration given in this example is based on simple reversionary bonus declared for 2015-16 (Latest).
- High Bonus Attracting Plan
- Premiums need to be paid for less number of years than Maturity year
- Ideal Plan for planning Child's Education and Marriage
- Options to avail accidental benefit and term riders
- Paid premiums are exempted from income tax under 80C
- Maturity amount is tax free under 10 (10D)
|Minimum Age at Entry||8 Years (Completed)|
|Maximum Age at Entry||59 Years for 16 Year Term|
|54 Years for 21 Year Term|
|50 Years for 25 Year Term
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Calculate Your Premium
|Policy Term (Premium Payment Term)||16(10), 21(15), 25(16)|
|Basic Sum Assured||2,00,000 and above (in multiple of 10,000)|
|Premium Payment Mode rebate||2% on yearly, 1% on Half Yearly, Nil on Quarterly & Monthly|
|Rebate on High Sum Assured|
(Per 1000 of Sum Assured)
|0% up to 4,90,000|
|1.25% for 5,00,000 to 9,90,000|
|1.50% for 10,00,000 to 14,90,000|
|1.75% for 15,00,000 and above|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment [ Surrender Value Calculator]|
On completion of policy term, Sum Assured + Bonus + Final Addition Bonus will be paid as maturity.
In case of death during policy term of the plan, Bonus up to year of death & FAB along with Sum Assured will be paid as Death claim to Policy holder's nominee.
Jeevan Labh (836) with an Example
|Sum Assured (Rs.)||12,00,000|
|Premium Paying Term||16|
|Yearly Premium (Rs.) (Without ST)||54,385|
|Total Paid Premium (Rs.)||8,70,160|
So, as per above example, policy holder needs to pay the premium of Rs. 54,385 per year for 16 years (Premium Paying Term) and after completion of 25 years (Policy Term). The benefits (maturity & Year-wise death claims) related to this plan is given below. The following illustration has been prepared as per 2015-16 bonus rate(Latest).
If Policy holder survives 25 years, then Maturity (Sum Assured + Bonus +FAB) will be as under.
|Maturity Year||Age at Maturity||Total Premium Paid||Maturity Amount (Approx.)|
Death Claim Details
In case of death during policy term ( Before 25 years ), Sum Assured + Bonus + Final Addition Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How to Understand Following Table
Suppose if, unfortunate death of policy holder happens in year 2027 (at age 40), then by that time total premium paid will be Rs. 6,52,620 and nominee will get death claim as Rs. 19,20,000 in case of normal death or Rs. 31,20,000 as accidental death claim in case of death due to accident and policy will stop.
|Year||Age||Total Paid Premium||Normal Life Cover (Approx.)||Accidental Life Cover (Approx.)|
Above example has been prepared for illustration purpose only. The Bonus rate has been taken as Rs. 50 per thousand of sum assured which is as per last declared and FAB rate as Rs. 450 per thousand of sum assured. for More details, please refer to LIC Website and in case of any query please write your comment below.