Life Insurance Corporation of India (LIC) is one of the most trusted and prominent life insurance providers in India. With a wide range of policies designed to suit various financial goals, LIC offers a mix of investment and protection plans. Among these, LIC Jeevan Labh Plan No 936 stands out as a highly sought-after option for individuals looking for financial security, savings, and wealth creation. This plan provides a blend of life cover and investment benefits, making it an ideal choice for those aiming to secure their family’s future while simultaneously building their wealth.
In this detailed guide, we’ll explore everything you need to know about LIC Jeevan Labh Plan No 936, including its features, benefits, eligibility criteria, premium calculation, and how to make the most out of this plan.
What is LIC Jeevan Labh Plan No 936?
LIC Jeevan Labh Plan No 936 is a combination of endowment and term assurance policies. It provides risk cover for the policyholder’s life, while also offering financial protection to the family in case of the policyholder’s unfortunate death during the policy term. Additionally, the policy provides a survival benefit and bonuses that accumulate during the policy term. The plan also offers the option of enhancing life coverage with riders, allowing policyholders to customize the policy to meet their individual needs.
Key Features of LIC Jeevan Labh Plan No 936
- Type of Plan: Combination of endowment and term assurance.
- Policy Term: The minimum policy term is 16 years, while the maximum policy term is 35 years.
- Premium Payment Term: Premium payments are due for the full policy term or limited payment (e.g., 5 or 10 years).
- Sum Assured on Death: The sum assured on death is the higher of the basic sum assured or the 10 times the annual premium.
- Bonus Facility: The policy participates in the corporation’s with-profits plan, meaning it is eligible for bonuses, including Simple Reversionary Bonus and Final Additional Bonus (if declared).
- Loan Facility: The policy allows loan against the policy.
- Rider Options: The plan offers riders like LIC Accident Benefit Rider and LIC Critical Illness Rider to enhance the coverage.
Benefits of LIC Jeevan Labh Plan No 936
LIC Jeevan Labh Plan No 936 offers multiple benefits to the policyholder. Here’s a breakdown of the main advantages:
1. Risk Coverage with Financial Protection
The primary benefit of this plan is the financial protection it offers in case of the policyholder’s untimely death. If the policyholder dies during the policy term, the nominee receives the sum assured on death, along with any bonuses that have accumulated. This provides the family with the much-needed financial support during difficult times.
2. Bonus Facility
LIC Jeevan Labh is a with-profits plan, meaning it participates in the corporation’s profit. As such, it is eligible to receive bonuses during the policy term, including:
- Simple Reversionary Bonus: This is declared annually and is added to the policy’s sum assured.
- Final Additional Bonus: This bonus is paid at the time of policy maturity or in case of the death of the policyholder, provided the policy has been in force for a certain number of years.
These bonuses enhance the sum assured, offering significant financial growth.
3. Maturity Benefit
Upon surviving the policy term, the policyholder is entitled to the maturity benefit, which includes:
- The sum assured on maturity.
- Bonus amounts (Simple Reversionary Bonus and Final Additional Bonus, if any).
- Extra premiums paid for riders (if opted for).
This combination of life cover and bonuses helps in wealth creation and financial planning for the future.
4. Flexible Premium Payment Options
LIC Jeevan Labh Plan No 936 offers flexibility in terms of premium payment. You can choose from different premium payment options:
- Single Premium: Pay the entire premium upfront for the entire policy term.
- Limited Premium: Pay premiums for a shorter duration (e.g., 5 years, 10 years), while the coverage continues for the full policy term.
- Regular Premium: Pay premiums annually, half-yearly, quarterly, or monthly.
This flexibility allows you to tailor the policy according to your financial situation and comfort.
5. Loan Facility
LIC Jeevan Labh Plan No 936 allows you to take a loan against the policy’s surrender value. This can be useful in case of urgent financial needs. However, the loan amount will be deducted from the death or maturity benefit if not repaid.
6. Tax Benefits
LIC Jeevan Labh Plan No 936 comes with multiple tax benefits under the following sections of the Income Tax Act of 1961:
- Section 80C: Premiums paid towards the policy qualify for tax deductions up to ₹1.5 lakh per annum.
- Section 10(10D): The sum assured received at the time of death or maturity is exempt from tax, provided the premium paid does not exceed 10% of the sum assured.
This helps policyholders save taxes while securing their family’s future.
Eligibility Criteria for LIC Jeevan Labh Plan No 936
To enroll in LIC Jeevan Labh Plan No 936, you need to meet certain eligibility requirements. Here are the key criteria:
- Minimum Age at Entry: 8 years
- Maximum Age at Entry: 59 years
- Minimum Age at Maturity: 24 years
- Maximum Age at Maturity: 75 years
- Policy Term: 16 to 35 years
- Premium Payment Term: Equal to the policy term or limited to 5 or 10 years.
The plan is available to individuals who meet these age and term requirements, making it an accessible option for a wide range of people.
How to Calculate Premium for LIC Jeevan Labh Plan No 936?
The premium for LIC Jeevan Labh Plan No 936 depends on multiple factors, including:
- Age of the Policyholder: Premium rates vary based on the age of the individual at the time of policy inception.
- Sum Assured: The higher the sum assured, the higher the premium.
- Policy Term: Longer policy terms generally result in higher premiums.
- Payment Mode: Premiums may vary based on the mode of payment (annual, semi-annual, monthly, etc.).
- Riders: If additional riders are opted for, the premium will increase.
To calculate the exact premium for your policy, it’s best to use the premium calculator available on the LIC website or consult an LIC agent. Alternatively, you can visit an LIC branch for personalized assistance.
Rider Options in LIC Jeevan Labh Plan No 936
LIC Jeevan Labh Plan No 936 offers two important riders that can enhance the coverage of the policy. These riders are:
1. LIC Accident Benefit Rider
This rider provides an additional sum assured if the policyholder dies in an accident. It also covers permanent total disability caused by an accident. This ensures financial security in case of unforeseen tragic events.
2. LIC Critical Illness Rider
This rider provides coverage against critical illnesses such as cancer, heart attack, kidney failure, etc. If the policyholder is diagnosed with any of the covered illnesses, the rider benefit is paid out, helping the policyholder manage medical expenses.
How to Apply for LIC Jeevan Labh Plan No 936?
To apply for LIC Jeevan Labh Plan No 936, follow these simple steps:
- Visit an LIC Branch: You can visit any LIC branch near you and fill out the application form. The agent will assist you with the documentation and provide a premium quote.
- Online Application: LIC also offers the option to buy this policy online through their official website. You’ll need to provide personal details, select the premium payment option, and complete the online application process.
- Submit Required Documents: Along with the application form, you’ll need to submit proof of identity, proof of age, and proof of address. Depending on your health history, a medical examination might be required.
Conclusion
LIC Jeevan Labh Plan No 936 is a comprehensive life insurance policy that offers both financial protection and the opportunity to build wealth over time. With its affordable premiums, bonus potential, and riders, it is an excellent choice for those who wish to safeguard their family’s future while also meeting long-term financial goals.
This plan is designed to provide coverage for a wide range of life stages and goals, from securing your children’s education to building a retirement corpus. By choosing LIC Jeevan Labh, you can ensure that you and your loved ones are protected financially, no matter what the future holds.
For more information, consider visiting an LIC branch or consulting with an authorized LIC agent to see how LIC Jeevan Labh Plan No 936 fits into your financial planning.
