LIC's Jeevan Labh (836) Policy Premium, Maturity Calculator
LIC Jeevan Labh Endowment Plan Premium and Maturity Calculator - LIC Jeevan Labh Plan 836 is an endowment policy recently introduced by LIC of India on January 1st, 2016. LIC's Jeevan Labh Endowment Plan is available to the customers from January 4th, 2016. LIC Jeevan Labh 836 Endowment Plan is a non-linked, limited premium paying, with profitable Endowment Assurance Plan. It's primary feature is a limited premium payment option. For 16-year policy term, the policy holder has to pay a premium for 10 years. For 21 and 25 years of the policy term, the assurer has to pay the premium for 15 and 16 years respectively. LIC Jeevan Labh Plan has a rider, death, and maturity benefits. This plan is taken from the age of 8 to 59 years.
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In this LIC Jeevan Labh Plan, especially LIC mentions only the 3 policy terms; 16, 21, and 25 years. The customer can choose any one of these 3 Jeevan Labh Endowment Plans according to their requirements.
LIC Jeevan Labh Endowment Plan Premium and Maturity Calculator, helps to calculate the premium and maturity amount for LIC Jeevan Labh Plan 836. Customer be careful; before buying the policy, please check the premium rates for your desired sum assured using this LIC Jeevan Labh Endowment Plan Premium and Maturity Calculator or Lic Jeevan Labh Endowment Maturity Calculator. Customers will have an option to pay the premium monthly, quarterly, half-yearly and yearly.
LIC Jeevan Labh Plan 836 Benefits
Death Benefit:
- The ‘sum assured on death’ is higher of 10 times more than the annualized premium.
- On sum assured, there are some additional bonus and vested Simple Reversionary Bonuses are applicable.
- Death benefit shall not be less than 105% of the total premiums paid by the insured as on date of death.
- The premiums mentioned above exclude taxes, extra premium and rider premiums if any.
Maturity Benefit
- The sum assured on maturity is equal to the Basic Sum Assured.
- Additional bonus and vested simple reversionary bonuses are applicable for Maturity Benefit.
Eligibility Conditions For LIC Jeevan Labh Base Plan
Entry Age:
Minimum: 8 years (completed),
Maximum: 59 years (nearest birthday) for Policy Term 16 years.
54 years (NBD) for Policy Term 21 years.
50 years (NBD) for Policy Term 25 years.
Maximum Maturity Age: 75 years (nearest birthday)
Term and Paying Premium Term:
- For 16 years Policy Term: 10 years
- For 21 years Policy Term: 15 years
- For 25 years Policy Term: 16 years
Premium Payment Mode:
Yearly, Half-yearly, Quarterly or Monthly mode (through ECS only or salary deductions)
Sum Assured:
- Minimum: Rs.2,00,000/-
- Maximum: No limit.
- Sum Assured shall be in multiples of Rs. 10, 000/-
LIC Jeevan Labh Endowment Plan Rebates
- Mode Rebate.
- Sum Assured Rebate.
LIC New Jeevan Labh Plan 836 Buying Procedure
- Application form/Proposal form.
- The Revised Proposal Form Numbers are 300, 340 and 360.
- Address proof.
- Age proof.
- Medical reports(if required).
LIC Jeevan Labh Endowment Plan Claim Procedure
- Original Policy Document.
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Death certificate.
- Proof of Accident/Disability (For rider circular).
- Employer/ College/School certificate for proof.
- Medical Treatment before the death.
Additional Information
Loan: Loan facility is available under LIC New Jeevan Labh 836 Plan after paying the premiums for 3 years.
Riders: Riders are available under this LIC Jeevan Labh 836 Plan. Availability of Accidental Death and Disability Benefit Rider.
Suicide clause: If the policyholder commits suicide for any of the reason within 12 months of the date of commencement of risk or from the date of revival, then 80% of the premium for what he had paid will be returned to his assignees or nominees.
Income Tax Reduction: Available for premiums paid and for Maturity returns.
Policy Revival: If you do not pay the premium within the grace period then the policy will lapse. If you are interested in continuing this policy then you can revive your policy on or before 2 years from the date of first Unpaid premium.
Proposal Forms: Proposal Form no. 300 or 340 or 360 will be used under this LIC Jeevan Labh Plan 836.
Tax: Service tax payable by the policyholder on premiums. For information about Tax on Insurance Polices refer www.taxqueries.in.
Free Look (Cooling Off )Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the plan.
Backdating interest: The policy can be backdated within the same financial year.
Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Labh 836 plan.
Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying term).
Surrender Value: This policy can be surrendered at any time, paying the premiums for 3 full years. The guaranteed surrender value is the percentage of total premiums paid.
Policy Stamping: Under, LIC New Jeevan Labh Plan stamping charges will be 20 paise per thousand Sum Assured.
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