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Jeevan Labh (Table-936) Premium Calculator
Jeevan Labh is a life insurance plan offered by LIC (Life Insurance Corporation of India). It is a participating non-linked plan that provides financial protection along with savings. The plan provides guaranteed additions to the sum assured every year from the 6th policy year onwards.
Jeevan Labh is available under plan number 936 and provides coverage till 100 years of age. It allows policyholders to choose between lumpsum payout or staggered payouts over 10 or 20 years. There are also loan facilities and bonus provisions under this plan.
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Introduction to Jeevan Labh (Table-936)
Jeevan Labh is a life insurance plan offered by LIC (Life Insurance Corporation of India). It is a participating non-linked plan that provides financial protection along with savings. The plan provides guaranteed additions to the sum assured every year from the 6th policy year onwards.
Jeevan Labh is available under plan number 936 and provides coverage till 100 years of age. It allows policyholders to choose between lumpsum payout or staggered payouts over 10 or 20 years. There are also loan facilities and bonus provisions under this plan.
Key Features of Jeevan Labh
Some of the main features of the Jeevan Labh plan are:
- Provides life cover along with savings
- Option to choose policy term – 16, 22 or 28 years
- Maturity age up to 100 years
- Guaranteed additions from 6th policy year
- Option to take maturity benefit as lumpsum or staggered over 10/20 years
- Loan facility available after policy acquires guaranteed surrender value
- Vesting of policy on minor life assured attaining majority
- Tax benefits available on premiums paid and maturity benefits
Benefits of Jeevan Labh
Jeevan Labh provides the dual advantage of financial protection and growth of savings. Some key benefits include:
Life Coverage
Jeevan Labh provides the benefit of life insurance coverage throughout the policy term. In case of the policyholder’s unfortunate death during the term, the nominee receives the death benefit.
Maturity Benefit
On maturity after the completion of the chosen policy term, the policyholder receives the guaranteed maturity benefit which includes sum assured, accrued guaranteed additions and vested simple reversionary bonuses.
Tax Benefit
The premiums paid towards Jeevan Labh qualify for tax deductions under Section 80C of the Income Tax Act, up to the prescribed limit. Maturity proceeds are also tax-free under Section 10(10D).
Premium Payment Modes
Jeevan Labh offers multiple premium payment modes to choose from:
- Yearly
- Half-yearly
- Quarterly
- Monthly
Higher modal factors are applicable for half-yearly, quarterly and monthly modes. Discount of 5% on tabular premiums is given in case of high basic sums assured.
Eligibility Criteria
The eligibility criteria to avail Jeevan Labh policy are:
- Minimum age at entry – 18 years
- Maximum age at entry – 55 years
- Maximum maturity age – 100 years
- Policy term – 16, 22 or 28 years
- Minimum sum assured – Rs 1,00,000
- Maximum sum assured – No limit
How Does the Premium Calculator Work?
The Jeevan Labh premium calculator helps determine the premium amounts payable for a chosen sum assured, policy term, payment mode and premium payment term.
It takes into account parameters like age, gender, smoker/non-smoker status, policy term, sum assured and premium payment term to calculate the yearly, half-yearly, quarterly or monthly premiums payable.
The premium calculator follows LIC’s standard premium calculation methodology using relevant mortality charges, expense loadings etc. to arrive at the premium quote.
How to Use the Premium Calculator?
Using the Jeevan Labh premium calculator is simple and easy. Follow these steps:
- Visit the licpremiumcalculator.pro website and go to the Jeevan Labh premium calculator page
- Select if you are male or female
- Input your date of birth
- Select if you are a smoker or non-smoker
- Choose the sum assured amount
- Select the policy term – 16, 22 or 28 years
- Choose the premium payment term same as policy term
- Select the premium payment mode – yearly, half-yearly, quarterly or monthly
- Click on ‘Calculate Premium’
The premium quote will be displayed on screen. You can then proceed to purchase the plan by contacting LIC.
Surrender Value and Loan Provisions
Some key provisions relating to surrender value and loans under Jeevan Labh:
- Policy acquires guaranteed surrender value after payment of 2 full policy years’ premiums
- Loan facility can be availed after the policy acquires GSV, up to 90% of the available surrender value
- Interest applies on policy loans at rates set by LIC from time to time
- If loan with interest exceeds the surrender value, policy gets terminated
Jeevan Labh is one of the traditional participating life insurance plans offered by LIC that provides comprehensive coverage and savings for individuals looking for guaranteed returns. The premium calculator helps determine the exact premiums payable based on personalized policy parameters.
Frequently Asked Questions on Jeevan Labh Premium Calculator
Here are some common queries related to the Jeevan Labh premium calculator:
What is the minimum and maximum sum assured under Jeevan Labh?
The minimum sum assured is Rs 1 lakh and there is no maximum limit set by LIC. One can choose any high sum assured as per requirement.
What is the minimum and maximum age for buying Jeevan Labh?
The minimum entry age is 18 years and maximum is 55 years. The risk coverage continues till 100 years of age.
What is the minimum and maximum policy term under this plan?
The policy term options are 16, 22 and 28 years. So minimum term is 16 years and maximum is 28 years.
What are the bonus provisions under Jeevan Labh?
Guaranteed additions at the rate of Rs 50 per thousand sum assured are payable from the 6th policy year till the end of the term. Simple reversionary bonuses are also declared annually based on LIC’s surplus.
Can I pay premiums online for Jeevan Labh?
Yes, LIC offers online premium payment facility through its customer portal. One can register on the portal and pay premiums online via net banking, debit/credit card, UPI etc.
How is the death benefit calculated under this policy?
On death during the term, sum assured on death plus accrued bonuses and guaranteed additions is paid to the nominee. Sum assured on death is 10 times the annualised premium for entry age below 45 years and 7 times for age 45 years and above.
Can I take a loan against my Jeevan Labh policy?
Yes, loan facility is available under the policy once it acquires a guaranteed surrender value after payment of premiums for at least 2 consecutive years.
Can I pay premiums in foreign currency if I reside outside India?
For NRIs, premiums can be paid in Indian rupees only and not in foreign currency. Premiums have to be paid either by remittances from abroad or from an NRO account.
How can I contact LIC for more details on the plan?
You can call toll-free number 155255 or 1860-266-7766. You can also visit your nearest LIC branch or contact an agent. LIC’s website and customer portal also has detailed information.