LIC Jeevan Labh Plan 936

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LIC Jeevan Labh Plan 936 of Life Insurance Corporation of India is a non-linked endowment plan, which was started in the year 2016. This plan is a very popular plan. People are showing much interest in this LIC Jeevan Labh 936 Plan. Because the interest rate in this plan is very high. The interest rate determined by LIC is Rs 50 per thousand in this LIC Jeevan Labh Plan 936. So, let’s now get a brief LIC Jeevan Labh policy details

A Brief Detail Of LIC Jeevan Labh Plan 936:

 

Starting Date: 04 January 2016

Product Type: Endowment

Table Number: 936

UIN: 512N304V01

Bonus: Yes

This plan of Life Insurance Corporation of India comes under a limited premium payment plan. This means that the duration of this plan has been fixed. The duration of this plan is divided into 3 parts. Apart from this, you cannot take your desired period under this plan. Three options of this LIC Jeevan Labh Plan 936 policy term are in front of the policyholder,

  • First 16 years,
  • Second 21 years, and
  • Third 25 years

The period of premium payment under this LIC Jeevan Labh Plan 936 is different from the policy term. The second policy of LIC or like the New Endowment Plan and Jeevan Anand has the same policy term and premium payment term. But the premium payment term and the policy term are different in this LIC plan 936. Which is given below as follows.

Salient Features Of LIC Jeevan Labh Plan 936:

  • Limited premium payment means that the term of Jeevan Labh premium payment is less than the policy term or Jeevan Labh maturity period.
  • Fixed return facility with security at the same time.
  • A plan with a duration of 16, 21, and 25 years available for policy planning by the policyholder.
  • After paying a premium for three years, a loan facility available in this scheme.
  • Tax exemption available under Section 80C of Income Tax on the premium to be paid in this LIC 936 plan. (Maximum 1,50,000)
  • Add-on riders are available as accidental death and disability benefit riders.
  • Under Section 10 (10D) of Income Tax, tax exemption on Maturity amount.

Premium Payment Term of LIC Jeevan Labh Plan 936: –

Those people who fall in the age range of 8 to 59 years, can invest in this scheme. Investments can be made in this scheme for a period of 16,21 and 25 years. Since this scheme is a limited premium payment scheme, the premium payment period is always less than the policy term or maturity period. The period of premium payment according to the policy term and other Jeevan Labh LIC policy details will be as follows:

  • 10 years for the policy term of 16 years
  • 15 years for the policy term of 21 years
  • 16 years for the policy term of 25 years

This means that after taking the policy term of 16 years, you will have to pay a premium for 10 years. After that, after 5 years, the money will be deposited in LIC and after 16 years you will get a maturity benefit. Similarly, in the second policy term, the premium has to be paid for 15 years and the maturity benefit will be given at 21 years.

In the third policy term, premiums have to be paid for 16 years and maturity benefits will be given for 25 years. The interest rate has also been set differently in these three periods. The interest rate will be calculated at ₹ 40 per thousand for the policy term of 16 years and 21 years. But the interest rate will be calculated at ₹ 50 per thousand during the policy term of 25 years.

It is necessary to be a minimum of 8 years of age to purchase this LIC Jeevan Labh Plan 936. The maximum age varies depending on the policy term. The maximum age for a person taking a policy term of 16 years should not exceed 59 years.

The person taking the policy term of 21 years should not be more than 54 years of age and the person taking the policy term of 25 years should not be more than 50 years of age.

Conditions and Restrictions for Participation in LIC Jeevan Labh Plan 936:

Policy Entry Age:

Minimum: 8 years (completed)

Maximum: 50 years (from nearest date of birth) – for a policy term of 25 years

54 years (nearest date of birth) – for a policy term of 21 years

59 years (nearest date of birth) – For policy term of 16 years

Sum Insured (Rs)

Minimum: 2,00,000

Maximum: No Limit

Policy Term / Premium Payment Period

(16/10) years

(21/15) year

(25/16) year

Maximum maturity age

75 years

Mode of Premium Payment

By yearly

Half-yearly

Quarterly, and

Monthly (ECS) mode.

Benefits of LIC Jeevan Labh Plan 936:

The minimum sum insured for this plan is ₹ 200000. There is no limit on the maximum sum insured. Also, accidental death and disabled benefit riders can also be purchased under this LIC Jeevan Labh Plan 936. Like other plans, this plan will also provide income tax benefits.

Death Benefit

In the case that the policyholder or beneficiary dies within the stipulated period of the policy term, the death benefit will be payable to the family of the deceased policyholder. However, this amount will only be paid, provided that all premiums have been approved and cleared successfully.

Maturity Benefit

If the policyholder is present and alive at the end of the stipulated time of the policy’s maturity period, the maturity amount is paid to him / her. This amount is included in lump sum and any other additional benefits such as revision bonus etc.

LIC Jeevan Labh Plan 936 is a premium-payment based benefit plan, which serves its users with an amalgamation of savings and fund protection. The scheme is essentially to provide viable financial assistance to a policyholder’s family members on his or her untimely death before the policy matures.

The money held for the policy can be used before maturity and at any time after maturity when the policyholder is alive. The LIC Jeevan Labh Plan 936 also takes into consideration and considers the liquidity of the funds that are needed. Loan ‘facility.

Add-Ons

There are many add-on services that can be added to the policyholder’s existing policy. These ensure that the user is private and updated for new changes occurring in that fixed policy area. However, the user should be aware that these additional services will require an additional cost of the premium.

Tax Benefits

Apart from these regular payments of the Jeevan Labh 936 premium calculator, policyholders also enjoy various tax benefits, tax redemption, and rebates when they register for these policies.

Holistic Protection Program

LIC Jeevan Labh benefits provide a complete and holistic protection program to its clients against any type of disability for the policyholder and/or their nominees and their accidental death. However, users should note that this special benefit, often referred to as a disability benefit rider, is only allowed to be availed by people over the age of 18.

LIC Jeevan Labh Plan 936 Maturity Calculator: –

The LIC Jeevan Labh 936 maturity calculator varies depending on the policy term. If an 18-year-old person wants to get insurance of two lakhs under this plan. So, for the three policy periods, the maturity benefit will be calculated as follows.

The person is 18 years of age and wants to get insurance of two lakhs.

  • For taking a policy term of 16 years, a person has to pay a premium for 10 years, and
  • for a policyholder of 18 years, a ₹ 17351 annual premium will have to be paid by the policyholder for 10 years.

After that, after completion of the 16-year period, ₹ 342000 will be given to the policyholder as maturity benefit.

If the person takes a policy term of 21 years.

So the person has to pay a premium for 15 years.

Therefore, the annual premium for a person who is 18 years old will be ₹ 11153.

The maturity benefit of ₹ 417500 will be provided to the policyholder after the completion of 21 years after filling the 15 years premium under this policy term.

If the person wants to take a policy term of 25 years.

So the person has to pay a premium for 16 years.

Therefore, for the age of 18, the annual premium will come to Rs 9475.

After the completion of 16 years premium, the policyholder will be given a maturity benefit of ₹ 540000 within the policy term after completion of 25 years.

LIC Jeevan Labh Plan 936 Surrender Condition & Loan Condition: –

If a person wants to discontinue the LIC Jeevan Labh Plan 936 or take a loan on this LIC Jeevan Labh Plan 936. So for this, the policyholder is required to pay a minimum premium for 2 years. After that, if the policyholder wants to surrender the policy.

LIC will deduct part of the premium paid and transfer the remaining amount to the policyholder in his account.

If the person wants to take a loan on his policy. So 90% of the premium paid by the person will be given a loan to the policyholder.

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