A limited premium paying, non-linked, with-profits endowment plan that provides both savings and protection is Jeevan Labh (Table No. 836). As a result, this endowment plan is standard. The restricted premium payment is the only distinction. This is LIC’s standard insurance-comp investment strategy. So, let’s know LIC Jeevan Labh 836 agent commission.
Features of Jeevan Labh (Table No.836)
Table of Contents
- A minimum of Rs. 2,000,000 is guaranteed. There isn’t a maximum guaranteed basic sum limit.
- The policy will be in effect for 16, 21, or 25 years.
- Ten years for a sixteen-year insurance term, fifteen years for a twenty-one-year policy term, and sixteen years for a twenty-five-year policy term will be the premium paying terms.
- Eight years old is the minimum entry age.
- For 16-year policy terms, the maximum age upon admission is 59 years; for 21-year policy terms, it is 54 years; and for 25-year policy terms, it is 50 years.
- The premium can be paid in quarterly, monthly, half-yearly, or annual installments.
- You will receive a 2% premium payment refund if you pay an annual premium, and a 1% premium payment rebate if you pay a half-yearly premium.
- Monthly or quarterly payments are not refundable.
- The refund is 1.5% for amounts between Rs. 10 lakh and Rs. 14, 90,000, 1.25% for amounts between Rs. 5 lakh and Rs. 9, 90,000, and 1.75% if you have chosen a sum assured of at least Rs. 15 lakh.
- The financing facility is also available to you.
- There are two riders available on this plan. There are two types of riders: the New Term Assurance Rider and the Accidental Death and Disability Benefit Rider.
Benefits of Jeevan Labh (Table No.836)
Benefit of Maturity:
At maturity, a lump sum payment of the Sum Assured + Bonus + Final Additional Bonus will be made.
Benefit of Death:
“Sum Assured on Death” will be paid, along with any vested Final Additional Bonus and Simple Reversionary Bonuses.
Sum Assured on Death: The Basic Sum Assured, which is the higher of 10 times the annualized premium or the absolute amount guaranteed to be paid at death. At least 105% of all premiums paid as of the death date will be included in this death benefit.
Who is able to purchase this plan?
- If returns of 5% to 6% satisfy you, you can purchase this plan. As a result, the real return is negative. The real return on investments is calculated by deducting the inflation rate. The real return will be between -2% and -1% if this plan yields a 5% or 6% return and the inflation rate is 7%.
- If you believe that your family can manage financially without you, you can purchase this plan. Due to the fact that this plan is an example of an endowment plan, its focus is on investing rather than insurance needs. As such, you do not have the best life insurance. A person needs life insurance that covers at least 15–20 times their annual salary.
- It will be difficult to obtain so much insurance coverage from this plan because of the hefty payment. Thus, you appease yourself by making the most financially sensible investment. Lower insurance coverage results from this.
- If you are being lured in by your agent’s tax savings, you can purchase this plan. But keep in mind that investing without a financial objective has a higher risk than not investing at all.
- If a loved one or family member is an agent, you should purchase this plan in order to appease them (and their business). He will be pleased since, without investing a single rupee, he will receive about 35% of the commission in the first year and then between 5% and 6% annually after that. So in the end, he’ll have more money.