When it comes to investing in life insurance, LIC Jeevan Labh 936 stands out as one of the most popular endowment plans, offering a blend of financial protection and savings. With guaranteed returns and multiple benefit options, this plan is a smart choice for individuals looking to secure both their life and their finances.
Let’s dive into the key features and advantages of the LIC Jeevan Labh 936 plan, and why it might be the right fit for you.
Key Features of LIC Jeevan Labh 936
LIC Jeevan Labh is a non-linked, endowment plan that comes with both risk cover and a savings component. Here’s a breakdown of its key features:
- Policy Term: You can choose a policy term from 10 to 25 years, offering flexibility based on your financial goals.
- Sum Assured: The minimum sum assured is ₹2,00,000 (for both regular and limited premium paying policies). The maximum depends on your age, income, and other factors.
- Premium Payment: It can be paid through regular premium payments, limited premium payment (up to 5 years), or single premium.
- Bonus Facility: The policy participates in the corporation’s corporate bonus scheme, providing the possibility of reversionary bonuses and terminal bonuses (if declared).
- Risk Cover: The plan provides life cover along with a guaranteed sum on the policy’s maturity.
Benefits of LIC Jeevan Labh
LIC Jeevan Labh offers comprehensive benefits that cater to both life insurance and wealth creation:
1. Maturity Benefit
On the maturity of the policy, the policyholder receives the sum assured on maturity, along with reversionary bonuses and a terminal bonus if declared. This is a great way to receive a lump sum amount after the policy term.
2. Death Benefit
In case of the policyholder’s death, the nominee will receive the sum assured on death, along with any declared bonuses. This ensures that your loved ones are financially protected.
3. Tax Benefits
LIC Jeevan Labh also provides tax deductions under Section 80C for premiums paid. The death benefits and maturity benefits are tax-free under Section 10(10D), making it an attractive investment option from a tax-saving perspective.
4. Flexibility in Premium Payment
The option to choose limited premium payment means you can complete your premium payments in just a few years, while still enjoying long-term coverage. For example, a 5-year limited premium plan allows you to pay for 5 years and continue enjoying the benefits of the policy.
LIC Jeevan Labh 936 Premium Calculation
The premium for LIC Jeevan Labh depends on several factors such as:
- Age of the Policyholder
- Sum Assured
- Policy Term
- Premium Paying Mode
Let’s take a quick example:
If a 30-year-old opts for a ₹10 lakh sum assured for a 20-year term, their annual premium would likely be in the range of ₹9,000 to ₹12,000 (depending on other factors such as health and lifestyle).
How to Apply for LIC Jeevan Labh
Applying for LIC Jeevan Labh is simple:
- Visit an LIC Branch: You can visit your nearest LIC branch for assistance with the application process. LIC agents are available to help guide you.
- Fill out the Proposal Form: You’ll need to provide some basic information, including your personal details, health history, and the policy amount.
- Submit Necessary Documents: You’ll need to submit documents like identity proof, age proof, and address proof.
- Medical Examination: Depending on the sum assured and your age, you may need to undergo a medical examination (usually for higher sums assured).
Why Consider LIC Jeevan Labh?
If you’re looking for a life insurance policy that provides both protection and savings, LIC Jeevan Labh is a great option. It combines the benefits of an endowment plan, offering both financial security for your family in case of unforeseen events and an opportunity to build wealth over the long term.
Some reasons to consider this plan:
- Low Risk: It’s a guaranteed benefit plan with bonus participation, making it a safe investment.
- Ideal for Long-term Financial Goals: It’s perfect for those aiming for mid to long-term savings.
- Flexible Premium Options: Choose from regular or limited premium payments.
Conclusion
LIC Jeevan Labh 936 is a solid choice for individuals looking for a life insurance policy that combines the best of both worlds guaranteed benefits and high returns. With flexible premium payments, tax benefits, and comprehensive life cover, this plan helps ensure financial security while also giving you the opportunity to save for future needs.
FAQ
Is LIC Jeevan Labh a good investment option?
Yes, it is suitable for individuals looking for a balance of life insurance and savings with guaranteed returns and tax benefits.
How much can I invest in LIC Jeevan Labh?
You can choose a minimum sum assured of ₹2,00,000 and increase it based on your financial goals.
Can I withdraw my LIC Jeevan Labh policy early?
You can surrender your policy if needed, but keep in mind that the surrender value depends on how long the policy has been active and the premiums paid.