LIC’s Jeevan Labh Plan 736: A Comprehensive Guide to the New and Improved Version
LIC’s Jeevan Labh – 736 – has been a popular choice for individuals looking for a limited premium-paying endowment plan that offers financial security and guaranteed benefits. The previous versions, Jeevan Labh 836 and Jeevan Labh 936, was widely appreciated for its balanced features of savings and insurance. However, with the evolving needs of policyholders and regulatory updates, LIC has introduced a modified version – Jeevan Labh 736, which comes with significant improvements and new features.
One of the key reasons behind the popularity of LIC’s Jeevan Labh (Plan 736) and its predecessors is its high maturity returns combined with a low total premium payment relative to the Sum Assured. The plan becomes even more appealing with optional riders such as the Accident and Disability Benefit and Additional Term Insurance, enhancing both protection and flexibility.
In this article, we will explore the key modifications in Jeevan Labh 736, its benefits, and why it remains an attractive option for policy seekers.
Table of Contents
Eligibility and Plan Details
| Feature | Details |
|---|---|
| Minimum Age at Entry | 8 years |
| Maximum Age at Entry | 59 years (16-year term), 54 years (21-year term), 50 years (25-year term) |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No upper limit (multiples of ₹10,000) |
| Premium Payment Term (PPT) | 10, 15, or 16 years (depends on policy term) |
| Policy Term Options | 16, 21, or 25 years |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS or Salary Deduction) |
Comparison: Jeevan Labh 836 vs. Jeevan Labh 936 vs. Jeevan Labh 736
| Condition | Plan 836 (Withdrawn on 31/01/2020) | Plan 936 (Withdrawn on 30/08/2024) | Plan 736 (Latest) |
|---|---|---|---|
| Sum Assured on Death | Higher of basic Sum Assured or 10 times annualized premium | Higher of basic Sum Assured or 7 times annualized premium | Higher of basic Sum Assured or 7 times annualized premium |
| Riders | AD & D rider, Term Assurance Rider, Critical Illness Rider | In addition to all the existing riders of Plan 836:
| Similar to Plan 936, but the number of optional riders reduced to four. Critical Illness Rider not available |
| Settlement option on maturity and death benefit | Not allowed | Allowed | Allowed |
| Revival Period | 2 Years | 5 Years | 5 Years |
| Surrender value | Three years premium payment required | Only two years premium payment required | Only one year premium payment required |
| Loan | After 3 years premium payment | After 2 years premium payment | After 1 year premium payment |
| Grace period | One calendar month but not less than 30 days (yearly, Half-yearly, and quarterly premium paying mode) | 30 days for (yearly, Half-yearly, and quarterly premium paying mode) | 30 days for all premium payment modes |
Key Features of LIC’s Jeevan Labh 736
- Limited Premium Payment Term – Pay premiums for a limited period while enjoying coverage throughout the policy term.
- Flexible Policy Term Choices – Available in 16, 21, and 25-year terms.
- Maturity Benefit – Policyholder receives a lump sum at the end of the policy term.
- Enhanced Death Benefit – Minimum death benefit of 105% of total premiums paid.
- Faster Surrender Value Acquisition – Now available after just one year of premium payment.
- Loan Facility – Loans can be availed against the policy after acquiring surrender value.
- Optional Riders for Extra Protection – Policyholders can enhance coverage with four available riders.
- Participation in Profits – Eligible for Simple Reversionary Bonuses and Final Additional Bonus (FAB). Advanced settings.
- Extended Free Look Period – Increased from 15 days to 30 days for more flexibility.
Online Premium and Benefit Calculator - Jeevan Labh - 736
*The calculations provided here are based on the latest declared bonus rates and may vary in the future depending on LIC’s financial performance and experience. The Final Additional Bonus (FAB) rates used in these calculations are derived from similar plans and are also subject to change. Please refer to the official sales brochure and policy documents for accurate and updated information before making any purchase decisions.
The premium of the plan is determined based on three key factors:
Term of the Policy: Higher the term, lower the premium.
Sum Assured: Higher the sum assured, higher the premium.
Age of the Policyholder: The premium increases with the age at entry of the policyholder.
Jeevan Labh – Term and Premium Paying Term
| Term/Period of Policy | 25 Years | 21 Years | 16 Years |
|---|---|---|---|
| Premium Paying Term | 16 Years | 15 Years | 10 Years |
This structure provides flexibility in selecting the policy term while ensuring a shorter premium-paying duration, making it an attractive option for policyholders looking for long-term benefits with limited financial commitment.
To assist potential policyholders in understanding the premium structure and expected benefits, LIC provides a premium and benefit calculator. This tool helps in estimating the premium amounts based on the chosen Sum Assured, policy term, and premium paying term. It also provides an approximate idea of the maturity benefits, considering the current bonus rates.
Maturity Benefits:
• Fully Paid Policies: On completion of the policy term, provided all premiums have been paid, the policyholder receives the Basic Sum Assured along with vested bonuses and a Final Additional Bonus (if declared).
• Paid-Up Policies: If premiums have been paid for at least two full years and subsequent premiums are not paid, the policy acquires a paid-up status. The maturity benefit for a paid-up policy is reduced proportionally based on the premiums paid.
Premium Vs SumAssured - Key point in Jeevan Labh
The total premium paid by the policyholder of the Jeevan Labh plan is considerably lower compared to the sum assured of the plan. A comparison of total premium paid and sum assured vs maturity benefit is provided below.
The chart is interactive—clicking on the graph will reveal detailed insights and exact values for better understanding and analysis.
To help you understand the key features and benefits of the Jeevan Labh Plan 736, we have created a detailed explainer video. Watch the video below to get a complete overview of how the plan works, its benefits, and why it could be the right choice for you.
Watch the Jeevan Labh Plan 736 Video:
Available Riders for Jeevan Labh 736
To enhance the protection and flexibility of the Jeevan Labh 736 plan, LIC offers optional riders that can be added for additional coverage. These riders provide financial security against specific risks and allow policyholders to customize their insurance coverage.
LIC’s Accidental Death & Disability Benefit Rider (AD & DB Rider)
✔ Provides an additional sum assured in case of accidental death.
✔ In case of permanent disability due to an accident, future premiums are waived, and a monthly payout is provided for 10 years.
LIC’s Accident Benefit Rider
✔ Offers a lump sum benefit in case of accidental death.
✔ Available only for policies with yearly, half-yearly, or quarterly premium payment modes.
LIC’s New Term Assurance Rider
✔ Increases the life cover by adding an additional term assurance sum assured.
✔ Provides extra security for the family in case of the policyholder’s unfortunate demise.
LIC’s Premium Waiver Benefit Rider
✔ If the proposer (policyholder) passes away during the premium payment term, future premiums are waived.
✔ The policy remains active, and all maturity benefits are paid to the nominee as per the original schedule.
These riders make Jeevan Labh 736 a more comprehensive insurance-cum-savings solution, offering enhanced security and peace of mind.
Surrender Value & Paid-Up Value in Jeevan Labh 736
There are two types of surrender values:
• Guaranteed Surrender Value (GSV): A percentage of total premiums paid (excluding taxes and rider premiums), increasing with policy duration. Vested bonuses, if applicable, are also included.
• Special Surrender Value (SSV): Determined by LIC based on actuarial calculations. The higher of GSV or SSV is paid on surrender.
Paid-Up Value in Jeevan Labh 736
If the policyholder stops paying premiums after two years, the policy becomes paid-up with reduced benefits.
Paid-Up Sum Assured = (Original Sum Assured × Number of Premiums Paid) ÷ Total Premiums Payable
A paid-up policy remains eligible for Simple Reversionary Bonuses but does not participate in future bonuses. At maturity or death, a proportionate Sum Assured + accrued bonuses is paid.
Surrendering results in an immediate payout, while a paid-up policy retains partial benefits.
Declared Bonus Rates for Jeevan Labh Plan
| Term of Policy | Premium Paying Term | Simple Reversionary Bonus | Final Addition Bonus |
|---|---|---|---|
| 16 Years | 10 Years | 40 Per 1000 Sum Assured | 25 per 1000 SA (2.5% of SA) |
| 21 Years | 15 Years | 44 Per 1000 Sum Assured | 100 per 1000 SA (10% of SA) |
| 25 Years | 16 Years | 47 Per 1000 Sum Assured | 450 per 1000 SA (45% of SA) |
The latest declared bonus rates for the plan are displayed. However, please note that bonus rates are subject to change in the future based on LIC’s financial performance and experience.
Read More: LIC’s New Plan – Bima Platinum – 770
Get Customized Quotes Instantly!
For a personalized premium calculation and detailed benefit illustration of LIC’s Jeevan Labh 736, download the Smart – All In One Calculator Android app. This app provides:
✔ Instant premium calculations based on your age, term, and sum assured
✔ Maturity benefit estimation with bonuses and final addition bonus
✔ Comparison of different policy terms to help you choose the best option
✔ User-friendly interface with quick results
Download Now: Smart – All In One Calculator
Read More: Jeevan Utsav – Guaranteed plan to secure your life.
Final Thoughts
LIC’s Jeevan Labh 736 is an enhanced version of the previous plan, offering greater flexibility, a faster surrender value, better death benefits, and an extended free look period. This makes it an excellent insurance-cum-savings plan for those seeking financial stability with guaranteed benefits.