The LIC policies are very profitable for people; they are life-saving because they help you and your family solve financial problems while you are alive and even after death.
LIC Jeevan Labh Plan 836 Premium and Maturity calculator offers an easy way to calculate the total amount of premiums paid by the Investor. Plan 836 is an endowment policy introduced by LIC India on 1 January 2016.
LIC Jeevan Labh Plan is a 16-year policy term where the account holder has to pay a premium for ten years, which is less than other plans’ premiums. This Plan also gives benefits to its customers in case someone dies suddenly.
What is LIC Jeevan Labh 836?
LIC Jeevan Labh 836 is a type of endowment plan in which they offer their customer a loan facility for their fluidity needs. This policy provides financial help to their customer and a backup plan for their family in the event of the policyholder’s unfortunate death. And if the policyholder survives till the end of the policy term, then they are eligible for getting the maturity benefits.
Key Features of LIC Jeevan Labh Plan 836
LIC New Jeevan Labh Plan 836 is an amazing plan possessing attractive features:
- Please note that the company withdrew LIC Jeevan Labh 836. LIC Jeevan Labh plan has brought an updated version of the same program LIC Jeevan Labh (Plan-936).
- This policy is a non-linked, endowment-based, limited premium-paying insurance plan.
- LIC Jeevan’s program provides financial support to the family of the insured person in the event of his unfortunate death.
- It also acts as a savings medium through which the policyholder can avail of maturity benefits at the end of the policy term.
Read More: LIC Jeevan Lakshya Plan 833
Benefits of LIC Jeevan Labh Plan 836
The Benefits the buyer gets after purchasing the LIC Jeevan plan are:
A loan facility is available under LIC New Jeevan Labh plan 836 after paying a premium for three years.
Riders are available under this LIC Jeevan Labh plan 836 —availability of Accidental Death and Disability Benefit riders.
Service tax payable on premium by the policyholder.
4. Surrender of Policy
This policy can be surrendered at any time by paying a premium for the entire three years. Guaranteed surrender value is a percentage of the total compensation paid.
5. Suicide Case
If the policyholder commits suicide due to any reason within 12 months from the date of commencement of risk or the date of revival, 80% of the premium paid by him will be returned to his assignees or nominees.
6. Paid-up Value
Basic Sum Assured x (number of premiums paid / number of premiums payable during the premium paying period).
Factors Of LIC Jeevan Labh Plan 836 Premium Calculator
The LIC Jeevan Labh Plan 836 premium calculator uses multiple factors to estimate the premium payable against the sum assured accurately. These are:
Policyholders have the option to choose the policy term for
[Policy term for 17 years: 10 years]
[Policy term for 22 years: 15 years]
[Policy term for 24 years: 16 years]
Depending on their life coverage needs.
Premium Payment Period
The premium payment period depends on the policy term chosen at the time of policy inception. If you choose a policy term of 16 years, the corresponding exceptional payment will be 10 years. Similarly, for a policy term of 21 years or 25 years, the premium payment terms are 15 years and 16 years, respectively.
Although there is no limit on the maximum sum insured, the minimum sum insured has been set at Rs 2 lakh. The sum assured amount will be in multiples of Rs. 10,000.
How to Use LIC Jeevan Labh 836 Premium Calculator?
In this policy, buyers have to fill in specific policy-related criteria for using online premium and maturity calculators. Buyers will also have to provide personal information like their age, date of birth, etc., to log into their account.
Let’s take a look at the steps to use this online facility of LIC premium calculator Jeevan Labh:
- Open the official online portal of LIC Labh plan 836.
- Select ‘Insurance Plan’ from the ‘Product’ drop-down menu.
- Click on LIC Jeevan Benefits for LIC premium calculator Jeevan Labh.
- Click on ‘Online Premium and Maturity Calculator’ from the ‘LIC Online Service Portal.’
- Fill in your name, date of birth, age, and personal details.
- You will have the option to get a ‘quick quote’ or a ‘compare quote’.
- You can choose to calculate them based on coverage amount or premium amount.
The resulting page should be an accurate representation of the premium amount payable or the maturity benefit received by the individual. If you scroll to the right, you can see annual, half-yearly, quarterly, and monthly premiums, and choose whichever option fits your budget.
Another essential thing to keep in mind is that bonus rates are subject to change depending on the profits earned by the company in a financial year. The maturity benefit may change when you buy an LIC Jeevan Labh 836 insurance policy.
Why should Buyers use the LIC Jeevan Labh 836 Maturity Calculator?
There are many benefits of using the LIC Jeevan Labh 836 Maturity Calculator, such as:
- Given its online availability, one can use this tool from the comfort of their home. Thereby saving a lot of time.
- The results offered are quick and accurate, which is not possible if you want to visit a branch or choose to use other offline modes.
- The LIC Jeevan Benefit Maturity Calculator is displayed on the official website of the company and is a good indicator of its reliability.
- LIC Jeevan Labh 836 Premium Calculator offers the flexibility to switch between different insurance plans and even compare quotes based on the options available.
- LIC does not charge any fees. Hence, people belonging to any income group can use the calculator.
- This tool eliminates the need for third-party intermediaries, ensuring no miscommunication on premium quotes LIC Calculator Jeevan Labh.
- This tool calculates the premium and benefit amount based on the individual aspects of each buyer, and with the advent of such online tools, it has become hassle-free as well as time-consuming.
- LIC Jeevan Labh 836 Premium and Maturity Calculator gives instant results and accurate estimates, including taxes. You must use the tools and make informed decisions.
Essential of LIC Jeevan Labh Plan 836
- The death benefit is equal to the entire sum assured or ten times the annual premium payable, which is higher.
- The death benefit will not be less than 105% of the total premium paid by the insured on the date of death.
- The policy comes with two additional riders. LIC’s New Term Assurance Rider and LIC’s Accidental Death and Disability Benefit Rider.
- The maturity benefit to which the life assured is entitled is payable by LIC Jeevan Labh 836 calculator as a lump sum.
How can an Investor buy an LIC Jeevan Labh Plan 836?
Investors can easily buy this policy from near the LIC branch and online portals of the LIC Jeevan Labh 836 calculator. These are some necessary steps before buying it:
- Buyers have to fill out an application form to buy the policy.
- Buyer also has the revised proposal forms like 300, 340, and 360.
- For Age proof, they can give their Voter ID or Aadhar ID.
- Sometimes, medical reports are also required if the buyer has some health issues.
- Buyers have to submit their Address proof for confirmation.
Procedure to Claim LIC Jeevan Labh Plan 836
The Process to claim LIC New Jeevan Labh Plan 836 is simple and straightforward. You must follow the steps below
- The policyholder or their family will submit the original documents.
- Discharge forms have to be submitted if the policyholder is ill or has died suddenly.
- If there is a rider case, you will have to submit a hospital discharge form and provide proof of the accident.
- If the policyholder dies, their family members will have to bring the receipt for whatever expenses he incurred in the hospital.
LIC Jeevan Labh Plan 836 Latest Bonus Rates
The LIC Jeevan Labh Plan 836 policy is a partner policy. Where the amount of LIC India per admission is added to the policyholder’s account in the form of a bonus.
Jeevan Labh Plan 836 has two types of bonuses included in the policy:
- Final Additional Balance (FAB): In FBI, the Buyer of the policy can deposit his amount in the form of a lump sum.
- Simple Reversionary Bonus (SRB): In SRB, the bonus amount is automatically deposited into the account every year.
Earlier, the process of purchasing insurance was fraught with many problems, resulting in long lead times. Now, with the advent of such online tools, it has become hassle-free as well as time-consuming.
LIC Jeevan Labh 836 Premium and Maturity Calculator gives instant results and accurate estimates, including taxes. You must use the tools and make informed decisions.
Insurance is one of the most familiar words or phrases used in today’s life. Insurance companies are institutions that provide various types of facilities and services in the term of life insurance.
LIC Jeevan Labh Plan 836 Premium And Maturity Calculator – FAQs
What is LIC Jeevan Labh Plan 836?
Ans. A new policy launched by the Life Insurance Corporation of India not only offers the policyholder a life cover but also provides a maturity amount if the holder is still alive.
What is the amount of maturity in LIC Jeevan Labh Plan 836?
Ans. A 36-year-old policyholder pays a premium amount of Rs. 23,601 per year for 16 years for a policy term of 26 years. After completing the policy term, the investor will receive the maturity amount of Rs. 13,60,000.
How is the maturity rate of LIC Jeevan Labh plan 836 calculated?
Ans. Policyholders can only calculate when the maturity of the policy and policy terms will be equal to Simple Reversionary Bonus + Final Additional Bonus + Basic Sum Assure.
What are the demerits of LIC Jeevan Labh plan 836?
Ans. The plan does not attain any surrender value for the first two years of the plan.