LIC Jeevan Labh Calculator
Calculate your premium payments, maturity benefit, and death benefit for LIC Jeevan Labh policy.
Enter Your Details
Your Policy Benefits
Total Premiums Paid: ₹
Guaranteed Maturity Benefit: ₹0
Death Benefit: ₹0
Use the LIC Jeevan Labh Calculator to estimate premiums, maturity benefits, and death benefits. Learn how this endowment plan works and its key features.Introduction
LIC Jeevan Labh is one of the most popular endowment plans offered by the Life Insurance Corporation of India (LIC). It provides both life insurance coverage and savings benefits, making it an ideal choice for individuals looking for long-term financial security. This guide will help you understand how the LIC Jeevan Labh Calculator works and how to estimate your premiums, maturity benefits, and death benefits.
What is LIC Jeevan Lab?
LIC Jeevan Labh (Plan No. 936) is a non-linked, limited premium endowment plan that offers a combination of protection and savings. It ensures that the policyholder’s family remains financially secure in case of an unfortunate event while also providing a lump sum amount at maturity if the policyholder survives the policy term.
Key Features of LIC Jeevan Labh
- Limited premium payment (10, 15, or 16 years)
- Guaranteed sum assured with bonuses
- Maturity benefits if the policyholder survives the term
- Death benefits for the nominee in case of the policyholder’s demise
- Tax benefits under Section 80C and 10(10D) of the Income Tax Act
How Does LIC Jeevan Labh Work?
- Choose the sum assured amount based on your financial needs.
- Select a policy term (16, 21, or 25 years).
- Pay premiums for a limited period (10, 15, or 16 years).
- Receive a maturity amount with bonuses if you survive the term.
- In case of death, the nominee receives the sum assured + accrued bonuses.
Benefits of LIC Jeevan Labh Plan
- Life cover throughout the policy term
- Lump sum payout on maturity
- Reversionary and final additional bonuses
- Loan facility available against the policy
- Surrender value if needed before maturity
What is the LIC Jeevan Labh Calculator?
The LIC Jeevan Labh Calculator is an online tool that helps potential policyholders estimate:
- Monthly, quarterly, half-yearly, or yearly premium amounts
- Total maturity benefits
- Expected bonuses
- Death benefits payable to nominees
How to Use the LIC Jeevan Labh Calculator?
- Enter your age and policy term.
- Select the sum assured amount.
- Choose the premium payment term.
- The calculator will display your premium amount and expected returns.
Factors Considered in the LIC Jeevan Labh Calculator
- Age of the policyholder
- Policy term (16, 21, or 25 years)
- Premium payment term (10, 15, or 16 years)
- Sum assured amount
- Bonus rates declared by LIC
Example Calculation of LIC Jeevan Labh Plan
Let’s consider an example:
- Age: 30 years
- Policy Term: 25 years
- Premium Paying Term: 16 years
- Sum Assured: ₹10,00,000
- Estimated Bonus: ₹4,50,000
Expected Returns:
| Component | Amount (₹) |
| Sum Assured | 10,00,000 |
| Estimated Bonus | 4,50,000 |
| Total Maturity Amount | 14,50,000 |
Premium Payment Terms and Options
| Payment Mode | Minimum Premium |
| Monthly | ₹1,500 – ₹3,000 |
| Quarterly | ₹4,500 – ₹9,000 |
| Half-Yearly | ₹9,000 – ₹18,000 |
| Yearly | ₹18,000 – ₹36,000 |
Maturity Benefits Explained
- The sum assured and bonuses are paid out at the end of the policy term if the policyholder survives.
- Final additional bonuses may also be added.
Death Benefits Explained
- If the policyholder passes away during the policy term, the nominee receives:
- Sum assured
- Accrued simple reversionary bonus
- Final additional bonus (if any)
Tax Benefits of LIC Jeevan Labh
- Section 80C: Premiums paid are eligible for tax deduction.
- Section 10(10D): Maturity and death benefits are tax-free.
Who Should Invest in LIC Jeevan Labh?
- Individuals looking for a mix of savings and life insurance.
- Those who want a limited premium payment plan.
- Parents securing their child’s higher education and marriage.
- Salaried employees looking for tax-saving options.
Conclusion
The LIC Jeevan Labh Plan is a safe and guaranteed savings option with life insurance benefits. By using the LIC Jeevan Labh Calculator, you can easily estimate your premiums, maturity benefits, and overall returns. It’s a great plan for individuals looking for long-term financial security with a limited premium-paying term.
FAQs
1. How is LIC Jeevan Labh premium calculated?
Premiums are calculated based on age, policy term, sum assured, and premium payment term. You can use an online LIC Jeevan Labh Calculator for an instant estimate.
2. What is the minimum and maximum entry age for LIC Jeevan Labh?
- Minimum Age: 8 years
- Maximum Age: 59 years (depending on the policy term)
3. Can I take a loan against my LIC Jeevan Labh policy?
Yes, policy loans are available after completing three years of premium payments.
4. Is LIC Jeevan Labh a good investment?
Yes! It offers life cover, guaranteed maturity benefits, and tax savings, making it a great investment option.
5. Can I surrender my LIC Jeevan Labh policy before maturity?
Yes, but you will receive a surrender value, which is usually lower than the maturity amount.