LIC Jeevan Labh 936 Plan: Secure Your Future with Assured Benefits

LIC Jeevan Labh 936 is a popular life insurance plan offered by the Life Insurance Corporation of India. It is a non-linked, limited premium-paying policy that provides a combination of protection and savings. This article aims to provide an in-depth understanding of LIC Jeevan Labh 936, its key features, eligibility criteria, application process, premium calculation, tax benefits, and more. So, let’s dive in and explore this plan that can help secure your future financial needs.

Life is unpredictable, and it’s crucial to have a financial safety net that protects your loved ones in case of any unfortunate event. LIC Jeevan Labh 936 offers just that by providing comprehensive life insurance coverage along with attractive savings benefits. This plan ensures that your family’s financial future remains secure even in your absence.

What is LIC Jeevan Labh 936 Plan?

LIC Jeevan Labh 936 is a unique life insurance plan that offers a comprehensive package of protection and savings benefits. With this plan, individuals can secure their future financial needs while also enjoying the peace of mind that comes with knowing their loved ones are financially protected. The plan provides both death and maturity benefits, ensuring that policyholders and their families are covered in various scenarios.

Understanding the LIC Jeevan Labh Plan 936

One of the key aspects of understanding the LIC Jeevan Labh 936 Plan is recognising its flexibility in premium payment options. Policyholders have the freedom to choose the premium payment term that suits their financial capabilities, with options available for 16, 21, or 25 years.
 
This flexibility allows individuals to align their premium payments with their long-term financial planning. Furthermore, the plan offers loyalty additions, which are a share in the profits of LIC’s participating businesses.
 
These additions, provided at the end of each policy year, enhance the value of the policy and add to the overall benefits received by the policyholder upon maturity or in the event of death. By understanding the intricacies of LIC Jeevan Labh 936, individuals can make an informed decision and secure their financial future with confidence.

Key Features of LIC Jeevan Labh Plan 936

LIC Jeevan Labh 936 comes with a range of key features that make it an attractive life insurance plan for individuals seeking financial protection and savings benefits. Let’s delve into the key features of LIC Jeevan Labh 936:

1. Death Benefit

In the unfortunate event of the policyholder’s demise during the policy term, LIC Jeevan Labh 936 provides a death benefit. The death benefit includes the sum assured on death and any accrued loyalty additions, if applicable. The sum assured on death is the highest of the following:

• Basic sum assured
• 10 times the annualised premium
• 105% of the total premiums paid

2. Maturity Benefit

If the policyholder survives the policy term, LIC Jeevan Labh 936 offers a maturity benefit. The maturity benefit includes the sum assured on maturity, which is equal to the basic sum assured. This payout helps policyholders fulfil their long-term financial goals and provides a lump sum amount at the end of the policy term.

3. Loyalty Additions

LIC Jeevan Labh 936 provides loyalty additions to policyholders, enhancing the overall value of the policy. These additions are a share in the profits of the corporation’s participating businesses and are paid out at the end of each policy year. Loyalty additions serve as an additional bonus and contribute to the policy’s growth.

4. Premium Payment Options

Policyholders have the flexibility to choose their premium payment term according to their financial capabilities. LIC Jeevan Labh 936 offers premium payment terms of 16, 21, and 25 years. This allows individuals to align their premium payments with their income and financial goals.

5. Loan Facility

LIC Jeevan Labh 936 provides a loan facility that enables policyholders to avail of loans against their policy. The loan amount is dependent on the surrender value of the policy. This feature offers a convenient option for individuals to access funds when needed, providing them with financial flexibility.

Eligibility Criteria for LIC Jeevan Labh Plan 936

To be eligible for LIC Jeevan Labh 936, individuals need to fulfill certain criteria as specified by the Life Insurance Corporation of India (LIC). These eligibility criteria ensure that the policy is offered to individuals who meet the necessary requirements. Here are the key eligibility criteria for LIC Jeevan Labh 936:

• Minimum Entry Age: The minimum entry age for LIC Jeevan Labh 936 is 8 years. Individuals must be at least 8 years old to be eligible for this policy.
• Maximum Entry Age: The maximum entry age for LIC Jeevan Labh 936 is 59 years. Individuals should not exceed 59 years of age at the time of applying for the policy.
• Policy Term: LIC Jeevan Labh 936 offers policy terms of 16, 21, or 25 years. Applicants must select one of these policy terms based on their preferences and financial goals.
• Premium Payment Term: The premium payment term for LIC Jeevan Labh 936 is the same as the policy term chosen. This means that policyholders need to pay premiums for the entire duration of the policy term.
• Minimum Sum Assured: The minimum sum assured for LIC Jeevan Labh 936 is Rs. 2,00,000. The sum assured represents the minimum amount of coverage that the policy provides to the insured individual.
• Maximum Sum Assured: There is no maximum limit on the sum assured for LIC Jeevan Labh 936. However, the maximum sum assured is subject to underwriting, which means that it depends on factors such as the applicant’s age, health condition, and financial background.

How to Apply for LIC Jeevan Labh Plan 936

To apply for LIC Jeevan Labh 936, you have two options: an online application and an offline application. Both methods are straightforward, allowing you to conveniently start your journey towards securing your financial future. Let’s explore the step-by-step process for each application method:

Online Application Process

1. Visit the official website of the Life Insurance Corporation of India (LIC).
2. Look for the “LIC Jeevan Labh 936” plan or navigate to the “Insurance Plans” section.
3. Read through the plan details and features to ensure they meet your requirements.
4. Click on the “Apply Now” or “Buy Online” button to initiate the online application process.
5. Fill in the required personal and policy-related details in the online application form.
6. Select the premium payment term that suits your financial capabilities.
7. Double-check all the entered information for accuracy.
8. Make the premium payment securely using the available online payment options, such as net banking, credit or debit cards, or digital wallets.
9. After successful payment, you will receive an acknowledgment and policy documents via email or postal mail.

Offline Application Process

1. Locate the nearest branch of LIC (Life Insurance Corporation of India).
2. Visit the LIC branch during working hours and ask to meet with an LIC representative or insurance advisor.
3. Inform the representative about your interest in applying for LIC. Jeevan Labh, 936.
4. The representative will provide you with the necessary application forms and guide you through the process.
5. Fill in the application form accurately, providing all the required personal and policy-related details.
6. Submit the filled-out application form along with the necessary supporting documents, such as identity proof, address proof, and age proof.
7. Pay the premium amount either in cash, through a demand draught, or by check, as per the LIC branch’s accepted payment methods.
8. Obtain a receipt or acknowledgment for the premium payment and keep it for future reference.
9. The LIC representative will guide you regarding the additional requirements, if any, and provide you with the policy documents once the application is processed.

Whether you choose to apply online or offline, it’s essential to carefully review the policy terms, premium payment options, and coverage details before submitting your application. Feel free to seek assistance from LIC representatives or consult a financial advisor to ensure you make an informed decision that aligns with your financial goals.

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Premium Calculation and Payment Options

The premium for LIC Jeevan Labh 936 depends on various factors, such as the policyholder’s age, sum assured, premium payment term, and policy term. LIC provides premium calculators on its website to help individuals estimate the premium amount based on their requirements.

Policyholders can choose from various premium payment options, including yearly, half-yearly, quarterly, or monthly. Select the payment frequency that aligns with your financial planning and convenience.

Tax Benefits of LIC Jeevan Labh Plan 936

LIC Jeevan Labh 936 not only provides financial security and savings benefits but also offers attractive tax benefits to policyholders. These tax benefits can help individuals maximise their savings and reduce their tax liability. Here are the key tax advantages associated with LIC Jeevan Labh 936:

Tax Deductions Under Section 80C

The premiums paid towards LIC Jeevan Labh 936 are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Policyholders can claim deductions on the premium amount up to a maximum limit of Rs. 1.5 lakh in a financial year. By utilising this provision, individuals can effectively reduce their taxable income, leading to a lower tax liability.

Tax Exemption on Maturity Amount

The maturity benefit received under LIC Jeevan Labh 936 is tax-exempt under Section 10(10D) of the Income Tax Act. This means that the amount received upon the policy’s maturity is entirely tax-free in the hands of the policyholder. It provides individuals with the added advantage of enjoying the entire maturity amount without any tax deductions.

Tax Exemption on Death Benefit

The maturity benefit received under LIC Jeevan Labh 936 is tax-exempt under Section 10(10) of the Income Tax Act. This means that the amount received upon the policy’s maturity is entirely tax-free in the hands of the policyholder. It provides individuals with the added advantage of enjoying the entire maturity amount without any tax deductions.

Tax Planning and Wealth Accumulation

By leveraging the tax benefits offered by LIC Jeevan Labh 936, policyholders can effectively plan their taxes and accumulate wealth over the long term. The deductions under Section 80C reduce the taxable income, while the tax exemption on maturity and death benefits ensures that the accumulated corpus remains tax-free. This enables individuals to build a substantial corpus over the policy term, ensuring financial security for themselves and their families.

It’s important to note that tax laws and provisions are subject to change, and policyholders should consult a tax advisor or financial expert to understand the latest tax regulations and how they apply to their specific circumstances.

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Comparison with Other Insurance Plans

When considering life insurance plans, it’s essential to compare the different options available on the market. LIC Jeevan Labh 936 stands out due to its attractive features, guaranteed benefits, and the trust associated with LIC. However, it’s advisable to assess your specific needs and consult a financial advisor before making a decision.

Benefits of Choosing the LIC Jeevan Labh Plan 936

Choosing LIC Jeevan Labh 936 as your life insurance plan comes with a multitude of benefits that ensure both protection and savings for you and your loved ones. Let’s delve into the key advantages of opting for this policy:

1. Financial Protection: LIC Jeevan Labh 936 provides comprehensive financial protection to you and your family. In the unfortunate event of your demise during the policy term, your loved ones will receive a death benefit that includes the sum assured on death, ensuring their financial stability and security.
2. Maturity Benefit: If you survive the policy term, LIC Jeevan Labh 936 offers a maturity benefit, which includes the sum assured on maturity. This payout acts as a lump sum amount that you can utilise for various purposes, such as retirement planning, your child’s education, or any other financial goal you may have.
3. Loyalty Additions: One of the notable features of LIC Jeevan Labh 936 is the provision of loyalty additions. These additions, which are a share in the profits of the corporation’s participating businesses, enhance the value of your policy. They are added to your policy at the end of each policy year, further boosting the benefits you receive.
4. Flexible Premium Payment: With LIC Jeevan Labh 936, you have the flexibility to choose the premium payment term that suits your financial capabilities. You can opt for a premium payment term of 16, 21, or 25 years, making it easier for you to plan your finances and ensure timely payments.
5. Loan Facility: In times of financial need, LIC Jeevan Labh 936 offers a loan facility against the surrender value of your policy. This option allows you to avail a loan amount based on your policy’s value, providing you with liquidity and financial assistance whenever required.
6. Tax Benefits: Another advantage of LIC Jeevan Labh 936 is the tax benefits it offers. The premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity amount and death benefit received are tax-exempt under Section 10(10D), providing you with tax savings.

Conclusion

LIC Jeevan Labh 936 is a comprehensive life insurance plan that offers a combination of protection and savings. With its attractive features, flexibility, and guaranteed benefits, it provides policyholders with financial security and peace of mind. By understanding the key features, eligibility criteria, application process, and benefits of LIC Jeevan Labh 936, you can make an informed decision to secure your future financial needs.

FAQs about LIC Jeevan Labh Plan 936