LIC’s Jeevan Labh (Plan No. 936, UIN No. 512N304V02)

LIC‘s amazing plan called Jeevan Labh. It’s a super helpful insurance and investment plan all rolled into one. With Jeevan Labh, you can protect your family financially and save up money at the same time. Isn’t that great?

So here’s how it works. You pay money (called premiums) for a set amount of time. During this time, LIC gives you bonuses regularly. These bonuses help you build up a big chunk of savings. And the best part? You also get life insurance with this plan!

Now, I hope this never happens, but if something unfortunate occurs to the person insured during the plan, their loved ones will get a guaranteed amount of money. And if the insured person lives until the end of the plan, they get a nice big payment. It’s a win-win situation with LIC Jeevan Labh (UIN No. 512N304V02)!


Okay, so let’s dive a bit deeper into LIC‘s Jeevan Labh. It’s what we call a non-linked, participating, limited premium payment endowment plan. That might sound like a mouthful, but don’t worry! In simpler terms, it’s known as Plan No. 936 at LIC.

The main thing Jeevan Labh does is provide financial security for your loved ones if something happens to you during the policy term. But if you live through the whole term, you get a nice maturity benefit at the end. It’s like a safety net plus a reward!

Key Features

  • Death Benefit: If the worst happens, your family gets a Sum Assured on Death plus any bonuses that have built up. This Sum Assured is usually 7-10 times the yearly premium you pay.
  • Maturity Benefit: If you make it to the end of the policy term, you get the Sum Assured on Maturity. This is the Basic Sum Assured you picked at the start. Plus, you get any bonuses that have been added over time.
  • Participation in profits: The great thing is, LIC shares its profits with you! You get bonuses added to your policy each year, and maybe even a Final Additional Bonus at the end.
  • Limited premium payment term: One of the best parts is that you only have to pay premiums for 10-16 years. But your policy benefits last for the full term you chose.


So, what do you need to be eligible for LIC’s Jeevan Labh Plan? Here’s a quick rundown:

Entry Age8 years59 years (for 16 year term)
54 years (for 21 year term)
50 years (for 25 year term)
Sum AssuredRs. 2,00,000No limit
Policy Terms16, 21, 25 years
Premium Paying Terms10 years (for 16 year policy term)
15 years (for 21 year policy term)
16 years (for 25 year policy term)

Additional Benefits

You know what’s really handy about LIC‘s Jeevan Labh? It offers a loan option in case you need some extra cash. Once you’ve paid premiums for at least 2 years, you can borrow up to 90% of your policy’s surrender value. That’s a nice safety net to have!

Plus, the premiums you pay for Jeevan Labh (Plan No. 936) can be claimed as a tax deduction under Section 80C. And the money you get from the policy, whether it’s the death benefit or maturity amount, is tax-free under Section 10(10D). Just keep in mind there are some conditions to meet.

LIC understands that sometimes you might miss a premium due date. That’s why they give you a grace period – 30 days for yearly, half-yearly, and quarterly payments, and 15 days for monthly. This way, your policy stays active even if you’re a little late.

If you ever face a financial emergency and need to surrender your Jeevan Labh policy, you can do so after 3 years. LIC offers a guaranteed surrender value, which is a percentage of the total premiums you’ve paid (not including any extras or riders).

Optional Riders

Want even more protection? You can add optional riders to your LIC Jeevan Labh plan for a small extra premium:

  • LIC‘s Accidental Death and Disability Benefit Rider gives an extra sum assured if you pass away or become disabled due to an accident.
  • LIC‘s New Term Assurance Rider provides additional life cover for a set term at a low cost.
  • LIC‘s Accident Benefit Rider pays a lump sum in case of accidental death or disability.
  • LIC‘s New Critical Illness Benefit Rider gives a lump sum if you’re diagnosed with certain critical illnesses.
  • LIC‘s Premium Waiver Benefit Rider waives future premiums if you pass away or become disabled, so your policy stays in force.

Just remember, you can choose either the Accidental Death and Disability Rider or the Accident Benefit Rider, but not both at the same time.


It’s important to note that if the insured person takes their own life within 12 months from the policy start or revival date, the death benefit won’t be paid. In this case, LIC will refund 80% of the premiums paid until that point.


What is the minimum and maximum entry age under the Jeevan Labh plan?

You can get the LIC Jeevan Labh (Plan No. 936) from as young as 8 years old. But the oldest you can be when you start depends on how long you want the policy to last. If you want it for 16 years, you can be up to 59. For a 21-year plan, the cut-off is 54. And for a 25-year plan, it’s 50.

What is the benefit payable on the policyholder’s death during the policy term?

If the worst happens and the insured person passes away while the policy is active, their nominee gets what’s called the “Sum Assured on Death”. LIC will also add any bonuses that have built up over time, like the Simple Reversionary Bonuses and maybe even a Final Additional Bonus. Just make sure the policy is paid up and in force.

Can I take a loan against my Jeevan Labh policy?

Absolutely! Once you’ve had your LIC Jeevan Labh policy for 2 full years, you can take out a loan against it. This is super helpful if you run into any unexpected expenses and need some quick cash. It’s like having a financial safety net tucked away in your life insurance.

What optional riders can I add to the policy for extra protection?

LIC offers a bunch of optional riders you can tack onto your Jeevan Labh Plan for even more security. There’s the Accidental Death and Disability Benefit Rider, the New Term Assurance Rider, the Accident Benefit Rider, the New Critical Illness Benefit Rider, and the Premium Waiver Benefit Rider. For just a small extra premium, you can really bump up your coverage.

Leave a Comment