LIC Jeevan Labh Plan 836 Reviews

By | May 4, 2016
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LICs-Jeevan-LabhLife Insurance Corporation of India (LIC) Jeevan Labh Plan No 836

An introduction to the Life Insurance Corporation of India (LIC) Jeevan Labh Plan No 836 :

Life Insurance Corporation of India (LIC) Jeevan Labh Plan 836 is a new Endowment Plan initiated by Life Insurance Corporation of India (LIC) on January 01, 2016. This Jeevan Labh Plan will be operational from January 04, 2016. A Unique Identification Number is mentioned for Life Insurance Corporation of India’s Jeevan Labh Plan that is 512N304V01. The policy holder has to quote the UIN no. in all applicable documents that are necessary to purchase the policy. Life Insurance Corporation of India Jeevan Labh 836 plan is a Limited Premium Paying, Non – Linked, with Profit Endowment Assurance plan. The advantages payable to the Insured are sum guaranteed plus vested Simple Reversionary Bonuses & Final Added bonus.

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Life Insurance Corporation of India Endowment plan is basically a non – linked participating Insurance Plan. Life Insurance Corporation of India New Jeevan Labh Plan offers Optional Advantage, Accidental Demise & Disability Advantage Rider by payment of added premium. Life Insurance Corporation of India Jeevan Labh Plan 836 also takes into account the Liquidity requirements via its loan facility. This plan proffers a mixture of protection & saving features. You can make use of Life Insurance Corporation of India Jeevan Labh Plan 836 Calculator to calculate Premiums & Advantages. We offer Life Insurance Corporation of India Jeevan Labh Plan Maturity Calculator & Premium Calculator to calculate Maturity advantages & Demise advantages. Refer Life Insurance Corporation of India Jeevan Labh plan 836 premium chart & Life Insurance Corporation of India Jeevan Labh Premium calculator before purchasing this plan.

Eligibility Conditions under Life Insurance Corporation of India Jeevan Labh Plan 836

Eligibility Conditions for basic plan are,

Entry Age : ·         Minimum : 8 years (completed).

·         Maximum :

·         59 years (nearest birthday) for Policy Tenure 16 years.

·         54 years (NBD) for Policy Tenure 21 years.

·         50 years (NBD) for Policy Tenure 25 years.

Maximum Maturity Age : ·         75 years (nearest birthday).
Policy tenure : ·         16 years.

·         21 years.

·         25 years.

Premium Paying Tenure : ·         10 years.

·         15 years.

·         16years.

Premium Payment Mode : ·         Annually, Half-annually, Quarterly or Monthly mode (through ECS only or through salary deductions).
Sum Guaranteed : ·         Minimum : Rs. 2 , 00, 000 / -.

·         Maximum : No limit.

·         Sum Guaranteed shall be in multiples of Rs. 10, 000 / -.

Documents required for a new policy : ·         Application form/Proposal form along with a photo.

·         Address proof.

·         Age proof.

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·         Medical reports (if required).

Life Insurance Corporation of India Jeevan Labh Endowment Plan 836 Advantages

Maturity Advantages :

On survival of the Life Guaranteed to the conclusion of policy tenure,

Maturity advantage (Advantages payable on maturity) = Basic Sum Guaranteed plus the vested Simple Reversionary Bonuses plus the Final Added Bonus, if any.

Demise Advantages :

On demise of the Life Guaranteed during the policy tenure,

Demise advantage (Advantages payable on demise) = ‘Sum Guaranteed on Demise’ plus the vested Simple Reversionary Bonuses plus the Final Added Bonus, if any.

  • ‘Sum Guaranteed on Demise’ is higher of basic sum guaranteed or 10 times of annualized premium.
  • Demise advantage shall not be less than 105 percent of total premiums paid as on date of demise.
  • The premiums given above keep out taxes, extra charges, & Rider Premiums, if any.

Policy Rebates under Life Insurance Corporation of India Jeevan Labh

There are 2 rebates for the basic Lic Jeevan Labh Plan, they are:

  1. Mode Rebate
  2. Sum Guaranteed Rebate

Mode Rebate :

Mode Percentage
Annually mode 2 percent of tabular premium
Half-annually mode 1 percent of tabular premium
Quarterly & monthly mode NIL.

High Basic Sum Guaranteed Rebate :

Basic Sum guaranteed Rebate as per Rs.1, 000 B.S.A
Rs. 2, 00, 000 / – to Rs. 4, 90, 000 / – NIL.
Rs. 5, 00, 000 /- to Rs. 9, 90, 000 /- 1.25  percent Basic Sum Guaranteed.
Rs. 10, 00, 000 / – to Rs. 14, 90, 000/- 1.50  percent Basic Sum Guaranteed.
Rs. 15, 00, 000 / – & above 1.75  percent Basic Sum Guaranteed.

Policy Buying Procedure of Jeevan Labh Life Insurance Corporation of India

These are the necessary documents to purchase LIC Jeevan Labh Policy.

  • Application form / Proposal form No. 300, 340 & 360 along with a photo.
  • Address proof.
  • Age proof.
  • Medical reports (if required).

Claim Procedure under Life Insurance Corporation of India New Jeevan Labh Plan

The documents necessary for claim procedure under Lic Jeevan Labh 836 Policy are given below :

  • Original Policy Document
  • NEFT Mandate Form.
  • Proof of Title.
  • Demise Certificate.
  • Accident / Disability Proof (as mentioned in the rider circular).
  • School / College / employer’s certificate.
  • If age is not admitted under the policy, the proof of age of the Life Guaranteed must also be submitted.

Premium Calculator – Life Insurance Corporation of India Jeevan Labh Plan 836

Here we are giving the necessary data for calculating the premium rates in Life Insurance Corporation of India Jeevan Labh Policy using Life Insurance Corporation of India Jeevan Labh 836 premium & maturity calculator. To calculate Premium Online, the Insured have to enter the following details given below :

  • Name
  • Email Id
  • Mobile
  • Age
  • Tenure
  • Sum Guaranteed

Post entering all the above details, you can calculate the premium for LIC Jeevan Labh Plan 836.

Maturity Calculator of Jeevan Labh Life Insurance Corporation of India Plan

Life Insurance Corporation of India Jeevan Labh 836 Plan Maturity Calculator aids you to calculate the maturity value or maturity amount. Maturity amount is the amount that is payable to the policy holder at some stage in the maturity time. You can calculate the Maturity advantages by means of Life Insurance Corporation of India Jeevan Labh Plan Maturity calculator. Maturity amount is calculated based on previous year Bonus Rates. Jeevan Labh Life Insurance Corporation of India Plan Maturity Calculator provides maturity amount based on Policy tenure, Age of the Life Insurance Corporation of India Policy holder, Sum Guaranteed, Policy name, etc. You need to give these details along with Mobile number, Name, Email ID to calculate the maturity value. But you will be given nearby maturity amount in this Life Insurance Corporation of India Jeevan Labh Plan Maturity Calculator.

Added Information of Life Insurance Corporation of India Jeevan Labh 836 Plan

Loan facility :

Loan facility is obtainable under this plan, after payment of premiums for at least 3 years subject to the policy conditions.

Grace period for payment of premium :

Under Life Insurance Corporation of India Jeevan Labh plan 836, the grace period of 1 month but not less than 30 days will be approved for payment of annually or half – annually or quarterly premiums & 15 days for a monthly mode.

Participation in Profit :

New Life Insurance Corporation of India Jeevan Labh policy planned to participate in profits of the Corporation & entitled to receive Simple Reversionary Bonuses.

Riders :

Riders are obtainable under this Life Insurance Corporation of India Jeevan Labh Plan. Availability of Accidental Demise & Disability Advantage Rider & New Tenure Assurance Rider.

  • Life Insurance Corporation of India’s Accidental Demise & Disability Advantage Rider UIN (512B209V01) : Life Insurance Corporation of India Accidental Demise & Disability Advantage Rider (AD&DB) is available as an optional rider.
  • Life Insurance Corporation of India’s New Tenure Assurance Rider UIN (512B210V01) :Life Insurance Corporation of India New Tenure Assurance Rider is obtainable at the policy on payment of added premium.

Paid-up Value

Paid – up Value = Basic Sum guaranteed into the (No. of premiums paid / Total no. of premiums payable)

Illustration :

Presume, if you have taken the policy of 2, 00, 000 basic sum guaranteed & Total no. of premiums payable is 20, & if after 5 full years premium have been paid & any subsequent premiums be not duly paid, then

Paid – up value = 2, 00, 000 x (5 / 20) = 50, 000.

Surrender Value :

Life Insurance Corporation of India Jeevan Labh 836 policy can be surrendered at any time during the policy tenure, given that at least 3 full years premiums have been duly paid.

Renewal :

If premiums are not paid within the grace period, then the policy will lapse. A lapsed policy may be renewed during the lifetime of the life guaranteed, other than within a period of 2 consecutive years from the date of 1st unpaid premium & prior to the the maturity date.

Suicide clause :

If the life guaranteed commits suicide before 12 months from the date of beginning of risk, he / she would be returned with 80 percent of premiums paid excluding any taxes & extra premium, if any.

Taxes :

Taxes, if any, shall be as per the Tax laws & the rate of tax as applicable from time to time.

 

2 thoughts on “LIC Jeevan Labh Plan 836 Reviews

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