The LIC Jeevan Labh Plan 736 offered by Life Insurance Corporation of India is a limited premium paying, non-linked, with-profits endowment assurance plan. This plan provides financial protection along with long-term savings.
In this plan, the policyholder pays premium for a limited period while enjoying life insurance protection throughout the policy term. At maturity, the policyholder receives the Sum Assured along with bonuses declared by LIC.
Key Features of LIC Jeevan Labh Plan 736
• Limited premium payment option
• Life insurance protection
• Bonus benefits available
• Loan facility available
• Tax benefits under Income Tax Act
• Accidental Death & Disability Rider available
Policy Details
Plan Name : Jeevan Labh (736)
Policy Term Options
• 16 Years
• 21 Years
• 25 Years
Minimum Entry Age : 8 Years
Maximum Entry Age : 59 Years
Maximum Maturity Age : 75 Years
Minimum Sum Assured : ₹2,00,000
Maximum Sum Assured : No Limit (depending on income)
Premium Payment Term (PPT)
For 16 Year Policy Term → Premium Payment Term : 10 Years
For 21 Year Policy Term → Premium Payment Term : 15 Years
For 25 Year Policy Term → Premium Payment Term : 16 Years
Premium Payment Mode
Premium can be paid through the following modes:
• Yearly
• Half-Yearly
• Quarterly
• Monthly (ECS)
Death Benefit
If the Life Assured dies during the policy term, the nominee will receive the highest of the following:
• Basic Sum Assured
• 7 times the Annualized Premium
• 105% of all premiums paid as on the date of death
Maturity Benefit
If the Life Assured survives till the end of the policy term, the following benefits will be payable:
• Basic Sum Assured
• Reversionary Bonus
• Final Additional Bonus (if declared)
Surrender Value
The policy can be surrendered at any time during the policy term after payment of at least two full years’ premiums.
Loan Facility
Loan facility is available under this plan after payment of premiums for at least two full years.
Income Tax Benefits
Premium paid under this plan qualifies for tax deduction under Section 80C of the Income Tax Act.
Maturity proceeds are tax free under Section 10(10D) as per prevailing tax rules.
Conclusion
The LIC Jeevan Labh Plan 736 is a good option for individuals looking for both life insurance protection and guaranteed savings. With limited premium payment and bonus benefits, it helps build a strong financial future.
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