LIC Jeevan Labh Plan 736

The Definitive Guide to LIC's Jeevan Labh (Plan 736): The Ultimate Premium-Saving Life Insurance

When discussing Financial Planning in Bhadra, one common concern among families and business owners is the burden of paying life insurance premiums for decades. What if you could stop paying premiums early, but continue to enjoy full life cover and maximum bonus accumulation until maturity?

Welcome to the definitive guide on LIC's Jeevan Labh (UIN: 512N304V03). Known for its core philosophy where the "Premium stops" but "Benefits go on", Plan 736 is widely considered one of the most highly sought-after investment avenues. As the most trusted Insurance Expert in Rajasthan and the premier LIC Agent in Bhadra, Ashuram Insurance Expert brings you this comprehensive, detail-oriented pillar page to help you secure your family's future.

1. What is LIC’s Jeevan Labh?

LIC's Jeevan Labh is a Par, Non-Linked, Life, Individual, Savings plan. This structure means your money is not linked to the stock market, ensuring absolute safety, while still participating in the profits of the Life Insurance Corporation of India.

The plan offers an attractive combination of protection and savings features. This powerful combination provides financial support for the family of the deceased policyholder in case of the unfortunate death of the policyholder any time before maturity. Furthermore, it provides a substantial lump sum amount at the time of maturity for the surviving policyholder. This plan can be seamlessly purchased Offline through Licensed agents, Corporate agents, Brokers and Insurance Marketing Firms.

2. Eligibility Conditions and Policy Terms

Before adding this policy to your Saving and Investment Planning portfolio, it is vital to understand the entry restrictions. The plan offers excellent flexibility, allowing you to choose the period for which protection is required: 16, 21 and 25 years.

Policy Term / Premium Paying Term Combinations

• 16/10: 16 years term with only 10 years premium payment.
• 21/15: 21 years term with only 15 years premium payment.
• 25/16: 25 years term with only 16 years premium payment.

*Important Note on Multiples: The Basic Sum Assured shall be in multiples of Rs. 10,000/- for a range from Rs. 2,00,000/- to Rs. 4,50,000/-. For amounts above Rs. 4,50,000/-, the multiple is Rs. 25,000/-.

Risk Commencement: Risk will commence immediately on acceptance of the risk. If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age.

3. Comprehensive Analysis of Financial Benefits

As your dedicated LIC Authorized Agent in Bhadra, Ashuram Insurance Expert believes in absolute transparency regarding your payouts. Here is exactly what the policy delivers:

4. Supercharge Your Policy with Optional Riders

To elevate your Family Financial Security, the plan provides the option to enhance coverage by opting for Rider Benefits on payment of additional premium. You can customize your plan with the following four optional riders:

• LIC's Accidental Death and Disability Benefit Rider: In case of accidental death, the Accident Benefit Sum Assured will be payable in lump sum. In case of accidental disability (within 180 days), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years, and future premiums shall be waived.
• LIC's Accident Benefit Rider: In case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum. (You can opt for either this rider or the Accidental Death and Disability rider).
• LIC's New Term Assurance Rider: Available at inception only. An amount equal to 'Term Rider Sum Assured on Death' shall be payable on death during the policy term.
• LIC's Premium Waiver Benefit Rider: Highly recommended for child policies. On death of the proposer, payment of future premiums shall be waived completely.

(Note: The premiums under all the life insurance riders put together shall not exceed 30% of premiums under the base plan).

5. Settlement Options: Securing a Regular Income

Modern Retirement Planning India strategies often rely on steady income streams rather than massive lump sums. Jeevan Labh accommodates this brilliantly.

Installments for Death Benefit & Maturity Benefit

The plan gives you the flexibility to opt for payment of benefit in instalments. Settlement Option allows you to receive Maturity Benefit or Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of a lump sum amount.

6. Premium Payments, Grace Periods, and Rewarding Rebates

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deductions (SSS) during the premium paying term of the policy.

A grace period of 30 days shall be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode. During this period, the policy shall be considered in-force with the risk cover without any interruption. A lapsed policy can be revived within a period of 5 consecutive complete years.

Attractive Rebates to Maximize Your ROI

7. Managing Liquidity: Policy Loans and Surrender Rules

• Policy Loan Facility: Loan can be availed after completion of first policy year (up to 50% before 2 years, and 80% after paying 2 full years' premiums for in-force policies).
• Surrender Conditions: The policy can be surrendered after completion of first policy year provided one full year's premium has been paid. Guaranteed Surrender Value requires atleast two full years' premiums.
• Suicide Clause: If the Life Assured commits suicide within 12 months, the Nominee gets 80% of total premiums paid provided the policy is in-force.