LIC Jeevan Labh (Table-936) Calculator

LIC Jeevan Labh (Table-936) Premium Calculator: Your Comprehensive Guide

Life Insurance Corporation (LIC) of India offers a range of insurance plans tailored to meet diverse financial needs. Among these, the LIC Jeevan Labh (Table-936) plan stands out for its combination of protection and savings. Understanding how much you need to invest and what you stand to gain can be complex. This is where the LIC Jeevan Labh Premium Calculator becomes invaluable. This tool simplifies the process, providing clarity and helping you make informed financial decisions. In this article, we’ll explore the LIC Jeevan Labh Premium Calculator in detail, ensuring you understand how to use it and its benefits.

What is LIC Jeevan Labh (Table-936)?

LIC Jeevan Labh (Table-936) is a non-linked, with-profits endowment plan that offers both protection and savings. It is designed to provide financial security to the policyholder’s family in case of their untimely demise and also to ensure a lump sum payment upon maturity for future financial needs.

Key Features of LIC Jeevan Labh (Table-936):

1. Protection and Savings: Combines life cover with savings.
2. Flexible Premium Payment Terms: Offers various premium payment options.
3. Maturity Benefit: Provides a lump sum amount upon policy maturity.
4. Death Benefit: Ensures financial security for the policyholder’s family.
5. Loan Facility: Policyholders can avail of a loan against their policy.
6. Bonus Additions: Participates in the corporation’s profit and earns bonuses.

Why Use the LIC Jeevan Labh Premium Calculator?

The LIC Jeevan Labh Premium Calculator is an online tool designed to help you calculate the premium payable and the benefits receivable under the LIC Jeevan Labh policy. Here’s why you should use it:

1. Convenience: Calculate premiums from the comfort of your home.
2. Accuracy: Get precise premium amounts and benefits based on your inputs.
3. Time-Saving: Instant results without the need to consult an agent.
4. Financial Planning: Helps in planning your finances by providing a clear picture of the premiums and returns.
5. User-Friendly: Easy to use with step-by-step instructions.

How to Use the LIC Jeevan Labh Premium Calculator?

Using the LIC Jeevan Labh Premium Calculator is straightforward. Here’s a detailed guide:

Step 1: Visit the Official LIC Website or a Trusted Insurance Portal

Start by visiting the official LIC website or a trusted insurance portal that offers the premium calculator. Ensure the website is secure and reliable to protect your personal information.

Step 2: Enter Personal Details

Input your age, gender, and smoking status. These details are crucial as they impact the premium amount. The policy is available for individuals aged between 8 to 59 years.

Step 3: Select Policy Term

Choose the policy term from the available options. LIC Jeevan Labh offers policy terms of 16, 21, and 25 years. The policy term you select will affect the premium amount and benefits.

Step 4: Choose Sum Assured

Enter the sum assured amount. This is the amount you wish to receive at maturity. The minimum sum assured is ₹2,00,000, but you can choose higher amounts based on your financial goals.

Step 5: Premium Payment Mode

Select your preferred premium payment mode – yearly, half-yearly, quarterly, or monthly. The mode of payment affects the premium amount and your convenience in making payments.

Step 6: Calculate

Click on the ‘Calculate’ button. The calculator will process your inputs and provide you with the premium amount, maturity benefits, and other relevant details.

Understanding the Results

The results provided by the LIC Jeevan Labh Premium Calculator include:

1. Premium Amount: The amount you need to pay periodically based on your chosen payment mode.
2. Maturity Benefit: The lump sum amount you will receive at the end of the policy term.
3. Death Benefit: The amount your nominee will receive in case of your untimely demise during the policy term.
4. Bonus: The calculator may also provide an estimate of the bonuses accumulated over the policy term.

Benefits of LIC Jeevan Labh (Table-936)

LIC Jeevan Labh offers several benefits that make it an attractive option for life insurance and savings. Here’s a closer look:

1. Death Benefit

In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the death benefit. This includes the sum assured on death along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit is higher of:

• 10 times the annualized premium
• Basic Sum Assured
• 105% of all premiums paid up to the date of death

2. Maturity Benefit

If the policyholder survives the policy term, they receive the maturity benefit. This includes the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

3. Participation in Profits

The policy participates in the corporation’s profit and earns bonuses. These bonuses increase the overall benefits receivable under the policy.

4. Loan Facility

Policyholders can avail of a loan against the policy. The loan amount is based on the surrender value of the policy, providing financial flexibility during emergencies.

5. Tax Benefits

Premiums paid under LIC Jeevan Labh are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The maturity proceeds are also tax-free under Section 10(10D), subject to conditions.

Example Calculation Using LIC Jeevan Labh Premium Calculator

Let’s consider an example to understand the calculation better. Suppose Mr. A, aged 30, opts for LIC Jeevan Labh with the following details:

• Sum Assured: ₹5,00,000
• Policy Term: 21 years
• Premium Payment Mode: Yearly

Using the LIC Jeevan Labh Premium Calculator, Mr. A enters his details and clicks on ‘Calculate’. The calculator provides the following results:

• Yearly Premium: ₹23,654
• Total Premium Paid: ₹4,96,734 (over 21 years)
• Maturity Benefit: ₹5,00,000 (Sum Assured) + Bonuses (Simple Reversionary Bonus + Final Additional Bonus)
• Death Benefit: Higher of 10 times the annualized premium or Sum Assured + Bonuses

These results help Mr. A understand his financial commitment and the benefits he will receive, aiding in better financial planning.

Tips for Maximizing Benefits with LIC Jeevan Labh

1. Start Early: The earlier you start, the lower your premiums will be.
2. Choose a Higher Sum Assured: A higher sum assured results in higher bonuses and maturity benefits.
3. Regular Premium Payments: Ensure timely premium payments to keep the policy active and maximize benefits.
4. Use the Calculator Regularly: Regularly use the premium calculator to stay updated on your policy status and benefits.

Common FAQs about LIC Jeevan Labh Premium Calculator

1. Is the LIC Jeevan Labh Premium Calculator free to use?

Yes, the LIC Jeevan Labh Premium Calculator is free to use on the official LIC website and other trusted insurance portals.

2. Can I use the calculator for multiple scenarios?

Absolutely! You can use the calculator multiple times to compare different policy terms, sum assured amounts, and premium payment modes.

3. Does the calculator include bonuses?

The calculator provides an estimate of the bonuses based on historical data. Actual bonuses may vary.

4. Can I buy the policy online after using the calculator?

Yes, you can proceed to purchase the policy online after using the calculator to understand the premiums and benefits.

5. Is the information provided by the calculator accurate?

The calculator provides an accurate estimate based on your inputs. However, for exact figures, it is advisable to consult with an LIC agent or visit an LIC branch.

Conclusion

The LIC Jeevan Labh (Table-936) Premium Calculator is a powerful tool for anyone considering investing in the LIC Jeevan Labh policy. It simplifies the process of calculating premiums and understanding benefits, making financial planning easier and more efficient. By using this tool, you can make informed decisions about your insurance needs and ensure a secure financial future for yourself and your loved ones.

So, take advantage of the LIC Jeevan Labh Premium Calculator today, and embark on your journey towards financial security with confidence!