Make confident plans for the future. You can determine precisely how much you’ll pay and what benefits, including bonuses and other benefits, you’ll receive at maturity or in the event of your death with the LIC’s Jeevan Labh (Plan 736) Premium and Maturity Calculator. This tool, which is transparent, dependable, and supported by LIC’s long history, assists you in selecting the sum assured, policy term, and premium that best fit your financial objectives.
LIC’s Jeevan Labh (Plan 736) Calculator
Estimate premium and benefits (based on Plan 736 structure – UIN: 512N304V03).
What Is LIC’s Jeevan Labh (Plan 736)?
Jeevan Labh (UIN 512N304V03), a non-linked life insurance policy from LIC, is intended to provide both savings and protection. With the exception of pure risk and pension, it is unlinked, meaning that LIC will declare bonuses in addition to guaranteeing your returns.
Key features:
- Death Benefit: The Sum Assured on Death plus any vested simple reversionary bonuses and any last-minute extra bonuses are paid to beneficiaries if the insured passes away before the policy’s maturity. Either (a) the basic sum assured or (b) seven times the annualised premium is the greater of the sum assured on death.
- Maturity Benefit: The policyholder receives both the basic sum assured and the vested bonuses upon surviving to the maturity date.
- Surrender Benefit: You receive Special Surrender Value (first year) if you surrender after at least a full year, but Guaranteed Surrender Value is only applicable after two full years of premium payments.
- Paid-Up & Revival Options: The policy may become paid-up if premiums are not paid for at least a year. Within the allotted revival period prior to maturity, revival is possible.
- 30 days after receiving the policy is the free look period.
Why Use the Premium & Maturity Calculator?
- Clarity: Know in advance what you will get (maturity value, death benefit) for different premium amounts and term lengths.
- Compare Scenarios: Try different combinations of premium, sum assured, and policy term to see what fits your budget and goals.
- Make Informed Decisions: Understand the trade-offs — higher sum assured → higher premium; longer term → more total premium vs higher maturity benefit.
How the Calculator Works
- Enter your Age, Term of Policy (in years), Premium Payment Mode (monthly, quarterly, etc.), Sum Assured (Basic).
- The calculator determines:
- Death benefit (using “higher of basic sum assured or 7× annualized premium”) plus bonuses
- Maturity benefit (basic sum assured + bonuses)
- Surrender values if surrendered at different policy years
- You can adjust premium or term to see how your maturity & death benefits change.
Real-World Examples
| Example | Age at Entry | Policy Term | Basic Sum Assured | Mode / Annual Premium | Approx. Maturity Benefit* |
|---|---|---|---|---|---|
| Example A | 30 years | 20 years | ₹ 5,00,000 | Yearly Premium ~ ₹ 30,500 | Maturity + bonuses (projected) around ₹ 8-9 lakhs |
| Example B | 40 years | 15 years | ₹ 3,00,000 | Monthly Premium ~ ₹ 2,500 | Maturity + bonuses (projected) around ₹ 4-5 lakhs |
*Projected values depend on LIC’s bonus declarations; actual amounts will vary based on bonuses for respective terms.
Expert Insights & Analysis
“LIC’s Jeevan Labh (Plan 736) strikes a good balance between protection and savings. The clause that death benefit is at least 105% of premiums paid ensures that there’s downside protection even if bonuses are low.” – Insurance Analyst, Mumbai
- The death benefit (sum assured plus bonuses) must equal at least 105% of the total premiums paid up until the date of death, per the policy documentation for LIC.
- Many middle-class urban families find that locking in a policy term of 15 to 20 years with a moderate sum assured provides both risk coverage and liquidity (through surrender or policy loan).
- Independent actuaries and the India Actuarial Society contend that, particularly in recessionary times, non-linked participating policies such as Jeevan Labh are more stable in terms of interest and bonus volatility than market-linked products.
FAQs
The policy becomes paid-up if you have paid the premiums for at least one full year. Although they will be proportionately diminished, you will still receive maturity and death benefits. Within the allotted revival period prior to maturity, revival is feasible.
It includes any accrued simple reversionary bonuses, the final additional bonus, and the higher of the basic sum assured or 7× the annualised premium. Additionally, the policy guarantees that the death benefit will equal at least 105% of the total premiums paid until the policyholder’s death.
Yes. You can give up after a full year; after that, there is a special surrender value. After two full years of premium payments, guaranteed surrender value kicks in.
Indeed. The insured will be liable for 80% of the premiums paid up to this point (less taxes and extra/rider premiums) or surrender value, if higher, if they commit suicide within 12 months of the policy’s start (or within 12 months of its revival).
30 days for yearly, half-yearly, quarterly modes; 15 days for monthly mode.
Death. 15 days for claims that don’t need further research. 45 days if an inquiry is required. The due date is when maturity claims are resolved.
Find out how LIC’s Jeevan Labh (Plan 736) can suit your lifestyle if you live in Delhi NCR, Mumbai, Bengaluru, Chennai, or another Indian city. Get a premium quote or maturity projection right now by using the calculator. Contact your local LIC branch or authorised agent right now to safeguard your family’s future.