Is Jeevan Labh endowment plan?

Asked by: Dr. Reyes Swift Jr.  |  Last update: February 11, 2022
Score: 4.1/5 (11 votes)

LIC Jeevan Labh is a simple endowment plan. You pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits. In case of death of the policyholder anytime during the policy term, the nominee will get the Death Benefit.

Is Jeevan Labh a good policy?

To add to it, the LIC Jeevan Labh Plan offers death as well as maturity benefits with additional profit participation bonus. This plan has been rated high as one of the best-selling endowment plans offered by LIC. Being available to a group age of 8-59 years, this plan offers a host of benefits to the policyholder.

What type of insurance is Jeevan Labh?

LIC Jeevan Labh Plan. This is a limited premium paying non-linked endowment life insurance policy that provides both savings and protection to policyholders. The plan offers both death and maturity benefits along with profit participation bonuses.

Is Jeevan Labh 936 a good policy?

LIC Jeevan Labh (Plan No: 936) is one of the effective life insurance plans offered by the Life Insurance Corporation of India. ... It also provides financial support to the family the needful in case of insured's miserable demise. People from the age group of 8-59 years can take advantage of this plan.

Is Jeevan Labh returns guaranteed?

I have done a calculation to find out the rate of return you are getting from the LIC Jeevan Labh. To my surprise, The LIC is giving a guaranteed return of only 2.13%.

LIC Plan Comparison || New Endowment Vs Jeevan Labh || #NewEndowment #JeevanLabh

16 related questions found

Which is better Jeevan Labh or PPF?

The PPF scheme helps you accumulate a guaranteed corpus which is also tax-efficient in nature. ... For fixed returns, you can compare PPF vs LIC Jeevan Labh which is an endowment plan with guaranteed benefits. Both the schemes help you accumulate a corpus through long term investments and avail of tax benefits.

What is an endowment policy?

An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term.

What is the difference between Jeevan Labh 836 and 936?

The initial version of the Jeevan Labh plan having plan number 836 was revised with effect from 1st February and was renamed as Jeevan Labh 936. LIC's Jeevan Labh (T 936) is an endowment type of plan with a shorter or limited premium payment period.

What is plan 836 in LIC?

LIC Jeevan Labh Plan - Table No. 836

LIC Jeevan Labh is a simple endowment plan. You pay premiums for a limited period of time and at the end of the policy term, you will get the Maturity Benefits. In case of death of the policyholder anytime during the policy term, the nominee will get the Death Benefit.

How can I be a LIC agent?

To become an LIC agent, follow these steps:
  1. Contact the right individuals. Get in touch with the nearest LIC branch in your city and contact the Development Officer. ...
  2. Participate in an interview. ...
  3. Complete training. ...
  4. Pass the examination. ...
  5. Obtain licensing. ...
  6. Complete reporting.

Is there any LIC policy for 16 years?

The LIC Jeevan Labh policy can be purchased any individual in the age group of 8-59 years if the policy term is for 16 years. The minimum sum assured for LIC's Jeevan Labh policy is ₹ 2 lakh and there is no maximum limit for the quantum of sum assured, according to the LIC website.

What is commission rate for LIC agent?

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

Is Jeevan Labh 936 a good policy Quora?

Presently LIC Jeevan labh is the best policy lic is offering in terms of returns . Same is the case with 10/16, 10 years is the premium paying term and 16 years is when the policy matures . Hello sir , Presently LIC Jeevan labh is the best policy lic is offering in terms of returns .

How can I cancel my Jeevan Labh policy?

836. Traditional plans are not designed to offer much flexibility when it comes to exiting anytime before the end of the policy term. You will only get back a part of the premiums which you have paid. You can use the surrender value factors mentioned below to know the amount you will get in case you surrender the plan.

What is the maturity amount in LIC Jeevan Labh 936?

About Jeevan Labh Plan (936) Maturity Calculator

Maturity: Maturity of Jeevan Labh is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus (Bonus) during policy term + Final Additional Bonus (if any) (FAB).

What is the death benefit of LIC?

Death benefit :

On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium.

Which is the best endowment plan?

Which Are The Best Endowment Plans In India?
  • HDFC Life Sanchay Plus.
  • ICICI Prudential Future Perfect Plan.
  • Canara Guaranteed Income 4Life Plan.
  • HDFC Life Sanchay Par Advantage Plan.

What are the three types of endowments?

Based on the Financial Accounting Standards Board (FASB), the three distinct types of endowments are:
  • Term Endowment. A term endowment, unlike most other endowments, is not perpetual. ...
  • True Endowment. When a donor provides funds to the endowment, it is specified that they are to be kept perpetually. ...
  • Quasi-Endowment.

How are endowment plans calculated?

How Is The Premium Calculated For Endowment Plans?
  1. Sum Assured. The Sum Assured is the amount of support received by the beneficiary or beneficiary in the event of the policyholder's death within the policy term. ...
  2. Age. ...
  3. Gender. ...
  4. Smoking And Tobacco Use. ...
  5. Medical History. ...
  6. Bonus.

Which is better PLI or LIC?

In terms of premiums, LIC has a higher rate of a premium compared to PLI. Many PLI plans offer a bonus which is quite high. Many LIC plans also offer bonus. However, the bonus rate is low compared to PLI plans.