Endowment Plans
LIC's Jeevan Labh (736)
Pay premiums for fewer years, stay covered for the full term, get a lump sum at maturity
- Entry age
- 8 years (completed) to 59 years (nearer birthday) for 16-year term, 54 years for 21-year term, 50 years for 25-year term
- Policy term
- 16, 21 or 25 years
- Premium paying term
- 10 years (for 16-year term), 15 years (for 21-year term), 16 years (for 25-year term)
- Min. sum assured
- ₹2,00,000
Plan overview
LIC's Jeevan Labh is a limited-premium participating savings plan: you pay premiums for 10, 15 or 16 years while life cover runs for 16, 21 or 25 years. On survival it pays a lump sum with bonuses, and on death during the term it supports the family. It suits earning adults (and parents buying for children aged 8 or above) who want to finish paying premiums early while building long-term savings.
New to endowment plans? Read our simple guide: What Is an Endowment Plan? A Simple Guide →Key benefits
- Limited premium payment: three fixed options of 16/10, 21/15 and 25/16 years (term/premium years)
- Maturity benefit: Basic Sum Assured plus vested bonuses and Final Additional Bonus, if any
- Death cover: higher of Basic Sum Assured or 7 times annualised premium, plus bonuses
- Entry from age 8 up to 59 (depending on term), so suitable for children and adults
- Death or maturity benefit can be taken in instalments over 5, 10 or 15 years
- High Sum Assured Rebate up to 3.50 per thousand of Basic Sum Assured, plus mode rebates
- Loan up to 80% of surrender value on in-force policies after two full years' premiums
Eligibility at a glance
- Plan number
- 736
- UIN
- 512N304V03
- Plan type
- Par, Non-Linked, Life, Individual, Savings Plan
- Entry age
- 8 years (completed) to 59 years (nearer birthday) for 16-year term, 54 years for 21-year term, 50 years for 25-year term
- Maximum maturity age
- 75 years (nearer birthday)
- Policy term
- 16, 21 or 25 years
- Premium paying term
- 10 years (for 16-year term), 15 years (for 21-year term), 16 years (for 25-year term)
- Minimum sum assured
- ₹2,00,000
- Maximum sum assured
- No limit
- Premium payment modes
- Yearly, Half-yearly, Quarterly, Monthly (NACH only), Salary deduction (SSS)
How the plan works
LIC's Jeevan Labh combines life cover and savings with a shorter premium-paying period than the policy term. You choose one of three term options and pay premiums only for the stated premium paying term, while cover continues for the full policy term. The policy earns Simple Reversionary Bonuses declared each year based on LIC's experience, and a Final Additional Bonus may be declared when it ends in a death or maturity claim. Risk starts immediately once the proposal is accepted. If the policy is on a minor's life, it automatically vests in the child on the policy anniversary on or after their 18th birthday.
| Policy term | Premium paying term | Entry age |
|---|---|---|
| 16 years | 10 years | 8 (completed) to 59 (nearer birthday) |
| 21 years | 15 years | 8 (completed) to 54 (nearer birthday) |
| 25 years | 16 years | 8 (completed) to 50 (nearer birthday) |
- Maximum maturity age: 75 years (nearer birthday)
- Basic Sum Assured: minimum ₹2,00,000, no maximum; in multiples of ₹10,000 from ₹2,00,000 to ₹4,50,000 and ₹25,000 above ₹4,50,000
Sample annual premiums (excluding taxes) for a Basic Sum Assured of ₹2 lakh, standard life:
| Age | 16 (10) | 21 (15) | 25 (16) |
|---|---|---|---|
| 20 | ₹17,718 | ₹11,623 | ₹9,908 |
| 30 | ₹17,767 | ₹11,701 | ₹10,025 |
| 40 | ₹18,012 | ₹12,054 | ₹10,476 |
| 50 | ₹18,855 | ₹13,083 | ₹11,682 |
Death benefit
If the life assured dies during the policy term while the policy is in-force, the nominee receives the Sum Assured on Death plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Sum Assured on Death is the higher of the Basic Sum Assured or 7 times the annualised premium. The death benefit will not be less than 105% of total premiums paid up to the date of death.
Maturity benefit
If the life assured survives to the end of the policy term with the policy in-force, LIC pays the Sum Assured on Maturity (equal to the Basic Sum Assured) plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Bonuses depend on LIC's experience and are not fixed in advance; once declared, reversionary bonuses become part of the guaranteed benefits.
Optional riders
Available for extra premium (only one of the two accident riders can be chosen):
- LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02) - for minors, from the policy anniversary after age 18
- LIC's Accident Benefit Rider (UIN: 512B203V03) - cover only during the premium paying term; for minors, from the policy anniversary after age 18
- LIC's New Term Assurance Rider (UIN: 512B210V02) - at inception only
- LIC's Premium Waiver Benefit Rider (UIN: 512B204V04) - on the proposer's life, for policies where the life assured is a minor
Loan, surrender & revival
- Loan: available after the first policy year once one full year's premium is paid, within the surrender value. Limit: 50% of surrender value (in-force) or 40% (paid-up) before two full years' premiums; 80% (in-force) or 70% (paid-up) after two full years' premiums. For loans sanctioned from 1 May 2024 to 30 April 2025, interest was 9.5% p.a. compounding half-yearly.
- Surrender: possible after the first policy year once one full year's premium is paid. Guaranteed Surrender Value is acquired after at least two full years' premiums; you receive the higher of Guaranteed and Special Surrender Value.
- Paid-up: if at least one full year's premium is paid and premiums stop, the policy continues with proportionately reduced benefits and keeps bonuses already vested, but stops earning new bonuses.
- Revival: a lapsed policy can be revived within 5 consecutive years from the first unpaid premium and before maturity, by paying arrears with interest (9.50% p.a. compounding half-yearly for 1 May 2024 to 30 April 2025), subject to continued insurability.
Other key terms
- Grace period: 30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly premiums.
- Free-look period: 30 days from receiving the policy document.
- Settlement option: all or part of the maturity amount, and also the death benefit, can be received in instalments over 5, 10 or 15 years. Minimum instalments: ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly. The maturity settlement option must be chosen at least 3 months before maturity.
- Mode rebate: 2% of tabular premium for yearly mode, 1% for half-yearly; nil for quarterly, monthly and salary deduction.
- High Sum Assured Rebate:
| Basic Sum Assured | Rebate |
|---|---|
| ₹2,00,000 to below ₹5,00,000 | Nil |
| ₹5,00,000 to below ₹10,00,000 | 2.00 per thousand BSA |
| ₹10,00,000 to below ₹15,00,000 | 3.00 per thousand BSA |
| ₹15,00,000 and above | 3.50 per thousand BSA |
- Suicide exclusion: within 12 months of start of risk, 80% of premiums paid is payable (policy in-force); within 12 months of revival, higher of 80% of premiums paid or surrender value.
Who should buy LIC's Jeevan Labh?
- Working adults who want to complete premium payments during their earning years
- Parents planning a savings policy on a child's life from age 8
- People saving for a goal 16 to 25 years away, such as a child's education or retirement
- Those who prefer a traditional participating plan that earns bonuses from LIC's profits
Frequently asked questions
What are the policy term options in LIC Jeevan Labh (Plan 736)?
There are three fixed options: 16-year term with 10 years of premiums, 21-year term with 15 years of premiums, and 25-year term with 16 years of premiums.
What is the entry age for Jeevan Labh?
Minimum 8 years (completed). Maximum is 59 years for the 16-year term, 54 years for the 21-year term and 50 years for the 25-year term (all nearer birthday). Maximum maturity age is 75.
What is paid on maturity?
The Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any, provided all premiums have been paid.
What does the family get on death during the term?
The higher of the Basic Sum Assured or 7 times the annualised premium, plus vested bonuses and Final Additional Bonus, if any. It is never less than 105% of total premiums paid.
What is the minimum sum assured?
₹2,00,000 with no upper limit. It goes in steps of ₹10,000 up to ₹4,50,000 and ₹25,000 above that.
How much loan can I take?
After one full year's premium, up to 50% of the surrender value on an in-force policy; after two full years' premiums, up to 80%. For paid-up policies the limits are 40% and 70%.