LIC Jeevan Labh Plan 936 & 736: Benefits, Premium, Maturity & Other Details

LIC Jeevan Labh is a limited-premium endowment plan from Life Insurance Corporation of India. You pay premiums for a shorter period than the policy runs, your family is covered for the full term, and at maturity you receive the basic sum assured plus any bonuses LIC has added along the way.

There is one thing many readers miss. LIC Jeevan Labh Table No. 936 was withdrawn on 1 October 2024. It was replaced on the same day by a revised version, LIC’s Jeevan Labh Plan No. 736. The name and the basic structure are the same, but some rules changed, especially around surrender, loans and the free-look period. If you already hold a 936 policy, the 936 terms still apply to you. If you are buying today, you will be offered Plan 736.

This guide covers both, and points out where they differ.

What Is LIC Jeevan Labh?

LIC Jeevan Labh is a non-linked, participating, individual life insurance savings plan. In plain terms:

• Non-linked means your money is not tied directly to the stock market, as it would be in a ULIP.
• Participating (or “with-profits”) means the policy shares in LIC’s surplus through bonuses, which LIC declares each year.
• Limited premium means you stop paying premiums several years before the policy matures.

People usually look at Jeevan Labh when they want two things from a single policy: life cover for the family and a lump sum at a fixed future date, often timed for a child’s higher education, marriage expenses or the years just before retirement. It is a long commitment, with terms of 16, 21 or 25 years.

LIC Jeevan Labh Plan 936 and 736 at a Glance

For Plan 736, the entry ages, maturity age and minimum sum assured shown above match the 936 version in the summaries we checked. Confirm them in the current sales brochure or with your agent before you apply.

LIC Jeevan Labh Benefits

Jeevan Labh pays out in one of two situations: the life assured dies during the policy term, or survives to the end of it. In both cases, any bonuses added to the policy form part of the payout.

Death Benefit

If the life assured dies during the policy term while the policy is in force, the nominee receives:

Sum Assured on Death + vested simple reversionary bonuses + final additional bonus (if any)

The “Sum Assured on Death” is the higher of the basic sum assured or seven times the annualised premium. The total death benefit cannot be less than 105% of all premiums paid up to the date of death, excluding taxes, extra premiums and rider premiums.

Under Plan 736, the policyholder can also choose to have the death benefit paid in instalments over 5, 10 or 15 years instead of a lump sum. Minimum instalment amounts apply.

A suicide clause also applies. If the life assured dies by suicide within 12 months of the policy starting, the nominee receives 80% of the premiums paid (excluding taxes, extra premium and rider premiums), provided the policy is in force. A similar rule applies within 12 months of a revival.

Maturity Benefit

If the life assured survives to the end of the policy term, and all premiums have been paid, the policyholder receives:

Basic sum assured + vested simple reversionary bonuses + final additional bonus (if any)

The maturity amount can also be taken in instalments over 5, 10 or 15 years under the settlement option, instead of as a single payment.

Bonus

Bonuses are the part of Jeevan Labh that most people misunderstand, so it is worth being precise.

LIC declares a simple reversionary bonus at the end of each financial year, usually expressed as an amount per ₹1,000 of basic sum assured. Once a bonus is declared and added to your policy, it “vests” and becomes part of what will be paid on death or maturity. “Simple” means the bonus is calculated on the basic sum assured only, not on bonuses already added.

A final additional bonus may also be declared when a claim becomes payable through death or maturity, generally for policies that have run for a minimum period. It is not payable on paid-up policies.

Future bonuses are not guaranteed. They depend on LIC’s experience and are declared year by year. Past bonus rates can give you a rough sense of what has happened before, but they do not tell you what will be declared in future. Any maturity figure you see that includes future bonuses is an estimate, not a promise.

LIC Jeevan Labh Premium

Your LIC Jeevan Labh premium depends mainly on:

• Age at entry. The older you are, the higher the premium, because the cost of life cover rises with age.
• Basic sum assured. A higher sum assured means a higher premium.
• Policy term and premium-paying term. The three options (16/10, 21/15 and 25/16) each have their own premium rates.
• Premium mode. LIC usually offers a small rebate for yearly and half-yearly payment compared with paying more often.
• Sum assured band. LIC applies a rebate for higher sums assured, based on its published tables.
• Health and underwriting. Depending on your age, medical history and the sum assured, LIC may ask for medical tests or charge an extra premium.
• Riders. Any optional riders add to the premium.

What about GST?

Until September 2025, GST applied to life insurance premiums, which is why older articles quote premiums “plus taxes”. From 22 September 2025, GST on individual life insurance policies was reduced to zero. This applies to premiums paid on or after that date, including renewal premiums on existing policies. Group insurance policies are not covered by this change.

LIC Jeevan Labh Premium Example

We have not included a premium table here, and that is deliberate. Premium rates depend on your exact age, sum assured, term, mode and underwriting, and examples copied from websites are often out of date or simply wrong. Some older figures in circulation also include GST, which no longer applies to individual life policies.

For an accurate figure, ask an LIC agent or branch for a benefit illustration based on your details. It shows the exact premium for each mode, the total premium you will pay, and the projected death and maturity benefits at two assumed bonus rates. An illustration is not a final quotation, but it is far more reliable than a generic example.

When you get one, check:

• the yearly premium and the premium for your chosen mode;
• the total premium payable over the premium-paying term;
• the guaranteed part of the benefit (the sum assured);
• the projected bonuses, and the rates they are assumed at.

LIC Jeevan Labh Maturity Amount

The LIC Jeevan Labh maturity amount has two parts.

The first is the basic sum assured. This is fixed when you buy the policy and is guaranteed to be paid at maturity, provided the policy is in force and all premiums have been paid.

The second is bonuses: the simple reversionary bonuses vested over the years, plus any final additional bonus. These depend on what LIC declares and are not guaranteed in advance.

So if you buy a policy with a ₹5 lakh basic sum assured, the ₹5 lakh is certain at maturity, assuming you keep the policy going. Everything above that depends on bonuses. LIC’s illustrations show projected values at two assumed rates of return, and the gap between them gives you a fair idea of how much of the final amount is uncertain.

Also remember that the premium-paying term ends before maturity. On a 25-year policy with a 16-year paying term, for example, your money stays in the policy for nine more years after your last premium.

LIC Jeevan Labh Calculator

Online “LIC Jeevan Labh calculators” can give you a rough idea of premiums and maturity values. To use any calculator, you will need:

• your age (date of birth);
• the basic sum assured you want;
• the policy term (16, 21 or 25 years);
• your premium mode;
• for maturity estimates, an assumed bonus rate.

Two cautions. First, make sure the calculator is using the right plan version. Plan 936 has been withdrawn, so new quotes should be for Plan 736. Second, maturity estimates are only as good as the bonus rate assumed. LIC’s own benefit illustration, which an agent can generate for you, is the most reliable starting point.

LIC Jeevan Labh Surrender Value

Surrendering means ending the policy early and taking whatever cash value it has built up. The rules differ between the two versions.

Plan 936: the policy acquires a surrender value only after at least two full years’ premiums have been paid.

Plan 736: a special surrender value can be available after the first policy year, if one full year’s premium has been paid. The guaranteed surrender value applies once at least two full years’ premiums have been paid.

In both versions, the surrender value paid is the higher of the Guaranteed Surrender Value (GSV) and the Special Surrender Value (SSV). The GSV is worked out using factors set out in the policy document, applied to premiums paid and vested bonuses. The SSV is set by LIC and can change over time, subject to regulatory approval.

The important point is practical: surrendering in the early years usually gives back much less than the premiums you have paid. You also lose your life cover. If you need money urgently, it is worth checking the loan option or the paid-up option before surrendering.

LIC Jeevan Labh Loan Facility

Yes, you can take a loan against a Jeevan Labh policy once it has acquired a surrender value. The policy is assigned to LIC as security.

Plan 936: a loan is available after at least two full years’ premiums have been paid, up to 90% of the surrender value for in-force policies and up to 80% for paid-up policies.

Plan 736: a loan is available after the first policy year, if one full year’s premium has been paid. Before two full years’ premiums have been paid, the limit is 50% of the surrender value for in-force policies and 40% for paid-up policies. After two full years’ premiums, the limits rise to 80% and 70%.

Interest is charged at a rate LIC sets periodically. Any loan outstanding, with interest, is deducted from the claim or maturity amount if it has not been repaid.

LIC Jeevan Labh Paid-Up Policy

If you stop paying premiums, the policy does not always simply end. What happens depends on how long you paid.

If you stop before the policy has acquired paid-up value, it lapses at the end of the grace period. A lapsed policy has no cover and no value unless you revive it.

If you stop after the policy has acquired paid-up value, it continues as a paid-up policy with a reduced sum assured. The reduction is in proportion to the premiums paid compared with the total premiums payable. Bonuses already vested stay attached, but no further bonuses are added, and the final additional bonus is not payable on paid-up policies.

For Plan 936, paid-up value is acquired after two full years’ premiums. For Plan 736, it is acquired after one full year’s premium.

Grace period and revival

LIC allows a grace period of 30 days for yearly, half-yearly and quarterly premiums, and 15 days for monthly premiums. Your cover continues during this time.

A lapsed policy can be revived within five consecutive years from the date of the first unpaid premium, before the maturity date, by paying the arrears with interest and meeting LIC’s health requirements.

LIC Jeevan Labh Riders

You can add optional riders by paying an extra premium, subject to LIC’s eligibility conditions and age limits.

For Plan 736, the riders listed in the policy document are LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider and LIC’s Premium Waiver Benefit Rider.

For Plan 936, LIC’s New Critical Illness Benefit Rider was also available alongside these four.

Rider availability can depend on age, sum assured and other conditions. The Premium Waiver Benefit Rider is generally relevant when the proposer and the life assured are different people, for example a parent buying a policy for a child.

LIC Jeevan Labh Tax Benefits

Tax treatment depends on the law in force in the year concerned and on your own circumstances. Broadly:

Premiums. If you file under the old tax regime, premiums paid for life insurance may be eligible for a deduction under Section 80C, within the overall limit and subject to conditions. Under the new tax regime, this deduction is generally not available. India’s Income-tax Act, 2025 has renumbered many provisions, so the section numbers you see may differ depending on the year.

Death benefit. Amounts received on the death of the life assured are generally exempt from tax.

Maturity benefit. Maturity proceeds can be exempt under Section 10(10D), but only if certain conditions are met. Two conditions matter most. The premium in any year should not exceed a set percentage of the sum assured. And for non-ULIP policies issued on or after 1 April 2023, the exemption does not apply where the total annual premium across such policies exceeds ₹5 lakh. If the conditions are not met, the maturity amount (or part of it) can be taxable.

Please confirm your situation with a tax adviser before relying on any tax benefit.

LIC Jeevan Labh Eligibility

Anyone within the entry age limits can buy Jeevan Labh, subject to LIC’s underwriting. The minimum entry age is 8 years completed. The maximum depends on the term you choose: 59 years for the 16-year term, 54 for the 21-year term and 50 for the 25-year term. The policy must mature by age 75. The minimum basic sum assured is ₹2 lakh, with no fixed upper limit.

When the life assured is a minor, a parent or legal guardian is usually the proposer. NRIs may also be able to buy the plan, subject to LIC’s rules for non-residents.

LIC Jeevan Labh Policy Documents and Requirements

The exact requirements depend on your age, the sum assured and LIC’s underwriting rules, but you should expect to provide:

• a completed proposal form;
• proof of identity and address, along with your KYC documents;
• proof of age;
• PAN details;
• a recent photograph;
• bank account details for future payouts;
• income proof, particularly for higher sums assured;
• medical reports, if LIC asks for them.

Answer every question in the proposal form honestly, especially questions about health and existing insurance. Incorrect or incomplete information can create problems at claim time.

LIC Jeevan Labh: Advantages and Limitations

The appeal of Jeevan Labh is easy to see. It combines life cover with forced savings, the sum assured is guaranteed at maturity if you keep the policy going, and you stop paying premiums well before the policy ends. It also offers flexibility in the form of loans, settlement options for maturity and, under Plan 736, instalment options for the death benefit.

The limitations matter just as much.

It is a long commitment. Missing premiums in the early years, or surrendering early, usually means a loss.

The return depends heavily on bonuses, which are not guaranteed. The life cover is also modest compared with what the same premium could buy through a pure term plan.

Liquidity is limited. You cannot simply withdraw money as you could from a savings account or many mutual funds, and loans carry interest.

Inflation also eats into the value of a fixed sum assured over 16 to 25 years. A sum that sounds large today will buy less when the policy matures.

Finally, there is an opportunity cost. The same money could be split between term insurance and other investments, and the result may be better or worse depending on your choices and the market. Jeevan Labh is not automatically the right or the wrong choice. It depends on what you want the money to do.

Who May Consider LIC Jeevan Labh?

Jeevan Labh may suit people who want a disciplined, long-term savings plan with a guaranteed sum assured and a fixed maturity date. It can fit goals such as building a fund for a child’s education or for the years before retirement, especially for someone who values predictability over higher-risk, higher-potential-return options. It also suits people who prefer to finish paying premiums before their income tapers off.

Who Should Be Careful Before Buying?

Think carefully if any of these apply to you:

• You do not yet have enough pure life cover for your family. A term plan is usually the cheaper way to get high cover.
• You do not have an emergency fund. Breaking this policy early is costly.
• Your income is irregular, and paying premiums for 10 to 16 years could become a strain.
• You may need the money before maturity.
• You are mainly looking for high returns and are comfortable with market-linked investments.

None of these rule the plan out. They are simply questions to answer honestly before you sign.

LIC Jeevan Labh vs Other LIC Plans

LIC offers several plan types that people often compare with Jeevan Labh:

• Term plans, such as LIC Jeevan Amar, give pure life cover with no maturity benefit. Cover is much higher for the same premium, but nothing is paid if you survive the term.
• Regular-premium endowment plans, such as the LIC New Endowment Plan, work on a similar savings-plus-cover idea, but premiums are usually paid for the full term rather than a shorter period.
• Goal-oriented plans, such as LIC Jeevan Lakshya, are designed around protecting a family goal, with features such as annual income benefits to the family after the life assured’s death.
• Whole-life income plans, such as LIC Jeevan Umang, focus on regular payouts after the premium-paying term rather than a single maturity lump sum.

The right comparison depends on whether your priority is protection, a lump sum, regular income or a specific goal.

Frequently Asked Questions

What is LIC Jeevan Labh?

It is a non-linked, participating, limited-premium endowment plan that pays a death benefit if the life assured dies during the term, and a maturity benefit with bonuses if the life assured survives to the end of the term.

What is LIC Jeevan Labh Table No. 936?

Table No. 936 (UIN 512N304V02) is the version of Jeevan Labh sold from 1 February 2020 until it was withdrawn on 1 October 2024. Existing 936 policies continue on their original terms. New policies are issued under Plan 736.

Is LIC Jeevan Labh 936 still available?

No. Plan 936 was withdrawn on 1 October 2024. The current version is LIC’s Jeevan Labh Plan No. 736 (UIN 512N304V03).

What is the maturity benefit of LIC Jeevan Labh?

The basic sum assured plus vested simple reversionary bonuses and any final additional bonus, provided all premiums have been paid. The sum assured is guaranteed. The bonuses depend on LIC’s declarations.

How is LIC Jeevan Labh premium calculated?

It depends on your age, sum assured, policy term, premium mode and underwriting. Rebates may apply for higher sums assured and for yearly or half-yearly payment. Ask for a benefit illustration for an exact figure.

Is a loan available on LIC Jeevan Labh?

Yes, once the policy has acquired a surrender value. Under Plan 936 this is after two full years’ premiums. Under Plan 736 it can be after one full year’s premium, with lower limits in the first two years.

Can LIC Jeevan Labh be surrendered?

Yes, once it acquires a surrender value. You receive the higher of the guaranteed and special surrender values, which in the early years is usually less than the premiums paid.

What happens if I stop paying LIC Jeevan Labh premiums?

If the policy has not acquired paid-up value, it lapses after the grace period. If it has, it becomes a paid-up policy with a reduced sum assured. A lapsed policy can usually be revived within five years of the first unpaid premium.

Does LIC Jeevan Labh provide bonuses?

Yes. It is a participating plan, so it is eligible for simple reversionary bonuses and a final additional bonus, if declared. Bonuses are not guaranteed in advance.

What is the death benefit under LIC Jeevan Labh?

The Sum Assured on Death (the higher of the basic sum assured or seven times the annualised premium), plus vested bonuses and any final additional bonus. The total is at least 105% of premiums paid up to the date of death.

Is LIC Jeevan Labh suitable for long-term savings?

It is designed for long-term savings with life cover. Whether it suits you depends on your goals, your existing insurance, your need for liquidity and how comfortable you are with bonus-dependent returns.

What are the tax benefits of LIC Jeevan Labh?

Premiums may qualify for a deduction under the old tax regime. Death benefits are generally tax-exempt, and maturity proceeds can be exempt if the conditions of Section 10(10D) are met. The rules depend on the year and your circumstances.

Conclusion

LIC Jeevan Labh is a straightforward idea: pay premiums for 10, 15 or 16 years, stay insured for 16, 21 or 25 years, and receive the sum assured plus bonuses at maturity. Table No. 936 has been withdrawn, and new buyers are now offered Plan 736, which keeps the same structure but allows earlier access to surrender value and loans and has a longer free-look period.

The guaranteed part is the sum assured. Everything above it depends on bonuses. Before buying LIC Jeevan Labh, look at a proper benefit illustration, make sure the premium fits comfortably for the full paying term, and check that your family already has enough life cover. Do that, and you will know whether this plan fits your goals.