Money earning offer by LIC! This policy will give you a big amount; here is how

LIC Jeevan Labh Policy is a non-linked Life Insurance Corporation of India plan, which has nothing to do with the stock market fluctuations. This will bring relief to those who are worried about their money going towards investment in volatile equity markets. Popularly known as LIC Jeevan Labh 836 plan, this LIC policy one of the best selling endowment plans offered by the LIC of India. In this policy, one can accumulate Rs 17.13 lakh by investing Rs 233 per day. That's why this LIC of India policy is best suited for the child marriage, higher studies of the child and for buying property.

Speaking on the LIC Jeevan Labh policy, SEBI registered tax and investment expert Jitendra Solanki said, "This LIC policy provides both savings and protection to the policyholders. This LIC of India plan offers both death and maturity benefits along with profit participation bonuses." He said that LIC Jeevan Labh policy is available in three Premium Paying Terms (PPT) — 10 years, 15 years and 16 years. The policy terms for these PPT is 16 years, 21 years and 25 years respectively. He said that if an investor has began investing in this LIC policy in the beginning of career, then it's advisable to go deep, which means 25 year maturity plan with 16 year PPT.

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Speaking on the benefits available to the LIC policy holder in the case of financial crisis; another SEBI registered tax and investment expert Manikaran Singhal said, "Loans can be availed against this LIC policy. Loans are available in this LIC of India policy provided if at least 3 full years’ premiums have been paid and the policy has acquired a Surrender Value." Speaking on the basic sum assured under this LIC policy Singhal said, "There is no limit on the maximum basic sum assured. But, the minimum sum assured in this LIC of India policy is Rs 2 lakh." He said that Basic Sum Assured are in multiples of Rs 10,000 only.

LIC Jeevan Labh 836 plan details

In this LIC of India plan, the policy holder is eligible for maturity benefit, death benefit, simple reversionary bonus and final (Additional) bonus (if any).

LIC Jeevan Labh policy calculator

Policy holder age: 23 years

PPT: 10 years

Policy Term: 16 years

Death sum assured: Rs 10 lakh

Basic sum assured: Rs 10 lakh

LIC Jeevan Labh 836 premium calculator for first year

Like any other LIC policy, this LIC of India requires 4.5 epr cent interest on the policy premium, which is payable in yearly, half-yearly, monthly and YLY (per day) mode.

Annual premium: Rs 87,200 (Rs 83,445 + Rs 3,755)

Half-yearly premium: Rs 44,046 (Rs 42,149 + Rs 1,897)

Quartely premium: Rs 22,246 (Rs 21,288 + Rs 958)

Monthly premium: Rs 7,415 (Rs 7,096 + Rs 319)

YLY average premium: Rs Rs 238

LIC Jeevan Labh 836 premium calculator from second year

From second year, taxes levied on the the LIC premium goes down and so does the LIC premium. From second year, one will have to pay the following premium in LIC Jeevan Labh policy:

Annual premium: Rs 85,323 (Rs 83,445 + Rs 1,878)

Half-yearly premium: Rs 43,097 (Rs 42,149 + Rs 948)

Quartely premium: Rs 21,767 (Rs 21,288 + Rs 479)

Monthly premium: Rs 7,256 (Rs 7,096 + Rs 160)

YLY average premium: Rs Rs 233

LIC Jeevan Labh 836 maturity calculator

Net premium paid: Rs 8,55,107

Sum Assured: Rs 10 lakh

Net Bonus: Rs 6,88,000

Final Additional Bonus (FAB): Rs 25,000

Net maturity after 16 years will be Sum assured + net bonus + FAB means Rs 17,13,000 (Rs 10,00,000 + Rs 6,88,000 + Rs 25,000). So, on an investment of Rs 7,256 per month, a LIC policy holder in this LIC of India plan can expect to get Rs 17.13 lakh after 16 years of maturity period.