LIC Jeevan Labh Plan 736 — Few Years of Premium, Long Cover
Jeevan Labh 736 is among LIC’s most popular plans. The reason is one: you pay premiums for only a few years, but cover and maturity stretch over a long period.
But is this plan really right for you? In this guide: what Jeevan Labh 736 is, eligibility, how the premium is decided, maturity and death benefit rules, its pros and cons, and an honest comparison — so the decision is based on facts, not on an agent’s pitch.
First and most important: Jeevan Labh is LIC’s own plan — it is NOT a government scheme.
Quick Facts
Plan: LIC Jeevan Labh Plan 736
UIN: 512N304V03
Type: Limited Premium, Non-Linked, Participating (With-Profits) Endowment Plan
Policy term: 16, 21 or 25 years
Premium paying term: 10, 15 or 16 years
Minimum entry age: 8 years (completed)
Maximum entry age: 59 years (16-year term), 54 years (21-year term), 50 years (25-year term)
Maximum maturity age: 75 years
Minimum Basic Sum Assured: ₹2,00,000
Maximum Basic Sum Assured: No limit
Death benefit: Higher of Basic Sum Assured or 7× annualised premium, plus declared bonuses
Maturity benefit: Basic Sum Assured + declared bonuses
Bonuses: Future bonuses are NOT guaranteed
What is Jeevan Labh 736?
Jeevan Labh is a limited premium endowment plan. Limited premium means: you do not pay premiums for the full term — only for a few years — and the cover runs for the full term.
Example: in a 25-year policy you pay premiums for only 16 years, but the cover lasts 25 years. In a 21-year policy you pay for 15 years, and in a 16-year policy you pay for only 10 years.
That is this plan’s biggest feature — premiums finish early, but protection and maturity last the full term.
Eligibility — Who Can Take It?
- Minimum entry age must be 8 years (completed) — so this plan can also be taken in a child’s name.
- Maximum entry age depends on the term: 59 years for a 16-year term, 54 years for a 21-year term, 50 years for a 25-year term.
- Maximum age at maturity is 75 years.
- Minimum Basic Sum Assured is ₹2,00,000; there is no maximum limit.
- Medical check-up requirement depends on age, Sum Assured and health declaration — as per LIC rules.
How is the Premium Decided?
The Jeevan Labh 736 premium is different for every person. It depends on:
- Entry age
- The chosen policy term and premium paying term
- The Basic Sum Assured amount
- The premium payment mode (yearly, half-yearly, quarterly or monthly)
For the exact premium, check the premium calculator on LIC’s official website or ask for the policy document at an LIC branch. This article deliberately gives no estimated premium table, because a wrong table can lead to a wrong decision.
What Do You Get on Maturity?
On completion of the term you get: Sum Assured on Maturity (equal to Basic Sum Assured) + Vested Simple Reversionary Bonus + Final Additional Bonus (if declared).
- Vested Bonus is the bonus declared every year that keeps accumulating in the policy.
- Final Additional Bonus may be declared at the end of the policy — it is not always paid.
- Important truth: future bonuses are NOT guaranteed. Past bonuses can give an idea of future bonuses, but treating them as guaranteed would be wrong.
- Tax rules may apply to the maturity amount — check your position as per current tax rules.
Death Benefit
On death during the term: Sum Assured on Death + declared bonuses are paid, where Sum Assured on Death means — higher of Basic Sum Assured or 7× annualised premium. This amount will not be less than 105% of total premiums paid.
The death benefit may also be taken as a lump sum or in instalments — check the policy document.
If the policy is taken in a child’s name: keep the nominee and guardian details correct, so there is no problem at claim time.
Benefits of Jeevan Labh 736
- Premiums for only 10, 15 or 16 years — cover for the full term.
- Can also be taken in a child’s name (entry from 8 years).
- On maturity: Sum Assured + bonuses.
- A plan from LIC, a government-owned institution — a trusted name.
- Rider options: Accidental Death and Disability Benefit Rider and New Term Assurance Rider can be added for additional premium.
- Loan facility: a loan may be available against the policy as per LIC rules.
Drawbacks — The Honest Side
- Returns are usually slightly above FD and below the stock market. If the goal is only higher returns, this plan is not built for that.
- Bonuses are not guaranteed — the maturity amount is not fixed in advance.
- It is a long-term commitment — exiting midway can cause losses.
- Considering inflation, the real value of money falls over a long period.
- This plan is not “the best” — it is good for a specific need.
Jeevan Labh vs Jeevan Anand — Know the Difference
In Jeevan Anand, premiums are paid for the full term and life cover continues even after maturity. In Jeevan Labh, premiums are paid for only a few years, but the cover lasts only till the policy term — after maturity the cover ends.
If you want lifelong cover, Jeevan Anand makes sense. If you want savings + protection for a fixed period with fewer years of premiums, Jeevan Labh makes sense.
Jeevan Labh vs Term Insurance + SIP — Honest Comparison
If the need is only family protection, term insurance usually gives much higher cover at a much lower premium. Investing the saved money in a SIP can give higher long-term returns — but with market risk.
Jeevan Labh makes sense when you want a guaranteed Sum Assured + bonus-linked maturity for a fixed period, and you want to stay away from market ups and downs.
This article is not financial advice — speak to a trusted financial adviser before a big decision.
Who Should Take It, Who Should Not?
Consider taking it if: you want savings + protection for a fixed goal like a child’s education/marriage, you can pay premiums for a few years, and you want a safe, low-risk option.
Do not take it if: you only want higher returns, your need is only protection (then look at term insurance), or paying premiums for a long period will be difficult.
How to Take Jeevan Labh 736?
- Visit an LIC branch or check LIC’s official website.
- Do read the Policy Document — especially the death benefit, bonus and surrender rules.
- Choose premium, term and Sum Assured as per your need.
- Do not decide under an agent’s pressure. There is a free-look period in the policy — read the document carefully after receiving it.
Frequently Asked Questions
1. What is LIC Jeevan Labh 736? It is LIC’s limited premium endowment plan — premiums for a few years, cover for the full term.
2. What is the entry age for Jeevan Labh 736? Minimum 8 years. Maximum 59 years (16-year term), 54 years (21-year), 50 years (25-year).
3. For how many years do you pay premiums in Jeevan Labh 736? 10 years in a 16-year policy, 15 years in a 21-year policy, 16 years in a 25-year policy.
4. What is the minimum Sum Assured in Jeevan Labh 736? ₹2,00,000.
5. What do you get on maturity? Basic Sum Assured + Vested Bonus + Final Additional Bonus (if declared).
6. Are bonuses guaranteed? No. Future bonuses are not guaranteed — they are declared by LIC.
7. Is Jeevan Labh a government scheme? No. It is LIC’s own plan, not a government scheme.
8. Is this plan right for me? It depends on your need, budget and risk capacity. This article is not financial advice — speak to a trusted financial adviser before deciding.
Disclaimer: This article is not financial advice. GramSuvidha is a private information portal, not a government website.
