What is LIC Jeevan Labh?

LIC Jeevan Labh is a popular life insurance plan offered by the Life Insurance Corporation of India (LIC). It is a participating, limited premium payment, non-linked endowment plan that provides both insurance coverage and savings benefits. The plan aims to offer financial protection to the policyholder’s family in case of their untimely death while also building a corpus for future needs.

How to Use the LIC Jeevan Labh Calculator？

The LIC Jeevan Labh Calculator is a user-friendly tool designed to help potential policyholders estimate various aspects of the Jeevan Labh plan. Here’s a comprehensive guide on how to use this calculator effectively:

1. Age Input
Start by entering your current age in the “Age” field. The Jeevan Labh plan is available for individuals between 8 and 59 years old. The calculator will only accept ages within this range.

2. Sum Assured
Enter the desired sum assured amount in the corresponding field. The minimum sum assured for Jeevan Labh is ₹200,000, and it should be in multiples of ₹10,000. This amount represents the basic coverage of your policy.

3. Policy Term
Select the policy term from the dropdown menu. Jeevan Labh offers three options: 16 years, 21 years, or 25 years. The policy term determines how long your coverage will last and when you’ll receive the maturity benefit.

4. Premium Frequency
Choose how often you want to pay your premiums from the “Premium Frequency” dropdown. Options include yearly, half-yearly, quarterly, and monthly payments. This selection affects how your premium amount is calculated and distributed throughout the year.

5. Calculate
After filling in all the required fields, click the “Calculate” button. The tool will process your inputs and generate the results.
The calculator will display several key pieces of information:

• Premium Amount: This shows how much you need to pay based on your chosen frequency.
• Maturity Amount: An estimate of the sum you’ll receive at the end of the policy term if you survive.
• Death Benefit: The amount your nominees would receive in case of your untimely death during the policy term.
• Policy Term: A confirmation of your selected policy duration.

6. Consider Multiple Scenarios
It’s advisable to calculate and compare multiple scenarios. For example, you might want to see how choosing a 21-year term instead of 16 years affects your premiums and maturity amount.

Also, this calculator provides estimates based on simplified calculations. Actual premiums and benefits may vary due to factors like your health, occupation, and LIC’s current rates.

By using this LIC Jeevan Labh Calculator, you can gain a clearer understanding of what to expect from the policy in terms of premiums, maturity benefits, and death coverage. This tool empowers you to make more informed decisions about your life insurance and financial planning, helping you choose a policy that aligns with your long-term financial objectives and current budget constraints.