LIC Jeevan Labh Calculator
Calculate Premium & Maturity for Plans 736, 836 & 936
If you are thinking of buying LIC’s Jeevan Labh plan, the first question in your mind is probably simple: “How much will I pay, and how much will I get back?”
That is exactly what the LIC Jeevan Labh Calculator is for. In this guide, we explain in plain language how the calculator works, what numbers it needs from you, and how to read its results — using a real, worked-out example. We also cover the latest 2026 updates that many older articles on this topic still miss, such as the removal of GST on life insurance premiums.
This is an independent, educational guide. It is not published by LIC, and it does not replace personal advice from a licensed LIC agent or financial advisor.
What Is the LIC Jeevan Labh Calculator?
The LIC Jeevan Labh Calculator is a simple online tool that turns four or five basic details — your age, gender, the sum assured you want, the policy term, and how you plan to pay — into three practical numbers:
- The premium you will pay each year (or half-year, quarter, or month).
- The maturity amount you can expect if you survive the full policy term.
- The death benefit your family would receive if something happens to you during the term.
It saves you from doing the maths by hand and gives you a fair idea of the plan before you meet an agent or apply.
Why Check the Numbers Before You Buy
A life insurance plan is usually a 16 to 25-year commitment, so it helps to know what you are signing up for.
- Budget check – See if the yearly premium fits comfortably in your monthly budget.
- Goal matching – Pick a sum assured and term that actually meets a goal, like a child’s education or your own retirement.
- Comparison – Compare Plan 736 against other savings options, such as PPF or mutual fund SIPs, using real figures instead of guesswork.
- No surprises – Understand upfront how much of your return depends on LIC’s bonus declarations, which change year to year.
A Quick Recap of LIC Jeevan Labh
Jeevan Labh is a participating (with-profit), non-linked endowment plan. In simple words: it is not linked to the stock market, and LIC shares part of its profits with you in the form of yearly bonuses.
The plan’s biggest selling point is its limited premium payment term. You stop paying premiums well before the policy actually ends, but your cover and bonus accumulation keep running until maturity.
| Policy Term | Premium Paying Term |
|---|---|
| 16 years | 10 years |
| 21 years | 15 years |
| 25 years | 16 years |
So if you pick the 25-year option, you only pay for the first 16 years — the last 9 years are premium-free, but the policy (and your bonus growth) continues.
Jeevan Labh 736 vs 836 vs 936: What Changed
Jeevan Labh has been revised twice since it first launched. Here is how the three versions differ:
| Point of Difference | Plan 736 (current) | Plan 936 (2020–2024) | Plan 836 (pre-2020) |
|---|---|---|---|
| Status | Active, on sale now | Withdrawn Oct 2024 | Withdrawn 2020 |
| Launch | 17 Oct 2024 | Feb 2020 | 4 Jan 2016 |
| Death benefit multiple | 7 × Annualised Premium (or BSA, whichever is higher) | 10 × Annualised Premium (or BSA, whichever is higher) | 10 × Annualised Premium (or BSA, whichever is higher) |
| Loan eligibility | After 2 full years of premiums | After 2 full years of premiums | After 3 full years of premiums |
| Instalment payout option | Yes | Yes | Limited |
| Riders available | AD&DB, Term Assurance | AD&DB, Term Assurance, Critical Illness | AD&DB only |
If you are buying a new policy today, you will automatically get Plan 736 — the older codes only matter if you already hold one of those policies.
What the Calculator Needs From You
Before you open the calculator, keep these details ready:
- Date of birth / age (nearest birthday, as LIC calculates it)
- Gender
- Basic Sum Assured (BSA) — minimum ₹2,00,000, no upper limit
- Policy term — 16, 21, or 25 years
- Premium payment mode — yearly, half-yearly, quarterly, monthly, or single
- Riders, if you want any (accidental cover, term assurance, etc.)
How to Use It, Step by Step
- Open the calculator on LIC’s official website, licindia.in, or a trusted LIC calculator page.
- Select Jeevan Labh (Plan 736) from the plan list.
- Enter your age, gender, and the sum assured you want.
- Choose your policy term (16/21/25 years) — the premium paying term fills in automatically.
- Pick your payment mode and add any riders.
- Click Calculate. The tool instantly shows your premium and an indicative maturity/death benefit.
How the Calculation Actually Works Behind the Scenes
The math looks complex, but the idea is straightforward once broken down.
Premium = (Tabular rate per ₹1,000 of sum assured, based on your age and term) × (Sum Assured ÷ 1,000) − (Mode rebate, if any) + (Rider premium, if chosen)
- A 2% rebate applies for yearly premium payment, and 1% for half-yearly. Quarterly and monthly modes get no rebate.
- Since 22 September 2025, GST on individual life insurance premiums has been cut to 0% (it used to be charged on part of the premium). So the figure the calculator shows is essentially your final payable amount — no extra tax line added on top.
Maturity Benefit = Basic Sum Assured + Vested Simple Reversionary Bonus (SRB) + Final Additional Bonus (FAB), if applicable
- SRB is declared every year by LIC as a rate per ₹1,000 of sum assured, and once declared it is locked in — it cannot be taken back.
- FAB is a one-time additional bonus paid only on longer-duration policies (usually 15+ years) at maturity or death.
- For Plan 736, LIC introduced sum-assured-based bonus slabs in 2025 — policies with a sum assured of ₹5 lakh and above, and ₹10 lakh and above, can get a slightly better SRB rate than smaller policies.
Death Benefit = Higher of (Basic Sum Assured) or (7 × Annualised Premium) + Vested Bonuses + FAB
A Worked Example (For Understanding Only)
Let’s say Rohit, aged 29, wants a Jeevan Labh policy with:
- Sum Assured: ₹6,00,000
- Policy Term: 21 years
- Premium Paying Term: 15 years
- Mode: Yearly
Based on LIC’s published rate tables, his numbers would look roughly like this:
| Item | Approximate Value |
|---|---|
| Annual Premium (after yearly rebate) | ₹28,000 – ₹30,000 |
| GST | ₹0 (exempt from Sept 2025) |
| Total Premium Paid Over 15 Years | ≈ ₹4.2 – 4.5 lakh |
| Sum Assured on Death | ₹6,00,000 (higher than 7× premium) |
| Estimated Maturity Value at Year 21* | Roughly ₹10 – 11 lakh |
*Includes sum assured, vested bonus, and FAB, based on recent bonus trends. This is only an illustration — LIC’s declared bonus rates change every year, so your actual figure could be higher or lower. Always confirm exact numbers using the official calculator.
This example shows the core idea of the plan: you pay for 15 years, but your money keeps growing through bonuses for 6 more years before you receive the full maturity amount.
Eligibility for Jeevan Labh (Plan 736)
| Criteria | Detail |
|---|---|
| Minimum entry age | 8 years |
| Maximum entry age | 59 / 54 / 50 years, depending on the 16/21/25-year term chosen |
| Maximum maturity age | 75 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No upper limit |
| Medical test | Usually waived for lower sum assured; required for higher amounts |
A parent or legal guardian can take the policy on behalf of a minor.
Riders You Can Add
Riders cost a small extra premium but widen your protection:
- Accidental Death & Disability Benefit (AD&DB) – extra payout if death or disability is caused by an accident.
- New Term Assurance Rider – adds a plain term-insurance layer on top of the base cover.
- Premium Waiver Benefit (PWB) – if the proposer (usually a parent) passes away, future premiums are waived while the policy stays fully active — useful for child policies.
Surrender Value and Loan
- You can surrender the policy after paying at least 2 full years’ premiums. LIC then pays a Guaranteed Surrender Value (GSV), which starts small and rises the longer you have held the policy.
- Once the policy has a surrender value, you can also take a loan against it, generally up to 80–90% of the surrender value.
- If you stop paying after at least 2 years, the policy becomes paid-up with reduced (but not zero) benefits, instead of lapsing completely.
Tax Benefits
- Section 80C: Premiums paid qualify for a deduction of up to ₹1.5 lakh in a financial year (under the old tax regime).
- Section 10(10D): Maturity and death benefit payouts are generally tax-free, subject to the conditions in the Income Tax Act.
- GST: No GST is charged on individual life insurance premiums from 22 September 2025 onward — this alone lowers your effective outgo compared to earlier years.
Grace Period and Free-Look Period
- Grace period: 30 days for yearly, half-yearly, and quarterly modes; 15 days for monthly mode. The policy stays in force during this window even if the premium is a little late.
- Free-look period: 15 days from receiving the policy document (30 days if bought through an online/electronic mode) to review the terms and return the policy if you are not satisfied.
Frequently Asked Questions
Is the LIC Jeevan Labh Calculator free to use? Yes. It is available at no cost on LIC’s official website and on most LIC-authorised calculator pages.
Which plan number should I use in the calculator today? Use Plan 736 (UIN: 512N304V03) — it is the only version currently open for new purchases.
Does the calculator include GST in the premium shown? No add-on is needed anymore. Individual life insurance premiums have carried 0% GST since 22 September 2025, so the figure shown is close to your final payable premium.
How accurate is the maturity value shown by the calculator? It is an estimate based on recent bonus rates. Since bonuses are declared yearly and are not guaranteed, your actual maturity value may differ from the illustration.
Can I use the same calculator for an older 836 or 936 policy? Yes, most LIC calculator tools let you check figures for the older codes too, mainly for existing policyholders who want to track their benefits.
What happens if I miss a premium payment? You get a grace period (15 or 30 days depending on mode) to pay without losing coverage. If you miss it entirely, the policy can usually be revived within 5 years of the first unpaid premium.
Is medical underwriting compulsory? Not always. For lower sum assured amounts, LIC often skips the medical test. Higher sum assured or certain age groups may require one.
Can NRIs purchase Jeevan Labh? Yes, NRIs can buy this plan, subject to LIC’s standard underwriting and documentation rules for non-resident applicants.