In short (tl;dr)
Jeevan Labh is a limited premium participating endowment plan. Premiums stop well before the policy matures, but the cover and the bonus accrual run for the full term.
About LIC Jeevan Labh
Jeevan Labh (Plan 736) offers three fixed term and premium-paying-term combinations: pay for 10 years with a 16-year term, pay for 15 with a 21-year term, or pay for 16 with a 25-year term. In every case the gap between the two is the point of the plan — the policy keeps working after you have stopped funding it.
Because the same benefit has to be funded from fewer instalments, the annual premium is noticeably higher than an equivalent full-term endowment. A 21-year Jeevan Labh costs about a third more per year than a 21-year New Jeevan Anand, but you pay it for 15 years instead of 21, so the total outlay is close.
Bonuses accrue on the full policy term, not the premium term. A 25-year Jeevan Labh accumulates 25 years of simple reversionary bonus even though the last premium is paid in year 16, which is what makes the shorter payment window worth considering.
Key features
- Three term and premium-term combinations: 16/10, 21/15 and 25/16 years
- Entry age from 8 years, so it can be taken on a child's life
- Participating: simple reversionary bonus plus Final Additional Bonus
- Premiums stop 5 to 9 years before maturity, freeing up cash flow
- Accident and disability, term assurance and critical illness riders available
Jeevan Labh at a glance
- Plan number
- 736
- Category
- Endowment
- Entry age
- 8 to 59 years
- Policy term
- 16, 21, 25 years
- Premium paying term
- 10, 15, 16 years
- Sum assured
- ₹2 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N304V03
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under Jeevan Labh
Death benefit
Sum Assured on Death — the higher of 7 times the annualised premium and the Basic Sum Assured, never less than 105% of premiums paid — plus vested bonuses and Final Additional Bonus.
Maturity benefit
Basic Sum Assured plus vested simple reversionary bonuses plus Final Additional Bonus at the end of the policy term.
Who it suits
Someone in their peak earning years who wants the payments over and done with before school fees, retirement or a career change changes their cash flow.
What to watch out for
The minimum sum assured is ₹2 lakh and the term combinations are fixed. If you need a 20-year policy or want to pay a smaller premium over longer, this is the wrong plan.
How this calculator works
Jeevan Labh is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹65.10 per ₹1,000 at age 30, 21-year term, 15-year premium term
- Discount basis
- 6.29% a year, on LIC (2012-14) Ultimate mortality
- Reversionary bonus
- ₹45 per ₹1,000 sum assured a year, from LIC's 2023-24 valuation
- Final Additional Bonus
- ₹110 per ₹1,000 at a 21-year term
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Labh on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
The figure above is the premium for the base policy. LIC allows 4 optional riders on Jeevan Labh, each a separate contract with its own sum assured, term and premium. Take one and you pay more than the figure above — the base premium itself does not change.
- LIC's Accidental Death and Disability Benefit Rider (AD & DB Rider)UIN 512B209V02
- LIC's Accident Benefit Rider (AB Rider)UIN 512B203V03
- LIC's New Term Assurance Rider (Term Rider)UIN 512B210V02
- LIC's Premium Waiver Benefit Rider (PWB Rider)UIN 512B204V04
Premiums for all the life insurance riders put together cannot exceed 30% of the premium under the base plan. That cap is the useful number to hold an agent to: whatever riders are proposed, the total should stay inside it.
Why we do not price them. A rider premium follows from the rider's own sum assured and term, so it cannot be worked out from a tick-box — and LIC does not publish rider rates in the plan brochure, which tells you to read the rider brochure or ask a branch. We would rather name the riders and their UINs, which you can check, than show a number we cannot source.
Source: Jeevan Labh sales brochure (PDF), Optional Rider Benefits clause.
LIC Jeevan Labh — frequently asked questions
What is the maturity amount of Jeevan Labh for ₹5 lakh sum assured, 21 years?
A ₹5 lakh, 21-year Jeevan Labh taken at age 30 projects to roughly ₹10.3 lakh at maturity — the ₹5 lakh sum assured, about ₹4.7 lakh of vested bonus at ₹45 per ₹1000 per year, plus Final Additional Bonus. Premiums stop after 15 years but the bonus keeps accruing for all 21.
What are the term and premium paying term options in Jeevan Labh?
Only three: policy term 16 with premiums for 10 years, term 21 with premiums for 15, and term 25 with premiums for 16. You cannot mix them freely.
Why is the Jeevan Labh premium higher than Jeevan Anand?
Because you pay it for fewer years. Jeevan Labh compresses the funding of a 21-year policy into 15 instalments, so each instalment is larger. Compare total outlay rather than annual premium when deciding between the two.
What is the maximum age to buy Jeevan Labh?
59 years for the 16-year term, 54 for the 21-year term and 50 for the 25-year term — the limits exist so that the policy matures by age 75.
Can Jeevan Labh be taken for a child?
Yes. The minimum entry age is 8 years, which makes it a common choice for funding higher education roughly 16 years out. For younger children, LIC's Jeevan Tarun and Amritbaal are designed specifically for the purpose.
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