LIC Jeevan Labh Plan 736 Calculator: Premium, Maturity Value and Complete Plan Details

What is LIC Jeevan Labh Plan 736?

LIC Jeevan Labh Plan 736 (UIN 512N304V03) is the version of Jeevan Labh that LIC sells today. It is a non-linked, with-profit, limited premium endowment plan: your money is not tied to the stock market, the policy earns yearly bonuses from LIC’s surplus, and you stop paying premiums several years before the policy ends.

Plan 736 arrived in October 2024, when LIC relaunched most of its traditional plans under IRDAI’s revised product rules. It took over from Jeevan Labh 936, which in turn had replaced the original Jeevan Labh 836. If you are buying Jeevan Labh now, 736 is the plan you will be offered.

Jeevan Labh 736 at a glance

Feature	Details
Plan number / UIN	736 / 512N304V03
Plan type	Limited premium, with-profit endowment
Policy term	16, 21 or 25 years
Premium paying term	10, 15 or 16 years
Entry age	8 to 59 years (depends on term)
Maximum maturity age	75 years
Minimum sum assured	₹2,00,000 (no upper limit)
Sum assured steps	₹10,000 up to ₹4.5 lakh, ₹25,000 above that
Premium modes	Yearly, half-yearly, quarterly, monthly
Riders	Accidental death & disability, term assurance, premium waiver
Status	Open for new sales

Eligibility conditions

Policy term	Premium paying term	Maximum entry age	Latest maturity age
16 years	10 years	59 years	75 years
21 years	15 years	54 years	75 years
25 years	16 years	50 years	75 years

Children from age 8 can be covered, which makes the 25-year option popular with parents saving for a child’s higher education. For a minor, full risk cover starts from a later risk-commencement date, so an early death claim returns premiums rather than paying the full sum assured.

How the Jeevan Labh 736 premium is calculated

The premium starts from a tabular rate per ₹1,000 of sum assured that rises with age and falls as the term gets longer. Our rates are taken from the sample premiums in LIC’s official Plan 736 brochure, and the calculator reproduces every one of them (for example ₹11,701 a year for ₹2 lakh at age 30 over 21 years). The calculator then:

1. multiplies the rate by your sum assured ÷ 1,000;
2. applies the mode rebate: 2% of the tabular premium off for yearly payment and 1% off for half-yearly;
3. deducts the high sum assured rebate: ₹2 per ₹1,000 of sum assured from ₹5 lakh, ₹3 from ₹10 lakh and ₹3.50 from ₹15 lakh;
4. adds no GST: individual life insurance premiums are GST-exempt from 22 September 2025. Before that date LIC charged 4.5% in the first year and 2.25% after.

Worked example. A 30-year-old picks ₹10 lakh sum assured and a 21-year term. The tabular rate works out to about ₹59.70 per ₹1,000, or ₹59,699 for ₹10 lakh. The 2% yearly mode rebate takes off ₹1,194 and the high sum assured rebate of ₹3 per ₹1,000 takes off ₹3,000, leaving a yearly premium of ₹55,505, paid for 15 years. As no GST applies, that is the full amount due each year. Total premiums over 15 years come to roughly ₹8,32,575.

A second case: a 35-year-old buying ₹5 lakh cover for 16 years and paying monthly. The instalment is about ₹3,720 a month for 10 years. Adding the accidental death and disability rider costs another ₹67 a month.

Tip: age matters more than people expect. For ₹10 lakh over 21 years, the premium is about ₹55,310 at age 25 but ₹57,270 at age 40. Starting early also gives bonuses more years to build.

Maturity benefit

If the life assured survives the full term, LIC pays one lump sum made up of:

• the basic sum assured;
• all simple reversionary bonuses declared year by year, calculated per ₹1,000 of sum assured;
• a final additional bonus if LIC declares one in the year of maturity.

In the worked example, a bonus of ₹45 per ₹1,000 adds ₹45,000 each year, or about ₹9,45,000 over 21 years. Assuming a final bonus of 10% of the sum assured plus bonuses (₹1,94,500), the maturity estimate is about ₹21,39,500 against ₹8.33 lakh of premiums. Treat this as an illustration, not a promise. Bonus rates change every year, so try a lower bonus rate in the calculator to see a cautious outcome.

Death benefit

If the life assured dies during the term, the nominee receives:

• the sum assured on death: the higher of the basic sum assured and 7 times the annualised premium; plus
• all bonuses already vested, plus any final additional bonus.

The total is never less than 105% of premiums paid up to the date of death. Cover stays at full value even after the premium paying term ends, which is one of the main attractions of a limited-premium plan.

Riders, loans, surrender and paid-up value

• Riders: you can add the Accidental Death and Disability Benefit rider, the New Term Assurance rider and, for policies on a child, the Premium Waiver Benefit rider. The calculator lets you include the first two.
• Loan: a policy loan becomes available once the policy has acquired a surrender value.
• Surrender: under the rules that apply from October 2024, surrender value can be available after one full year’s premium. Early exits still return much less than you paid.
• Paid-up: stopping premiums does not cancel the policy outright. It continues with a reduced paid-up sum assured and the bonuses already attached.

Tax benefits

Premiums qualify for deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) in the old tax regime, up to ₹1.5 lakh a year across eligible investments. Maturity and death proceeds are generally exempt under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) if the premium in any year is within 10% of the sum assured. For policies issued after 1 April 2023, maturity is taxable if your total yearly premium across such policies exceeds ₹5 lakh.

Who should consider Jeevan Labh 736?

It suits you if you:

• want guaranteed capital protection with steady, bonus-linked growth;
• prefer to finish paying well before a fixed goal, such as retirement or a child’s college years;
• value the discipline of a contract that is hard to break.

It is a poor fit if you mainly need large life cover at low cost. A pure term plan gives far more protection per rupee, so compare with our term plan calculator before you decide.

Jeevan Labh 736 vs 936 vs 836

All three versions share the same core design: 16, 21 or 25-year terms, limited premium payment, bonuses and a 75-year maturity cap. The differences:

• 836 (UIN V01) was the first version, with death cover set at 10 times the annual premium when that was higher than the sum assured.
• 936 (UIN V02) ran from February 2020 to October 2024 and changed the death cover rule to 7 times the annualised premium.
• 736 (UIN V03) is the current version, with new premium rates and the newer surrender value rules.

If you already hold 936 or 836, there is no need to switch. Your policy continues on its original terms.

How to use this calculator

1. Enter your age and pick the policy term.
2. Type the sum assured or drag the slider.
3. Choose the premium mode.
4. Leave the bonus and final bonus fields at their defaults, or change them to test different scenarios.
5. Tick a rider if you want its cost included.
6. Read the yearly premium, instalment, maturity estimate and death benefit. The premium chart below the calculator shows ₹10 lakh premiums across ages and terms.

All figures are estimates, and LIC’s quote for your exact date of birth may differ slightly.