Limited premium payment
Premiums are paid for a period shorter than the full policy term under the combinations offered in the current brochure.
Savings life insuranceEditorial review · Checked 22 July 2026
Life Insurance Corporation of India
LIC's Jeevan Labh Plan 736
A non-linked, participating individual savings life plan that combines limited-period premiums, life cover and a maturity benefit that can include declared bonuses.
Product UIN shown by insurer: 512N304V03
LI
Primary source
LIC product document pageAlways download the current policy wording and customer information sheet from the insurer.
Editorial verdict
Most relevant to conservative savers who value a disciplined, long-term insurance contract and accept low liquidity. Do not compare it with fully guaranteed income plans using a single projected maturity figure: participating bonuses are not guaranteed until declared.
Key features, decoded
What the headline benefits mean in practical comparison terms.
Participating benefits
Simple reversionary bonuses and a final additional bonus may be added if declared and applicable.
Life cover
A death benefit applies while the policy is in force, calculated under the current policy formula.
Policy loan
A loan may become available after the policy acquires the required value and subject to LIC's terms.
May suit you if
- Conservative buyers comfortable with a long holding period
- People who want life cover bundled with traditional savings
- Buyers who understand the difference between assured benefits and declared bonuses
May not suit you if
- Anyone seeking flexible withdrawals or market-linked growth
- Buyers treating an illustration as a guaranteed return
- People who may stop premiums early or need short-term liquidity
What the policy provides
Summary only. Each item remains subject to definitions, limits and the issued schedule.
- Death benefit while the policy is in force
- Basic sum assured on maturity under applicable policy terms
- Vested simple reversionary bonuses, if declared
- Final additional bonus, if declared and applicable
- Optional rider benefits only when selected, accepted and shown in the schedule
- Surrender, paid-up and loan values after policy conditions are met
Limits and trade-offs
- 1Future bonuses are not guaranteed and depend on LIC's declarations.
- 2Stopping premiums can reduce benefits or cause lapse before paid-up value is acquired.
- 3Surrendering early can return materially less than total premiums paid.
- 4Traditional savings returns may not keep pace with inflation and should be compared on an after-tax, annualised basis.
Eligibility and underwriting
Entry age, maturity age, policy term and premium-paying term must match a combination in the current brochure.
Underwriting is based on age, sum assured, occupation, health and other disclosures.
Tax treatment depends on prevailing law and personal circumstances; it is not guaranteed by the policy name.
How payouts generally work
Keep premiums current
Pay every due premium within the allowed grace period so full in-force benefits continue.
Track declared bonuses
Separate the basic assured benefit from bonuses declared and vested during the term.
Review before exit
Ask LIC for current paid-up, surrender and loan values before changing or ending the policy.
Submit the claim
At maturity or death, the policyholder or nominee submits LIC's required forms, identity, bank and policy documents.
Frequently asked questions
Is the entire maturity value guaranteed?
No. The basic contractual benefit follows the policy terms, while participating bonuses are payable only if declared and applicable.
Is Plan 936 the current version?
The current LIC page reviewed for this site lists Jeevan Labh Plan 736, UIN 512N304V03. Older plan numbers can have different terms.
Can I exit early?
A policy may acquire surrender or paid-up value after stated conditions are met, but an early exit can be financially disadvantageous.
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