The LHCb measurement of the lifetime ratio of the Lambda(0)(b) baryon to the (B) over bar (0) meson is updated using data corresponding to an integrated luminosity of 3.0 fb(-1) collected using 7 and 8 TeV centre-of-mass energy pp collisions at the LHC. The decay modes used are Lambda(0)(b) -> J/psi pK(-) and (B) over bar (0) -> J/psi pi K-+(-), where the pi K-+(-) mass is consistent with that of the (K) over bar*(0)(892) meson. The lifetime ratio is determined with unprecedented precision to be 0.974 +/- 0.006 +/- 0.004, where the first uncertainty is statistical and the second systematic. This result is in agreement with original theoretical predictions based on the heavy quark expansion. Using the current world average of the (B) over bar (0) lifetime, the Lambda(0)(b) lifetime is found to be 1.479 +/- 0.009 +/- 0.010 ps. (C) 2014 The Authors. Published by Elsevier B.V.