Puppies' baby teeth start falling out around 3-4 months, and the process lasts several months, so your Labrador right now has an increased need to bite and chew on everything - it's totally normal physiology, not misbehavior. Plus at this age puppies haven't learned to control how hard they bite yet, so during play they just don't realize it hurts. The problem is that if you don't stop this behavior, it gets reinforced, and by 6-7 months your growing dog will start treating your hands and feet like toys.
You've gotta fix it though. When the puppy bites, don't just try to redirect their attention to a toy - that's a weak signal. Better to abruptly stop playing: pull your hand away, stand up, and ignore the puppy for a few minutes. The idea is for them to understand that when they bite, playtime ends. At the same time, give them plenty of safe chewing objects - firm rubber toys, rawhide chews. And try to avoid games on the floor where they can nip at you - games with a ball or frisbee are better.
Getting annoyed at bites works too if you yelp loudly and sharply, then walk away from the puppy - they'll start associating biting with unpleasant consequences. Labradors are smart dogs, and after a couple weeks of consistent action your pup will get the boundaries. It's way easier to correct at this stage than to deal with the habit once they're a full-grown dog.