LIC Jeevan Surabhi is a money-back plan. Jeevan Surabhi’s plan is similar to other LIC money-back plans. However main differences between regular moneyback plans and Jeevan Surabhi are as the Maturity term is more than the premium paying term. Early and a higher rate of survival benefit payment. A life insurance cover is available throughout the term of the plan. Risk cover increases every five years.
Jeevan Surabhi is a with-profit plan available in 3 different terms of 15 yrs, 20 yrs and 25 years.
LIC Jeevan Surabhi policy is divided into 3 tables depending on the term (Years):
|Plan Name||Table No. /Plan No.||Term (Policy duration)|
|Jeevan Surabhi||Table No. 106||15 years|
|Jeevan Surabhi||Table No. 107||20 years|
|Jeevan Surabhi||Table No. 108||25 years|
- Accident Insurance:
Accident Benefit is available
1. Accrued bonus is paid if the policyholder dies before maturity.
2. Sum Assured risk cover increases by 50%, Once in every 5 years.
3. Already paid survival benefit to the policyholder will not be deducted from the death claim amount.
4. If insurance is financed by parent’s income up to SA of 10 lakhs then this plan is allowed to minor females.
5. Life Risk cover increases without undergoing a special medical report or medical exam. You also don’t need to pay an extra premium.
6. Accident benefit is provided only on basic SA during premium paying term.
Survival benefit for Rs. 1 Lakh basic SA.
|Policy Term||PPT||4th yr||8th yr||12th yr||15th yr||18 yr|
|15 yrs||12 yrs||Rs.30,000||Rs.30,000||Rs.40,000||–||–|
|20 yrs||15 yrs||Rs.25,000||Rs.25,000||Rs.25,000||Rs.25,000||–|
|25 yrs||18 yrs||Rs.20,000||Rs.20,000||Rs.20,000||Rs.20,000||Rs.20,000|
Money Back :
Full sum assured is paid back (Money Back) as a survival benefit by the end of the premium paying term. However, the risk cover (Insurance) and additional risk cover continue and your policy participates in profits till the end of the policy term. Jeevan Surabhi plan is suitable for professionals and Businessmen as they need money periodically.
- Premium paid under section 80C of the Income Tax Act within the overall cap of Rs 1 Lakh per annum allowed for tax savings.
- On the claims received either by way of survival benefits or Maturity claims, whatever be the bonus accrued is also non-taxable.
You can pay Jeevan Surabhi Premiums yearly, half-yearly, quarterly, monthly, or through salary deductions.
Jeevan Surabhi Eligibility Conditions and Restrictions:
Min. age at entry: 14 years. (last birthday)
Max. age at entry:
- 55 yrs for plan 106
- 50 yrs for plan 107
- 45 yrs for plan 108
Min. Sum Assured.: Rs.50,000/-
Max. SA.: No Limit
SA in multiples: Rs. 5000
Max. Maturity age: 70 years.
Min Term: 15 yrs
Max Term: 25 years.
Modes Allowed: All
Policy Loan: Available
Accident benefit per 1000 SA: Re. 1 extra.
Form Number: 300/340
This plan is not allowed for pregnant ladies and when occupation Extra is chargeable.
Let’s assume Mr. Dilip takes Jeevan Surabhi policy for 25 years for Rs. 1 lakh with Premium Paying Term (PPT) 18 years. After 4 years, he will receive Rs 20,000 and again in the 8th year Rs 20,000. If Mr. Dilip expires during the 10th year of the policy then his nominee will receive Rs. 2,00,000 (Rs.1,50,000 as claim and Rs.50,000 as bonus at an estimated Rs. 50 per thousand p.a. for 10 years).
Update: Jeevan Surabhi Plan No.106, 107, and 108 Has Been Discontinued.
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.