LIC Jeevan Surabhi

Jeevan Surabhi

Summary:
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 NameTable No. /Plan No.Term (Policy duration)
Jeevan SurabhiTable No. 10615 years
Jeevan SurabhiTable No. 10720 years
Jeevan SurabhiTable No. 10825 years
  • Accident Insurance:
    Accident Benefit is available
  • Benefits:
    Death Benefits:
    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 Benefits:
Survival benefit for Rs. 1 Lakh basic  SA.

Policy Term PPT 4th yr8th yr 12th yr 15th yr 18 yr
15 yrs12 yrsRs.30,000Rs.30,000Rs.40,000
20 yrs15 yrsRs.25,000Rs.25,000Rs.25,000Rs.25,000
25 yrs18 yrsRs.20,000Rs.20,000Rs.20,000Rs.20,000Rs.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.

Income-Tax exemption:

  1. Premium paid under section 80C of the Income Tax Act within the overall cap of Rs 1 Lakh per annum allowed for tax savings.
  2. On the claims received either by way of survival benefits or Maturity claims, whatever be the bonus accrued is also non-taxable.

Premiums :
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.

Example:
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.


Note:
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.

87 thoughts on “Jeevan Surabhi”

  1. sir,

    I want to know how much money I get at the premium of 20000rs. yrs. for20yrs

  2. 20 YEAR JEEVAN SURABHI POLICY- WITH PROFITS(T-1)
    POLICY NO: 712213702
    MADRAS DIVISION
    CITY BRANCH : XXI
    TERM:107-20
    SUM ASSURED:40000
    INSTAL.PREMIUM:4656
    PROPOSAL:00081694 DT30/03/95
    DATE OF MATURITY:28/03/2015
    DATE OF LAST PAYMENT:28/03/2009
    D.O.B:17/03/1949
    AGE//ADMISSION:46
    Received 25% sum assured on 4,8,12,15 years from the date of commencement.
    iI am eligible for VESTED BONUSES IN TH EYEAR 2015
    I need the money now.
    how much I will get?
    adbise me the procedure

  3. Dear Sir,

    I have sent a mail dated March 26, 2013. I am looking forward for your answer please.

    Thanks & Regards

    D. Ragothaman

  4. Dear Sir,

    Pls find below my LIC Policy details:

    Jeevan Surabhi (108-25)

    Policy No: 360148772

    Date of commencement : 01-03-1995

    Sum Assured : Rs. 50000

    Date of last payment : 01-09-2012 ( Fully Paid)

    Date of maturity : 01-03-2020

    Sir, I would like to surrender the above policy as I am in need urgently. Pls do let me know how much I will get, if I surrender after 1st week of May 2013?

    Thanks & Regards

    D Ragothaman

    1. Dear Sir,

      Pls find below my LIC Policy details:

      Jeevan Surabhi (108-25)

      Policy No: 360148772

      Date of commencement : 01-03-1995

      Sum Assured : Rs. 50000

      Date of last payment : 01-09-2012 ( Fully Paid)

      Date of maturity : 01-03-2020

      Sir, I would like to surrender the above policy as I am in need urgently. Pls do let me know how much I will get, if I surrender after 1st week of May 2013?

      Thanks & Regards

      D Ragothaman

  5. Sir, My name is BABAI ROY. age 26. I wanted to invest in money back policy Jeevan Surbhi 106 for 15 years.premium paying term 12 years with sum assured 200000. where i will receive a sa of 30%, 30% and 40% after 4 , 8, 12 years respectively, please tell me after maturity how much i will get and the calculation for predicting maturity amount?

  6. i have one jeevan surabhi 20 yearsT-No. 107 policy taken in 2002. sum assured is 50000 . i got two times Rs 10000 as bonus and now i have to know about how much loan is eligible against this policy . pl reply

  7. Hi
    I have taken Jeevan Surabh Money back policy in 2006 oct for PPT 12 years for coverage of 5 lakhs. Now if i choose to surrender the plan let me know how much will i get back . Or if i dont pay the premium will the policy be inforce.. ?

    Thanks
    badari

  8. Sir, i want to know about the plan which is good from following plans
    1.Jeevan saral
    2.Jeevan surabhi
    plz reply

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