===Jeevan Surabhi Table-105 (15 Years) 107 (20 years) 108 (25 Years)===

W.e.f. 19-10-1992

This plan is suitable for professionals & Businessmen as money available periodically. One has to pay premium for 12 years only for a policy of 15 years. Similarly, One has to pay premium for 15 years only for a policy of 20 years and One has to pay premium for 18 years only for a policy of 25 years.

General Conditions:

Min. age at entry:  14 years.

max. age at entry:  55/50/45 years.

Min. S.A.: Rs. 50,000

Max. SA.: Any Amount.

SA in multiples: Rs. 5000

Max. Maturity age: 70 years.

Min Term: 15/20/25 years.

Max Term: 15/20/25 years.

Modes Allowed: All

Accident benefit per 1000 SA: Re. 1 extra.

Requirements in writing:

Age proof:   Standard (NSAP-I (WR 5lacs)

Form Number:  300/340

Female lives category: I/II/III

Female lives category (sub. to medical reports): III up to 5 lacs

Dating Back @ 8%: Allowed

Non-Medical General:   Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Risk Coverage:  SA (depends on term) + Bonus basic SA.

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @9%: Yes.

Assignment: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Survival Benefits: Yes.

Benefits:

  • Death Benefits:

1. Accrued bonus is paid if the policy holder dies before maturity.

2. This plan is not allowed for pregnant ladies and when occupation Extra is chargeable.

3.  Once in every 5 years,  by 50% of the  Sum Assured risk cover increases.

4. From the death claim amount, already paid survival benefit will not be deducted.

5. If insurance is financed by parent’s income up to SA of 10 lakhs then this plan is ALLOWED to minor females.

6. Without undergoing special medical report or medical exam etc.. and without payment of extra premium Regular increase in Life Risk cover is available.

7.  During premium paying term and only on basic SA accident benefit is provided.

The amount payable to nominee in case of death before maturity is as below:

POLICY TERM15 Years20 Years25 Years
Prem Pyg Trm12 Years15 Years18 Years
0 to 5 yearsOnly SAOnly SAOnly SA
6 to 10 years1.5 times of SA1.5 times of SA1.5 times of SA
11 to 15 years2 times of SA2 times of SA2 times of SA
16 to 20 years-2.5 times of SA2.5 times of SA
21 to 25 years--3 times of SA

.

  • Survival Benefits.

The payment of premium ceases earlier to maturity is the special feature of this policy.  Premium paying term and policy term can be seen from the below table column 1 & 2. Following Survival Benefits are paid at the end of specific durations provided policy was in force for full Sum Assured.

POLICY
TERM		Prem Pay
ing Term		Survival benefit for Rs. 1 lakh basic  SA at the end of
4 Years        8 Years     12 Years    15 Years     18 Years
15 Years12 years30,00030,00040,000--
20 Years15 Years25,00025,00025,00025,000-
25 Years18 Years20,00020,00020,00020,00020,000

.

The below re-investment table will give an idea of the total amount available at the end of the term, if survival benefits are re-invested at 9% interest compounded annually in banks/Company Deposits/Mutual funds/RBI Bonds etc..

Reinvestment Table for Plan 106-15, for 1 lakh SA.

Survival Benefit4 Years8 Years12 Years15 Years
I30,00042,34759,77777,413
II-30,00042,34754,841
III--40,00051,801
Bonus @Rs 34
per 1000SA		---51,000

.

Reinvestment Table for Plan 107-20, for 1 lakh SA.

Survival Benefit4 Years8 Years12 Years15 Years20 Years
I25,00035,29049,81464,51199,258
II-25,00035,29045,70170,317
III--25,00032,37649,814
IV--25,00038,466
Bonus @Rs 34
per 1000SA		----82,000

.

Reinvestment Table for Plan 108-25, for 1 lakh SA.



Survival Benefit4 Years8 Years12 Years15 Years18 Years25 Years
I20,00028,23239,85151,60966,8351,22,176
II-20,00028,23236,56147,34786,553
III--20,00025,90133,54261,316
IV--20,00025,90147,347
V----20,00036,561
Bonus @Rs 34
per 1000SA		-----1,25,000

.

Note: For calculation purpose in above tables, the current Bonus Rates declared as at 31-03-2007 have been taken into consideration.

Example:

Mr. Angel takes a Jeevan Surabhi policy for 25 years for Rs. 1 lakh with PPT 18 years. After 4 years, he will receive Rs 20,000 and again in the 8th year rs 20,000. If Mr. Angel expires during the 10th year of the policy then his nominee will receive Rs. 2,00k,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).

You can also check LIC Money Back Policy.

Share

No related posts.