LIC Jeevan Surabhi 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. W.e.f. 19-10-1992
LIC Jeevan Surabhi Table 106, 107 and 108
Lic Jeevan Surabhi 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.
- Term Rider Option: No.
- Critical Illness Rider: No.
- Policy Loan @9%: Yes.
- Assignment: Yes.
- Revival: Yes.
- Surrender of Policy: Yes.
- Survival Benefits: Yes.
- Death Benefits:
- Accrued bonus is paid if the LIC Jeevan Surabhi policy holder dies before maturity.
- This plan is not allowed for pregnant ladies and when occupation Extra is chargeable.
- Once in every 5 years, by 50% of the Sum Assured risk cover increases.
- From the death claim amount, already paid survival benefit will not be deducted.
- If insurance is financed by parent’s income up to SA of 10 lakhs then this plan is ALLOWED to minor females.
- Without undergoing special medical report or medical exam etc.. and without payment of extra premium Regular increase in Life Risk cover is available.
- 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 TERM||15 Years||20 Years||25 Years|
|Prem Pyg Trm||12 Years||15 Years||18 Years|
|0 to 5 years||Only SA||Only SA||Only SA|
|6 to 10 years||1.5 times of SA||1.5 times of SA||1.5 times of SA|
|11 to 15 years||2 times of SA||2 times of SA||2 times of SA|
|16 to 20 years||–||2.5 times of SA||2.5 times of SA|
|21 to 25 years||–||–||3 times of SA|
- The payment of LIC Jeevan Surabhi 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.
|Survival benefit for Rs. 1 lakh basic SA at the end of
4 Years 8 Years 12 Years 15 Years 18 Years
|15 Years||12 years||30,000||30,000||40,000||–||–|
|20 Years||15 Years||25,000||25,000||25,000||25,000||–|
|25 Years||18 Years||20,000||20,000||20,000||20,000||20,000|
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 Benefit||4 Years||8 Years||12 Years||15 Years|
|Bonus @Rs 34
Reinvestment Table for Plan 107-20, for 1 lakh SA.
|Survival Benefit||4 Years||8 Years||12 Years||15 Years||20 Years|
|Bonus @Rs 34
Reinvestment Table for Plan 108-25, for 1 lakh SA.
|Survival Benefit||4 Years||8 Years||12 Years||15 Years||18 Years||25 Years|
|Bonus @Rs 34
Note: For calculation purpose in above tables, the current Bonus Rates declared as at 31-03-2007 have been taken into consideration.
Mr. Angel takes a LIC 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).