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.

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 LIC Jeevan Surabhi 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 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

 

Survival Benefits.

1. 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.

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 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
I	30,000	42,347	59,777	77,413
II	-	30,000	42,347	54,841
III	-	-	40,000	51,801
Bonus @Rs 34 per 1000SA	-	-	-	51,000

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

Survival Benefit	4 Years	8 Years	12 Years	15 Years	20 Years
I	25,000	35,290	49,814	64,511	99,258
II	-	25,000	35,290	45,701	70,317
III	-	-	25,000	32,376	49,814
IV	-	-		25,000	38,466
Bonus @Rs 34 per 1000SA	-	-	-	-	82,000

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

 

Survival Benefit	4 Years	8 Years	12 Years	15 Years	18 Years	25 Years
I	20,000	28,232	39,851	51,609	66,835	1,22,176
II	-	20,000	28,232	36,561	47,347	86,553
III	-	-	20,000	25,901	33,542	61,316
IV	-	-		20,000	25,901	47,347
V	-	-	-	-	20,000	36,561
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 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).