LICs Jeevan Surabhi

Summary: LIC Jeevan Surabhi is a money back plan. Jeevan Surabhi plan is similar to other LIC money back plans. However main differences in regular moneyback plans and Jeevan Surabhi are as Maturity term is more than premium paying term. Early and 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 surbhi is a with-profits 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 Jeevan Surabhi Jeevan Surabhi Jeevan Surabhi Table No. /Plan No. Table No. 106 Table No. 107 Table No. 108 Term (Policy duration) 15 years 20 years 25 years

Accident Insurance: Accident Benefit is available Benefits: Death Benefits: 1. Accrued bonus is paid if the policy holder dies before maturity. 2. Sum Assured risk cover increases by 50%, Once in every 5 years. 3. Already paid survival benefit to policy holder will not be deducted from the death claim amount. 4. If insurance is financed by parents income up to SA of 10 lakhs then this plan is allowed to minor females. 5. Life Risk cover increases without undergoing special medical report or medical exam. You also dont need to pay 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 15 yrs 20 yrs 25 yrs

PPT 4th yr 12 yrs 15 yrs 18 yrs

8th yr

12th yr

15th yr

18 yr -

Rs.30,000 Rs.30,000 Rs.40,000 -

Rs.25,000 Rs.25,000 Rs.25,000 Rs.25,000 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 survival benefit by the end of premium paying term. However, the risk cover (Insurance) and additional risk cover continues and your policy participates in profits till the end of 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. 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: Lets assume Mr. LIC 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. LIC 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).