LIC Jeevan Surabhi 15 Years

LIC Jeevan Surabhi Plan 15 years is actually a Money Back Plan, which is technically known as an anticipated endowment policy.

This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals. The Premium is paid for only 12 years but the cover remains for the entire tenure of 15 years. If the Life Insured survives then he would receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures where she would receive the Bonus. However, if the Life Insured dies within the policy tenure, then the nominee would receive the Sum Assured, which keeps increasing by 50% once in every 5 years.

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Key Features

Death Benefit increases by 50% once in every 5 years

Simple Reversionary Bonus is payable on Policy Maturity

Survival Benefit is receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures

Extended risk cover for three years after 3 years premium payment.

Optional higher cover through Riders

Benefits

Death Benefit

In case of death of the Life Insured, the nominee receives the following + accrued Bonus

Policy Term Total 15 years	Death Benefit
0 to 5 years	Only Sum Assured
6 to 10 years	1.5 times Sum Assured
11 to 15 years	2 times Sum Assured

Survival Benefit

The Life Insured would receive The following Survival Benefit

Policy Term Total 15 years	Survival Benefit
End of 4 years	30% of Sum Assured
End of 8 years	30% of Sum Assured
End of 12 years	40% of Sum Assured

Maturity Benefit

At the maturity of the policy, the insured will get the accrued Bonus

Riders

There is 1 additional rider in this plan
Accidental Death Benefit Rider of Re 1 per Rs 1000 Sum Assured.

Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

FAQs

What happens if you stop paying the premium

If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

– What happens if you want to surrender the policy

There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

What happens if you want a loan against your policy

Loan facility is available under this policy