LIC Jeevan Surabhi 15 Years

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LIC Jeevan Surabhi Plan 15 years Plan

 

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. 

  

 

Key Features of LIC Jeevan Surabhi Plan 15 years

  • 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 you get from LIC Jeevan Surabhi Plan 15 years

 

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

 

Income 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)

 

 

Eligibility conditions and other restrictions in LIC Jeevan Surabhi Plan 15 years

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

15

Premium Payment Term (in years)

12

Entry Age of Life Insured (in years)

14

55

Age at Maturity (in years)

-

70

Premium (in Rs.)

Nothing Specified

Payment modes

Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium of LIC Jeevan Surabhi Plan 15 years

 

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000 which rises to Rs 2,00,000 by the end of the 15th year

Policy Term = 15 years

LIC Jeevan Surabhi 15 years Plans Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Surabhi Plan 15 years

 

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

 

 

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.

 

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

 

You want a loan against your policy – Loan facility is available under this policy

 

 

Money Back Insurance Plans from different insurance companies

 

1.     Met Sukh Plan from MetLife

2.     ICICIPru Cashbak

3.     BSLI Money Back Plus Plan

 

 

Other Money Back Insurance Plans from LIC

 

1.     LIC Money Back Policy-20 Years

2.     LIC Money Back Policy-25 Years

3.     LIC Jeevan Surabhi-20 Years

4.     LIC Jeevan Surabhi-25 Years

5.     LIC Bima Bachat

  

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Surabhi 15 Years brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Surabhi 15 Years Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Hello Sir,
I want to purchase a new policy from LIC in February-2015 from my newborn. I want to know about the best LIC policy for my child, which can return maximum amount 15-20 year time fram. and it would be good if it can cover whole family within the plan.

By Yatendra Singh on Sep 24, 2014 Reply

Yaten,

The primary purpose of insurance is protection. You should first take a pure term insurance for yourself. This will ensure that your family’s financial needs are taken care of, if something were to happen to you. Your options are -

  1. LIC e-Term
  2. HDFC Click 2 Protect Plus
  3. Reliance Life Online Term

Now once this has been taken, you can look at investment products. You should understand that investing in a money back or endowment policy means you will have to –
1) bear mortality charges
2) stay invested for long-term (10 years and above)
3) expect moderate returns
if your purpose is purely investment, then you should look at guaranteed (PPF, FD, etc) or market-linked products (Stocks, Mutual funds, ULIPs, etc) with minimum or zero charges.
 

Replied By Manoj Aswani (MIC Staff) on Sep 26, 2014 Reply

sir
my policy was open in 1996 (1) jivan surbhi for 15 yrs & 5 yrs again fix in same .
just i want to know about my policy. how many i get after 2 yrs ( i mine 3 yrs complete 2 yrs remg)
my policy was 50000 fifty thousand every 4 yrs i was got 12 thousand rs/ for 4 time
now i want to know now i have reqd to loan against//substitude //fabour my policy
my nearest branch muzaffarpur bihar jubba sahani park

By Jagan Kumar Rana on Sep 18, 2014 Reply

Loan is available under LIC Jeevan Surabhi

But you will have to go to the nearest LIC branch and ask them how much loan you can take against your policy presently

Replied By Manoj Aswani (MIC Staff) on Sep 20, 2014 Reply

Dear sir.
my father has taken a lic jeevan surabhi plan 106/15 in 2001.sum assured was Rs.50000 and total 12 premiums have already paid around 73080 some thing.now my father has expired in 2014.so i want to know in death claim how many we will get? and last sorry for bad english.plz help us....

By Ravikant Singh Ravi on Aug 09, 2014 Reply

We are sorry to hear about your loss. The benefit amount you can expect is Rs.1 lakh (considering all premiums have been paid on time)

You will have to visit the LIC branch (code) mentioned in your policy document. Kindly carry the below documents -
1) Claim Form No.3783(A)
2) Original Death Certificate
3) Original Policy Document
4) Ecs mandate (to receive credit of funds)
5) Claim Intimation letter
 

Replied By Manoj Aswani (MIC Staff) on Aug 14, 2014 Reply

Dear sir,
I am having LIC jeevan Shurbhi policy (of term 25 yrs) purchased in 2004 . I have paid premiums for 05 years and also got money back after first 4th year. After 5th year onward I stopped the premium.
Pl tell me that what will be the surrender amount presently & whether I will get any vested bonus.

By Shyam Kishor Prasad on Jul 30, 2014 Reply

For this information, you will have to visit your LIC branch.

You can try calling on the LIC helpline number.

Replied By Manoj Aswani (MIC Staff) on Aug 01, 2014 Reply

Dear Sir,
I have taken a Policy Bimakaran in 1995 Sum of Rs.300,000/- & Premium paid till date 58932/- May I have get loan facility on it.if so how much loan amount would be.

By Kailash Mourya on Sep 10, 2013 Reply

Dear Kailash, the maximum loan amount you can get is 90% of your surrender value of your plan. Surrender value of your plan is usually 30% of all premiums paid minus first year premium. In case of money back plans, it is 30% of all premiums paid after the last maturiyt benefit was paid out.

Just one clarification - I assume you have taken LIC Jeevan Surabhi. This is a money back plan with term of 15 years and premium paying term of 12 years. So if you have taken the plan in 1995, the policy would have matured and you would have received the maturity amount. The question of loan does not arise. Do write back.

Replied By Deepak Yohannan (MIC Staff) on Sep 11, 2013 Reply

sir i have a lic geevan surabhi policy of sum assured 300000, table 106/15. i have received sum assured in all 12 years till last month out of 15 years policy. now the my question is if i apply for loan on my policy should i get loan on my policy if i get the loan how much amount i can get. till date the assured bonus is 123600. kindly let me clarify. thanks in anticipation.

By Gn Hari on Sep 02, 2013 Reply

Dear Hari, you can get a loan of upto 90% of the surrender value of the plan. In your case, the surrender value will be 30% of the premiums paid after the last surivival benefit which was paid out to you. In your case, you would have received a payout in the 12th year, so the eligible amount would be zero or max 90% of 30% of 1 year's premium. 

Replied By Admin (MIC Staff) on Sep 03, 2013 Reply

ok i understood some how. but my question is very clear i.e. should i get any loan on my policy because lic has given all three payouts ( 30%,30%,40%) now only bonus part is with them and 3 years period left. as i said earlier till date bonus amount shown is Rs. 123600/-. if at all i can eligible to get loan how much loan i can get? if i surrender the policy now how munch amount i can get. since the payment period i.e. 12 years completed.

Replied By Gn Hari on Sep 06, 2013 Reply

Dear Hari, you are eligible for the loan and you should get it. The loan amount will be a maximum of 90% of the bonus amount already accrued. You can get this loan till 365 days from date of maturity. Post that loans will not be allowed.

Would not recommend surrendering, but same rule would apply.

Replied By Deepak Yohannan (MIC Staff) on Sep 11, 2013

i have jeevan surabhi policy of sum assured 30000, table-106/15.
i have received sum assured in all 12 years out 15 years policy.
today i have seen bonus is vested till date is 15,750,
the policy is goin to be matured next year dats is ...july-2014.
can u tell me ..how much amount will be paid to me ...on maturity....
.
my second question is that....
in 12 years i have paid total premium of RS.55008...
will it be possible that i may get less amount compare to premium paid in twelve years.
.
plz tell me as early as possible ...
my e-mail id- neerajramanxxx@gmail.com

By Neeraj Ramani on Jul 29, 2013 Reply

Dear Neeraj, on maturity the Sum Assured + Bonus will be paid out to you. So apart from the Sum Assured which you have been receiving in parts, you are eligible for the reversionary bonus as mentioned by you and you MAY get a terminal bonus also. The value of the terminal bonus cannot be predicted as such - it is difficult to predict the maturity amount as we will not know the value of the terminal bonus.

For the 2nd question - yes it is possbile that you get an amount less tan the total premiums you have paid.

Replied By Admin (MIC Staff) on Jul 31, 2013 Reply

Hello,

Is the Survival Benefit to be received at the end of 4 and 8 years is Tax Free or taxable?

Thanks

By Vaibhav Joshi on Jul 16, 2013 Reply

Yes Vaibhav, the money back installments are tax free

Replied By Admin (MIC Staff) on Jul 17, 2013 Reply

It is Mentioned that
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
I have paid 6 premiums of 10000 rs (total 60000). I have already recieved 25000 as money back.
If I surrender now what w ill I get?
30% of 50000
or
30% of (50000-25000)

Please reply at jain.abhishek4u@gmail.com

By Abhishek on Jun 13, 2013 Reply

 Hi Abhishek, the guaranteed surrender value is 30% of all basic premiums paid - the first year premium and the maturity benefits paid out till date. So if you surrender now, the money which you have received will be reduced. 

In practice you "may" get more than the guaranteed surrender value. Check with the local LIC office for this value.

Replied By Admin (MIC Staff) on Jun 14, 2013 Reply

sir, I want to check the status of my LIC jeevan surbhi. My policy number is 116248938. Kindly send the status on my email address tanishqdatta@ymail.com. Thanking you.

By Tanishq Datta on Mar 12, 2013 Reply

Hi Tanishq, you can easily be updated on all the policy details of your LIC policy by registering it here. Please do so and stay updated always. We will not be able to access the details of your policy. http://www.licindia.in/cbv/

Replied By Admin (MIC Staff) on Mar 13, 2013 Reply

my policy no 270808485 SA 50000/- pl infrome me what i will get amount on maturity date march 2015 and i get money back 15000+15000+20000=50000/-

By D.Singh on Mar 04, 2013 Reply

Sir i want to check my policy status of jeevan surabhi lic so can u kindly send my status in this email lovesudarshan222@gmail.com my policy number is 451150842 thanking you.

By Hari Bhakta Dhungel on Feb 24, 2013 Reply

I WANT TO KNOW WHAT AMOUNT WILL BE GET THE MATURITY OF JEEVAN SURABHI MONEY BACK POLICY AFTER 15 YEARS .TABLE NO 106. I HAVE JEEVAN SURABHI OF RS. 50000 IN THE YEAR OF 2000.
PLZ SEND ME THE ANSWER IN MY EMAIL AS EARLY AS POSSIBLE.

By Rajat Kumar Pattnayak on Feb 12, 2013 Reply

i know policy no-860687964

By Randhir Kumar on Aug 23, 2012 Reply

Sir, I have jeevan surbhi policy of Rs.2,50,000/- I already got 75,000/-+75,000/-+100,000/-
What I will get on maturity, Please tell me, I will be very grateful.

Thankyou

Manoj Sharma

By Manoj Sharma on Jul 23, 2012 Reply

I WANT TO KNOW WHAT WILL BE THE MATURITY OF PLAN JEEVAN SUROBHI MONEY BACK POLICY AFTER 15 YEARS TABLE NO 106.
PLZ SEND ME THE ANSWER IN MY EMAIL AS EARLY AS POSSIBLE.

By Subhajit Nath on May 20, 2012 Reply

Sir, i have jeevan surabhi policy 15 year with profit from 24/02/2011 i want to stop this policy for only 1 year you help me what to do?

By Pankaj V Sonawane on May 07, 2012 Reply

sir main 2lac 20 year ke invest karoo to mujhe 20saal baad kitna milega

By Gurjeet Singh on Apr 15, 2012 Reply

sir, my policy no.is 920740714 .This is money back policy.how much amount i will get including bonus

By Louis Mathias on Feb 25, 2012 Reply

SIR MY NAME NAVEEN KUMAR.MY POLICY NUMBER 171396494 I KNOW THAT LIC SEND MY TOTAL AMOUNT MY POLICY IS ALLREADY CLEAR ON 14/02/2012

By Naveen Kumar on Feb 23, 2012 Reply

Dear sir/madam
I am a NRI settled in Australia and would like to know if i am eligible to take up the "LIC Jeevan Surabhi 15 years plan" and would appreciate if we respond regarding this by emailing me or on my mobile 0433421983.
Thanking you

Muralidhar Naidu

By Muralidhar Naidu on Feb 20, 2012 Reply

Sir , my police no is 586125721 and 588142133 a want to know about my policy status get amount on maturity.

By Sarat Chandra Shu on Feb 17, 2012 Reply

Sir, i have jeevan surabhi policy from feb.1997 and my policy no. 181808604 what i will get amount on maturity date feb. 2012. POLICY sum ins. value is Rs.50000/- and i get money back 15000+15000+20000=50000.

By Manoj Kumar Bagadia on Feb 01, 2012 Reply

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