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

  

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