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LIC's Jeevan Surabhi

LIC’s Jeevan Surabhi

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 Table No. /Plan No. Term (Policy duration)
Jeevan Surabhi Table No. 106 15 years
Jeevan Surabhi Table No. 107 20 years
Jeevan Surabhi Table No. 108 25 years

Accident Insurance:
Accident Benefit is available

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 parent’s 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 don’t 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 PPT 4th yr 8th yr 12th yr 15th yr 18 yr
15 yrs 12 yrs Rs.30,000 Rs.30,000 Rs.40,000 - -
20 yrs 15 yrs Rs.25,000 Rs.25,000 Rs.25,000 Rs.25,000 -
25 yrs 18 yrs 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.

Let’s 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).

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