LIC Jeevan Surabhi Plan Features Benefits Plan parameters licindia.in

LIC Jeevan Surabhi Plan Features Benefits Plan parameters licindia.in 

LIC Jeevan Surabhi Plan Features licindia.in 

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.
Plan no. Policy Term Premium Paying Term
106 15 years 12 years
107 20 years 15 years
108 25 years 18 years
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

LIC Jeevan Surabhi Plan Benefits licindia.in 


JEEVAN SURABHI – (Table Nos. 106,107 & 108)

Introduction :

Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).

For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.

Product summary :

This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.

Premiums:

Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the premium paying term of the policy or till the earlier death.

Bonuses : This is a with-profit plan and participate in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Death Benefit :

The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.

Survival Benefit : A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:
 
 
Percentage of Sum Assured payable at the end of specified duration
Plan and Term ( Premium Paying Term )
Duration
106/15(12)
107/20(15)
108/25(18)
4
30%
25%
20%
5
-
-
-
8
30%
25%
20%
10
-
-
-
12
40%
25%
20%
15
 
25%
20%
18
-
-
20%
 

Maturity Benefit :

The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.

Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Surrender Value :

Buying a life insurance contract is a long-term commitment. However, surrender values are available under the plan on earlier termination of the contract.

Guaranteed Surrender Value :

The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium in case no survival benefit payment has already fallen due. Where one or more survival benefits have fallen due, the guaranteed surrender value will be 30% of the premiums paid on or after the due date of payment of latest survival benefit.

Corporation’s policy on surrenders :

In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender is the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the number of premiums paid and the duration at which surrender value is calculated. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time depending on the economic environment, experience and other factors.

Note :The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
Benefit Illustration :

Statutory warning :
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”
 
            Illustration 1 (Table 106)
            Age at entry : 35 years
            Policy Term : 15 Years  
            Premium Paying Term : 12 Years 
            Mode of premium payment : Yearly
            Sum Assured : Rs. 1,00,000 /-
            Annual Premium : Rs. 10963 /-
 
           
 
Year
 
 
Total premiums paid till end of year
Benefit on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
 
 
 
 
 
 
 
1
10963
100000
2400
4800
102400
104800
2
21926
100000
4800
9600
104800
109600
3
32889
100000
7200
14400
107200
114400
4
43852
100000
9600
19200
109600
119200
5
54815
100000
12000
24000
112000
124000
6
65778
150000
14400
28800
164400
178800
7
76741
150000
16800
33600
166800
183600
8
87704
150000
19200
38400
169200
188400
9
98667
150000
21600
43200
171600
193200
10
109630
150000
24000
48000
174000
198000
12
131556
200000
28800
57600
228800
257600
15
131556
200000
36000
72000
236000
272000
 
 
Year
Total premiums paid till the end of year
Benefit on survival / maturity
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
 
 
 
 
 
 
 
1
10963
0
0
0
0
0
2
21926
0
0
0
0
0
3
32889
0
0
0
0
0
4
43852
30000
0
0
30000
30000
5
54815
0
0
0
0
0
6
65778
0
0
0
0
0
7
76741
0
0
0
0
0
8
87704
30000
0
0
30000
30000
9
98667
0
0
0
0
0
10
109630
0
0
0
0
0
12
131556
40000
0
0
40000
40000
15
131556
0
36000
72000
36000
72000
 
               Illustration 2 (Table 107)
            Age at entry : 35 years
            Policy Term : 20 Years    
            Premium Paying Term : 15 Years 
            Mode of premium payment : Yearly
            Sum Assured : Rs. 1,00,000 /-
            Annual Premium : Rs. 9581 /-
 
              
Year
Total Premiums paid till end of year
Benefit on death during the year
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
9581
100000
2100
4600
102100
104600
2
19162
100000
4200
9200
104200
109200
3
28743
100000
6300
13800
106300
113800
4
38324
100000
8400
18400
108400
118400
5
47905
100000
10500
23000
110500
123000
6
57486
150000
12600
27600
162600
177600
7
67067
150000
14700
32200
164700
182200
8
76648
150000
16800
36800
166800
186800
9
86229
150000
18900
41400
168900
191400
10
95810
150000
21000
46000
171000
196000
12
114972
200000
25200
55200
225200
255200
15
143715
200000
31500
69000
231500
269000
20
143715
250000
42000
92000
292000
342000
 
               
               
 
Year
 
 
Total premiums paid till end of year
Benefit on Survival / Maturity
 
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
9581
0
0
0
0
0
2
19162
0
0
0
0
0
3
28743
0
0
0
0
0
4
38324
25000
0
0
25000
25000
5
47905
0
0
0
0
0
6
57486
0
0
0
0
0
7
67067
0
0
0
0
0
8
76648
25000
0
0
25000
25000
9
86229
0
0
0
0
0
10
95810
0
0
0
0
0
12
114972
25000
0
0
25000
25000
15
143715
25000
0
0
25000
25000
20
143715
0
56000
122000
56000
122000
 

 
   
Illustration 3 (Table 108)
Age at entry : 35 years
Policy Term : 25 Years
Premium Paying Term : 18 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual Premium : Rs. 8776 /-

               
 
Year
 
 
Total premiums paid till end of year
Benefit on death during the year
 
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
 
 
 
 
 
 
 
1
8776
100000
2800
6500
102800
106500
2
17552
100000
5600
13000
105600
113000
3
26328
100000
8400
19500
108400
119500
4
35104
100000
11200
26000
111200
126000
5
43880
100000
14000
32500
114000
132500
6
52656
150000
16800
39000
166800
189000
7
61432
150000
19600
45500
169600
195500
8
70208
150000
22400
52000
172400
202000
9
78984
150000
25200
58500
175200
208500
10
87760
150000
28000
65000
178000
215000
12
105312
200000
33600
78000
233600
278000
15
131640
200000
42000
97500
242000
297500
18
157968
250000
50400
117000
300400
367000
20
157968
250000
56000
130000
306000
380000
25
157968
300000
70000
162500
370000
462500
 
               
 
Year
 
 
Total premiums paid till end of year
Benefit on survival / maturity
 
Guaranteed
Variable
Total
Scenario 1
Scenario 2
Scenario 1
Scenario 2
1
8776
0
0
0
0
0
2
17552
0
0
0
0
0
3
26328
0
0
0
0
0
4
35104
20000
0
0
20000
20000
5
43880
0
0
0
0
0
6
52656
0
0
0
0
0
7
61432
0
0
0
0
0
8
70208
20000
0
0
20000
20000
9
78984
0
0
0
0
0
10
87760
0
0
0
0
0
12
105312
20000
0
0
20000
20000
15
131640
20000
0
0
20000
20000
18
157968
20000
0
0
20000
20000
20
157968
0
0
0
0
0
25
157968
0
93000
220500
93000
220500
 
 
i) This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are

consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a.(Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.

v) The maturity benefit is the amount shown at the end of the policy term.
LIC Jeevan Surabhi Plan Plan parameters licindia.in  

 
Minimum
Maximum
Entry age
14 (last birthday)
plan 106 55
plan 107 50
plan 108 45
Sum assured (Rs.)
50,000
NO LIMIT
Term (years)
15 years
Fixed Term


Mode of Payment
Maximum Maturity Age
Policy loan available
Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme
70 years
Yes