LIC Jeevan Surbhi Policy Review
Plan no:106,107,108
Introduction on LIC Jeevan Surbhi Policy
LIC Jeevan Surbhi policy is an enhanced version of money back plans with following characteristics:
- Different policy terms with different premium paying terms are available.
- Early and higher rate of survival benefit is available (Period for payment of survival benefit has been reduced by 1 year )
- Limited premium paying term.
- Risk coverage increases for every five years from date of commencement of policy.
- Accident benefit cover will be available during premium paying term only.
LIC Jeevan Surbhi policy – plan no 106,107 and plan no 108 were introduced in 19/10/1992 and withdrawn on
LIC Jeevan Surbhi policy Conditions
Sum Assured : Minimum – 50,000 /- W.e.f: 01/06/2004
Maximum – No Limit
Entry age : Minimum – 14 years
Maximum – 55 years for plan 106
– 50 years for plan 107
– 45 years for plan 108
Maturity age : Maximum – 70 years
Policy Term: Plan 106 – 15 Years
Plan 107 – 20 Years
Plan 108 – 25 years
Premium paying term : Plan 106 – 12 Years
Plan 107 – 15 Years
Plan 108 – 18 Years
premium payment mode : Yearly, Half Yearly, Quarterly,Monthly,SSS
1.Female cat I and II are allowed. W.e.f. 23/7/2003
2.Female cat III is allowed upto basic sum assured of Rs. 5 lakh
3.Standard age proof and medical is must.
4.Jeevan Surbhi plan is also allowed to female minors where insurance is financed with parents income upto sum assured of Rs. 10 lakh.
LIC Jeevan Surbhi Policy Rebates
Rebates are divided into 2 types
- sum assured rebate and
- mode rebate (premium payment mode)
Premium payment mode Rebate: Yearly 3% of tabular premium
Half-yearly 1.5% of tabular premium
Sum Assured rebate :
| SUM ASSURED | REBATE PER 1000 SUM ASSURED |
| Upto 50,000 | Nil |
| 50,001 to 1,00,000 | RS.1.00 |
| Above 1,00,001 | RS.2.00 |
SURVIVAL BENEFIT
If on a particular date as given in policy schedule , the life assured survives and all premiums up to that date have been paid , then certain percentage of basic sum assured will be refunded to life assured as survival benefit.
The following table gives A = % of the sum assured payable as survival benefit amount at the end of ‘B’ years from date of commencement.
LIC Jeevan Surbhi Policy Maturity Benefits
- Maturity Benefit: If the policy matures on your survival at the end of the policy term. All bonuses declared up to maturity date will be paid as maturity claim.
1. If premiums are discontinued within premium paying term, then maturity claim
= paid up value + vested bonus.
LIC Jeevan Surbhi Policy Death claim
1. If policy is in full force by paying all the premiums in the premium term then death claim
= full sum assured + additional death cover as shown below + vested bonus
2. If policy is in reduced paid up conditions then death claim
= Paid up value + Vested bonus
LIC Jeevan Surbhi policy guaranteed Surrender Value
Policy can be surrendered after paying premiums for at least of 3 full years.
In above condition Guaranteed surrender value = 30% of all the premiums paid – 1st year premium
PAID UP VALUE :
After paying at least 3 full years premiums, policy will acquire paid up value as follows:-
= Sum Assured x No of years Premiums paid / No of years Premiums payable
Riders Available in LIC Jeevan Surbhi policy
DAB/EPDB cover is available under the policy during premium paying term only.
DAB/EPDB is available equal to basic sum assured.
Bonus on LIC Jeevan Surbhi plan
As LIC Jeevan Surbhi policy is with profit the bonus will participate in profits till the end of policy
Simple Reversionary Bonuses are declared per thousand of Sum Assured annually at the end of each financial year. A Final (Additional) Bonus may also be payable ( but policy has to run for certain minimum period ).
Additional Information
In Jeevan Surabhi policy loan can be granted under certain conditions.
Lic Jeevan Surabhi Policy Benefit illustration :
Example1
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 |