Features:
This plan is similar to other money back plans. However main differences in regular
money back plans and LIC 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.
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:
LIC Jeevan Surabhi 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.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.
Suitable For:
LIC Jeevan Surabhi 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.
Benefits:
JEEVAN
SURABHI – (Table Nos. 106,107 & 108)
Introduction:
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: LIC Jeevan Surabhi is
a with-profit plan and participates 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 along
with 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:
LIC Jeevan Surabhi
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:
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 /-
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 /-
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 /-
Plan Parameters :
|
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