Jeevan Surabhi 15 Years - Money Back Plan

Jeevan surbhi is similar to other plans. The main difference that is different from other plans,

Maturity term is more than premium paying term.Early and higher rate of survival benefit payment. Risk cover increases every five years

Full sum assured is paid back as survival benefit by the end of premium paying term.the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
This plan is best suitable for old age and family feel the need for lump sum benefits at periodical intervals.

 Benefits of Jeevan Surabhi-15 years:

Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers.

Premiums: Premiums can be paid yearly, monthly, quarterly throughout the premium paying term.

Bonuses: Simple Reversionary bonuses will be payable per thousand Sum Assured at the end of each financial year.  

Death Benefit: Sum Assured along with additional cover will be allocated in lump sum during the policy term. If death occurs during policy term then Sum Assured along with vested bonuses will be allocated in lump sum during the policy term.  

Supplementary or Extra Benefit: These optional benefits are added to your basic plan and an additional premium is needed to be paid for these benefits.

Surrender Value: On early termination of the LIC contract surrender values are allocated. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.

Guaranteed Surrender Value: if policy has been in force for at least three full years then the policy can be surrendered. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Corporation’s policy on surrenders: In practice, the Corporation will pay a Special Surrender Value – which is available after completion of at least 3 years from the date of commencement of your policy. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances especially in case of early termination of the policy, the surrender value payable may be less than the total premium paid.