Jeevan Surabhi - Money Back Plan

JEEVAN SURABHI-Faster Money Back Plan

LIC Jeevan Surabhi Plan 15 years Plan LIC Jeevan Surabhi Plan 15 years is actually a Money Back Plan, which is technically known as an anticipated endowment policy. This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals. The Premium is paid for only 12 years but the cover remains for the entire tenure of 15 years. If the Life Insured survives then he would receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures where she would receive the Bonus. However, if the Life Insured dies within the policy tenure, then the nominee would receive the Sum Assured, which keeps increasing by 50% once in every 5 years.     Key Features of LIC Jeevan Surabhi Plan 15 years Death Benefit increases by 50% once in every 5 years Simple Reversionary Bonus is payable on Policy Maturity Survival Benefit is receive 30% of the Sum Assured at the end of 4 and 8 years and the remaining 40% of the Sum Assured at the end of 12 years and life cover continues till the policy matures Extended risk cover for three years after 3 years premium payment. Optional higher cover through Riders    Benefits you get from LIC Jeevan Surabhi Plan 15 years Death Benefit – In case of death of the Life Insured, the nominee receives the following + accrued Bonus Policy Term Total 15 years Death Benefit 0 to 5 years Only Sum Assured 6 to 10 years 1.5 times Sum Assured 11 to 15 years 2 times Sum Assured Survival Benefit – The Life Insured would receive The following Survival Benefit Policy Term Total 15 years Survival Benefit End of 4 years 30% of Sum Assured End of 8 years 30% of Sum Assured End of 12 years 40% of Sum Assured Maturity Benefit – At the maturity of the policy, the insured will get the accrued Bonus Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D) Eligibility conditions and other restrictions in LIC Jeevan Surabhi Plan 15 years Minimum Maximum Sum Assured (in Rs.) 50,000 No Limit Policy Term (in years) 15 Premium Payment Term (in years) 12 Entry Age of Life Insured (in years) 14 55 Age at Maturity (in years) - 70 Premium (in Rs.) Nothing Specified Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS Note: This is a statement of facts based on the information collected from the LIC Jeevan Surabhi 15 Years brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Surabhi 15 Years Review, Analysis or Recommendation. Insurance is a subject matter of the solicitatio