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  • Features

  • Benefits
    • Text Box: 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. If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy. The additional amounts payable, at various stages are shown in the table given below. 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.
    BENEFITS
    Text Box: 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. 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
    FEATURES

    JEEVAN SURABHI-15/20/25 YEARS
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    Plan no.

    Policy Term

    Premium Paying Term

    106

    15 years

    12 years

    107

    20 years

    15 years

    108

    25 years

    18 years

    Percentage of Sum Assured payable at the end of specified duration

    Plan and Term ( Premium Paying Term )

    Duration

    Plan

    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%

     

     

    Plan no

    Survival Benefits

    % of basic Sum Assured.

    Risk Cover upto

    106

    at the end of 4 years

    30

    15 years

    at the end of 8 years

    30

    at the end of 12 years

    40

    at the end of 15 years

    Bonus

    107

    at the end of 4 years

    25

    20 years

    at the end of 8 years

    25

    at the end of 12 years

    25

    at the end of 15 years

    25

    at the end of 20 years

    Bonus

    108

    at the end of 4 years

    20

    25 years

    at the end of 8 years

    20

    at the end of 12 years

    20

    at the end of 15 years

    20

    at the end of 18years

    20

    at the end of 25years

    Bonus