Life Insurance Corporation Of India
Features of Jeevan Surabhi
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
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.
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.
Benefits of Jeevan Surabhi
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.
Loan facility will be available under this plan, after completion of one policy year.