LIC's Jeevan Surabhi : Money Back Plan (106,107,108), Introduction, Features, Cover, Other Details, Income-Tax exemption & other features

LIC's Jeevan Surabhi : Money Back Plan (106,107,108), Introduction, Features, Cover, Other Details, Income-Tax exemption & other features



Introduction
LIC Jeevan Surabhiis a money back plan. Jeevan Surabhi plan is similar to other LIC money back plans. However main differences in regular moneyback plans and Jeevan Surabhi are as Maturity term is more than premium paying term. Early and higher rate of survival benefit payment. A life insurance cover is available throughout the term of the plan. Risk cover increases every five years.

Jeevan surbhi is a with-profits plan available in 3 different terms of 15 yrs, 20 yrs and 25 years.
LIC Jeevan Surabhi policy is divided into 3 tables depending on the term (Years):

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Accident Insurance:
Accident Benefit is available

Benefits:
Death Benefits:
1. Accrued bonus is paid if the policy holder dies before maturity.
2.  Sum Assured risk cover increases by 50%, Once in every 5 years.
3. Already paid survival benefit to policy holder will not be deducted from the death claim amount.
4. If insurance is financed by parent’s income up to SA of 10 lakhs then this plan is allowed to minor females.
5.  Life Risk cover increases without undergoing special medical report or medical exam. You also don’t need to pay extra premium.
6.   Accident benefit is provided only on basic SA during premium paying term.

Eligibility Conditions and Restrictions:Min. age at entry: 14 years. (last birthday)
Max. age at entry:
55 yrs for plan 106
50 yrs for plan 107
45 yrs for plan 108Min. Sum Assured.: Rs.50,000/-

Max. SA.: No Limit

SA in multiples: Rs. 5000

Max. Maturity age: 70 years.

Min Term: 15 yrs

Max Term: 25 years.

Modes Allowed: All

Policy Loan: Available

Income-Tax exemption:
Premium paid under section 80C of the Income Tax Act within the overall cap of Rs 1 Lakh per annum allowed for tax savings.
On the claims received either by way of survival benefits or Maturity claims, whatever be the bonus accrued is also non-taxable.

Illustration 1:
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 /-

End of year	Total premiums paid till end of year	Benefit on death during the year
		Guaranteed	Variable		Total
			Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	10963	100000	2400	4800	102400	104800
2	21926	100000	4800	9600	104800	109600
3	32889	100000	7200	14400	107200	114400
4	43852	100000	9600	19200	109600	119200
5	54815	100000	12000	24000	112000	124000
6	65778	150000	14400	28800	114400	178800
7	76741	150000	16800	33600	116800	183600
8	87704	150000	19200	38400	169200	188400
9	98667	150000	21600	43200	171600	193200
10	109630	150000	24000	48000	174000	198000
12	131556	200000	28800	57600	228800	257600
15	131556	200000	36000	72000	236000	272000

End of year	Total premiums paid till end of year	Benefit on survival / maturity
		Guaranteed	Variable		Total
			Scenario 1	Scenario 2	Scenario 1	Scenario 2
1	10963	0	0	0	0	0
2	21926	0	0	0	0	0
3	32889	0	0	0	0	0
4	43852	30000	0	0	30000	0
5	54815	0	0	0	0	20000
6	65778	0	0	0	0	0
7	76741	0	0	0	0	0
8	87704	30000	0	0	30000	0
9	98667	0	0	0	0	0
10	109630	0	0	0	0	20000
12	131556	40000	0	0	40000	20000
15	131556	0	36000	72000	36000	72000

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