If life insurance buying is approached in
the proper manner it can be very beneficial to yourself and
your family. You need to take the time to give some thought
to a subject that can be very unpleasant. I guess that is
why most people don't think about it, or at best think about
it only after they have had a brush with death, or when a
life insurance professional brings up the subject. Sometimes
these people wait until it is too late to do something about
such a critical matter.
They find themselves uninsurable when they discover they have
some critical illness. People should give life insurance buying
serious thought at least once per year as ones situation may
change and you find that your need for life insurance may
change as a result.
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.
Plan no.
Policy Term
Premium Paying Term
106
15 years
12 years
107
20 years
15 years
108
25 years
18 years
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.
Benefits
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 Corporations 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.
Policy
1st year Policy
policy year
6th-10th
11th-15th
policy year
16th-20th
policy year
21st-26th
policy year
106
NIL
500
1000
NIL
NIL
107
NIL
500
1000
1500
NIL
108
NIL
500
1000
1500
2000
Survival Benefits:
A percentage of sum assured as mentioned below will
be paid on your survival to the end of specified durations:
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
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
years 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.
Corporations 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.
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