LIC Jeevan Surabhi Money back plan Review -features, benefits, returns, premium

Life Insurance Corporation (LIC) of India is largest insurance company in India. The company offers Jeevan Surubhi plan which is Money Back Plan, also referred as an anticipated endowment policy. This is a non unit-linked insurance traditional plan where funds are paid in pre-decided intervals. Besides this, the life cover remains till the policy matures where the policyholder would receive the benefit in the form of Bonus. However, in case the policy holder dies within policy tenure, then nominee assigned by insured person would get the Sum Assured, which keeps growing by 50%  of basic sum assured once after every 5 years. Jeevan Surabhi is available in three policy terms 15 years, 20 years and 25 Years.

Features :

Optional higher cover through Riders. 

Death Benefit rises by 50% of Basic Sum Assured once in each 5 years. 

Simple Reversionary Bonus is granted after Policy get matures.

Survival Benefit is provided at the end of every four years as given in table.

The plan is available for investment for all Resident and Non-Resident Indians who are in the age group of 14-55/50/45 years according and the policy term is 15 or 20 or 25 years.

                               

Quick View of Policy Paying Term, Survival Benefits and Risk Cover Benefits for all the three plans of Jeevan Surabhi.

Plan No.	Policy Term	Policy Paying Term	Survival Benefits	% of Basic Sum Assured	Risk Cover Benefits	Risk Cover
106	15 Years	12 Years	At the end of 4 years	30	For 1 to 5 Years	Only SA
			At the end of 8 years	30	For 6 to 10 Years	1.5 times of SA
			At the end of12 years	40	For 11 to 15 Years	2.0 times of SA
			At the end of 15 years	Bonus
107	20 Years	15 Years	At the end of 4 years	25	For 1 to 5 Years	Only SA
			At the end of 8 years	25	For 6 to 10 Years	1.5 times of SA
			At the end of 12 years	25	For 11 to 15 Years	2.0 times of SA
			At the end of 15 years	25	For 16 to 20 Years	2.5 times of SA
			At the end of 20 years	Bonus
108	25 Years	20 Years	At the end of 4 years	20	For 1 to 5 Years	Only SA
			At the end of 8 years	20	For 6 to 10 Years	1.5 times of SA
			At the end of 12 years	20	For 11 to 15 Years	2.0 times of SA
			At the end of 15 years	20	For 16 to 20 Years	2.5 times of SA
			At the end of 18 years	20	For 21 to 25 Years	3.0 times of SA
			At the end of 25 years	Bonus

Tax saving, returns, bonus and other benefits

Accrued bonus is paid if the policy holder dies before maturity.

Already paid survival benefit to policy holder will not be deducted from the death claim amount.

Accident benefit is provided only on basic SA during premium paying term. 

Life insurance cover increases without undergoing special medical exam. You also don't need to pay any extra premium.

Premium paid is eligible for tax exemption under section 80C of the Income Tax Act as per overall cap of Rs 1 Lakh per annum permitted by code for tax savings.

Policy holder can also get tax exemption on the claims received by way of survival benefits or Maturity claims, whatever may be the bonus accumulated in the year is also non-taxable. 

How to Apply for LIC Jeevan Surabhi Policy

One can contact nearest Life Insurance Corporation (LIC) of India Branch/ LIC Agent. Visit LIC site The site also offers online calculator which help customer in calculating correct amount of his premium.