LIC Jeevan Surabhi -106, 107, 108 -All details with premium, Insurance Coverage, and Maturity benefit Calculators. Jeevan Surabhi is a popular money back plan from LIC of India. This plan is offered in three versions with 15-year, 20-Year, and 25-Year terms and corresponding premium paying terms of 12, 15 and 18 Years.
Jeevan Surabhi is a withdrawn plan and is no more available for sale. Here at InsuranceFunda, we are getting a lot of queries regarding the benefits of the plan. Let us have a detailed review of the plan.
Jeevan Surabhi (106, 107, 108) – Basic conditions
|Jeevan Surabhi – Plan Details|
|Term of the plan||15 Years||20 Years||25 Years|
|Premium Paying Term||12 Years||15 Years||18 Years|
|Jeevan Surabhi – Survival Benefits and Maturity Benefit|
|4th Year||30 % of Sum Assured||25% of Sum Assured||20% of Sum Assured|
|8th Year||30% of Sum Assured||25% of Sum Assured||20% of Sum Assured|
|12th Year||40% of Sum Assured||25% of Sum Assured||20% of Sum Assured|
|15th Year||Bonus + Final Addition Bonus(if any)||25% of Sum Assured||20% of Sum Assured|
|18th Year||20% of Sum Assured|
|20th Year||Bonus + Final Addition Bonus|
|25th Year||Bonus + Final Addition Bonus|
Salient features of the plan
- Limited premium money back plan where the entire Sum Assured is paid as Survival Benefits which is also called as ‘money back’ amount.
- Entire Sum Assured/Money Back is paid within the premium paying term.
- Bonus and Final Addition Bonus (If any) shall be paid as the maturity amount and is paid at the end of the term of the policy.
- The plan provides automatic and free increasing risk coverage (Explained in detail later in the post)
- Loan shall be available after the payment of three full-year premium and completion of three full years.
Increasing risk coverage -What does it mean?
Jeevan Surabhi is having
|Plan – Term -PPT||106-15-12||107-20-15||108-25-18|
|0-5 Years||Sum Assured + Bonus||Sum Assured + Bonus||Sum Assured + Bonus|
|5-10 Years||(Sum Assured * 1.5) + Bonus||(Sum Assured * 1.5)+Bonus||(Sum Assured * 1.5) + Bonus|
|10-15 Years||(Sum Assured * 2)+ Bonus||(Sum Assured * 2) + Bonus||(Sum Assured * 2)+Bonus|
|15-20 Years||(Sum Assured * 2.5) + Bonus||(Sum Assured * 2.5) + Bonus|
|20-25 Years||(Sum Assured * 3)+ Bonus|
106-15,107-20,108-25 – Types of bonuses available
All the Jeevan Surabhi versions – 15 year (Plan 106), 20 year (Plan 107) and 25 year (Plan 108) – are with profit plans and LIC shares its profit to the policyholders in the form of bonuses declared for the plan from time to time. Two types of bonuses available in the plan are,
- Simple Reversionary Bonus – Declared every year and added to the policy as and when it is declared.
- Final Addition Bonus – One-time bonus, declared at the year of exit of the policy which shall be paid at the time of exit by way of maturity or death.
Jeevan Surabhi – Latest bonus rates.
|Jeevan Surabhi – Latest Bonus Rates|
|Plan (Term-PPT)||Bonus Rates 2016 Valuation||Bonus Rates 2017 Valuation||Bonus Rates 2018 Valuation|
|106 (15 – 12)||34||34||34|
|107 ( 20 – 15)||41||41||41|
|108 ( 25 – 18)||50||50||50|
LIC declares bonus rates for all its plans every year. Read all the details of bonus rates declared for the financial year 2018-19.
Jeevan Surabhi (106, 107, 108) Latest Final Addition Bonus Rates
|Jeevan Surabhi – Final Addition Bonus Rates (per 1000 SA)|
|Policy term for maturity and duration elapsed for death claims||Amount of Final Addition Bonus per 1000 SA|
|up to 25000||25,001 to 50,000||50,001 to 1,99,999||2,00,000 and above|
Jeevan Surabhi – Premium and Benefits calculator.
Jeevan Surabhi – online calculator is intended to help you in understanding all the benefits of the plan by applying your own details. You can customize the presentations by selecting the term of the plan and proving age and required sum assured. An option is provided to apply rider benefits such as double accident benefit also.
If you are unable to view the calculator here, Click here to open the non-amp version of this post.
Premium Vs Age
Let us have a look at the variation of premium with the increase in age for Jeevan Surabhi plan.
Sample Benefit Illustration for Jeevan Surabhi Plan
In order to understand the plan better let us consider a sample illustration of the plan. The details considered for the plan is as given in the table below.
|Term of the plan||25 Years||Premium Paying Term||18 Years|
|Age of the person||30 Years||Sum Assured considered||10 lakh|
You can understand the premium, normal and Accidental Insurance coverage, Survival benefits, expected maturity benefits as per the current bonus rates etc. are provided in this sample benefit illustration.
You can download the sample benefit illustration for Jeevan Surabhi plans 106,107 and 108 from the links provided below.
- Download J. Surabhi 25 Year sample benefit illustration.
- Download J. Surabhi 15 Year Sample benefit Illustration
- Download J. Surabhi 20 Year Sample benefit Illustration
Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.