Jeevan Surabhi is a life insurance plan that covers risks as well as offers profits. The policyholder can partake in the profits declared by the company. The insured receives bonuses as a part of the profits made. Tax benefits can be availed under Section 80C of the Income Tax Act, 1961.
A few points must be borne in mind by prospective policyholders who wish to purchase the Jeevan Surabhi plan.
|Minimum age at entry||14 years|
|Maximum age at entry||
|Maximum maturity age||70 years|
The sum assured is the lump sum amount paid to the beneficiaries on the death of the policyholder.
|Minimum sum assured||Rs.50,000|
|Maximum sum assured||No limit|
A nominal amount called the Premium needs to be paid towards the sum assured of the policy.
|Policy term||15 years, 20 years, 25 years|
|Premium paying term||12 years, 15 years, 18 years|
|Mode of payment||
*Premiums vary based on age, location, plan term and other factors
|Survival Benefit||A certain percentage of the sum assured is offered as the survival benefit if the policyholder survives the policy term. The minimum percentage of sum assured that is offered is 20% and the maximum percentage is 40%. The percentage solely depends on the type of plan, the policy term, and the premium paying term.|
|Death Benefit||The sum assured is paid as a lump sum along with any additional covers or bonuses payable. Any survival benefits paid earlier will not be deducted from the final death benefit.|
|Maturity Benefit||A certain amount is offered as a maturity benefit if the policyholder survives until the end of the policy term. Bonuses, too, will be paid as a lump sum.|
Other Key Features
|Simple Reversionary Bonus||At the end of the financial year, a certain sum is declared annually as the simple reversionary bonus per thousand of the sum assured.|
|Final Bonus||If the policyholder survives the policy term, he/she may be eligible for a final additional bonus too.|
|Phone Helpline||LIC hosts a phone helpline service that helps policyholders track their policies and pose any possible queries he/she may have.|
|Premium Payment Channels||Many online and offline channels are available to the policyholders who can choose the channel based on their conveniences,|
|Online Registration||Policyholders can register themselves on the LIC website to track the status of their policies.|
The insured individuals can avail tax benefits under Section 80(C) of the Income Tax Act, 1961.
Along with the sum assured that is payable by the plan, additional bonuses are also offered. Though the survival benefit is provided at the end of the premium paying term, the risk cover continues and the policy participates in the profits until the end of the policy term. This increases the opportunity to reap in maximum benefits from a single policy. In the year 2016-2017, the claim settlement ratio of LIC was 98.31% and the grievances solved ration was 100%. LIC branches are spread across the country making it easy for the customers to address their issues.