Life Insurance Corporation (LIC) Plans for 15 years

As one of the most trusted insurance providers, The Life Insurance Corporation of India (LIC) offers an extensive range of insurance products. There are some best-selling plans as they have the most comprehensive coverage benefits. In this article, we will specifically talk about LIC policy for 15 years which is LIC’s JeevanSurabhi Plan.

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LIC’s Jeevan Surabhi Plan is a non-unit linked, traditional, improved version of the Money Back plan. LIC Jeevan Surabhi plan holds a special interest to people who apart from saving money for their old age and family, need lump sum benefits at periodic intervals.

Let us further discuss the benefits and features of this LIC policy for 15 years.

Major differences between your regular money back plan and LIC Surabhi 15-year Plan are as follows

  • Maturity term is more than premium paying term
  • Early and a higher rate of survival benefit payment
  • Risk cover increases every five years
  • The Actual Term and Premium Paying Term for LIC Surabhi 15-year scheme are 15 years and 12 years respectively.

Key features of LIC Surabhi Plan for 15 years

Here are some key features of the LIC Surabhi plan that will help you understand the plan better with in-depth detail

  • LIC Surabhi plan for 15 years is a limited premium money back plan
  • Full Sum Assured is paid in the form of Survival Benefit by the end of premium paying term
  • Bonus and final additional bonus shall be paid at the time of maturity if any.
  • Extended risk cover for 3 years after premium payment
  • The loan shall be available only after payment of 3 full premiums


Benefits of LIC Surabhi Plan for 15 years

  1. Death benefit

    The death benefit is provided in the form of the Sum Assured along with the additional cover if any. In case of demise of the policyholder during the policy tenure, bonuses declared till death are payable in a lump sum amount.

    Policy Term Total 15 years

    Death Benefit

    0 to 5 years

    Only Sum Assured

    6 to 10 years

    1.5 times Sum Assured

    11 to 15 years

    2 times Sum Assured

  2. Survival benefit

    A percentage of the sum assured will be paid on the survival of the policyholder at the end of specified durations. Below is the percentage chart of the sum assured to paid at specific durations of the policy.

    Percentage of Sum Assured payable at the end of specified duration

    Plan

    LIC JeevanSurabhi 106

    Plan Term

    15 years

    Premium Paying Term

    12 years

    Duration

    Percentage

    4

    30%

    8

    30%

    12

    40%

  3. Maturity benefit

    Maturity benefits are availed if the policyholder survives at the end of the policy tenure. All bonuses declared till the maturity date of the policy will be paid in a lump sum to the policyholder.

  4. Optional benefit

    Optional benefits can be added to your basic LIC JeevanSurabhi plan provided the additional premium is paid during the policy tenure.

Benefit Illustration

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 /-

Year

Total Premiums Paid till the 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

164400

178800

7

76741

150000

16800

33600

166800

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

Year

Total Premium Paid till the 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

30000

5

54815

0

0

0

0

0

6

65778

0

0

0

0

0

7

76741

0

0

0

0

0

8

87704

30000

0

0

30000

30000

9

98667

0

0

0

0

0

10

109630

0

0

0

0

0

12

131556

40000

0

0

40000

40000

15

131556

0

36000

72000

36000

72000

Conclusion

LIC JeevanSurabhi Plan 106, a money-back plan is rightfully suited for you if you want lump sum money at every periodic interval. A plan that pays you back at regular intervals along with maturity benefits and other coverages can never be a bad plan for anyone.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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