Life Insurance Corporation (LIC) Plans for 15 years

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

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.

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