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Mr.Pradeep Diwan
LIC Agent
7C / 8C, Parekh Nagar Indl. Estate,
S. V. Road, Kandivli (West), Mumbai -
400067
Maharashtra, India.
Tel: 28050377/
28055576
Fax: 28056748
Cell: 9324422924
pradeep@licinsurance.com |
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JEEVAN
SURABHI
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This
is an improved version of Money Back plan
with an added feature of additional risk cover.
Persons who wish to enjoy the benefit of saving
through insurance during their earning period
and at the same time wish to provide maximum
insurance amount to the family members in
the event of untimely death of the life assured
can go in for this policy
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For
example, under the ordinary Money Back Plan,
a person aged 30 years for a term of 25 years
will have to pay a premium of Rs 55.40 per
Rs 1000 Sum Assured i.e. total of Rs.1376/-
if he survives the term. Under Jeevan Surabhi
the same person would be required to pay Rs.
85/- for only 18 years i.e Rs.1530/-. The
additional total contribution of Rs. 154/-
gives him an additional risk cover ranging
from Rs. 500/- to Rs. 2000/- per Rs 1000 sum
assured. This is based on the duration elapsed
from commencement of policy to the date of
death of life assured
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A
policy where lump sum amounts are paid to
the life assured at periodic intervals on
survival.
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Premium
paying terms are less than corresponding policy
terms i.e. for policy terms of 15, 20 and
25 years, the corresponding premium paying
terms would be 12, 15 and 18 years.
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In
case of death of life assured within the term,
full sum insured is paid to the nominee, irrespective
of earlier survival benefits.
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An
additional amount is also paid on death occurring
within the term. The amount depends on duration
elapsed from commencement of the policy.
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Accident
benefit is available during the premium paying
term only.
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Bonus
is payable at the end of the policy term under
this scheme.
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Premiums
are to be paid regularly to get survival benefits.
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Premiums
cease on death or on expiry of term whichever
is earlier.
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Policy
Term
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Premium
Term
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At
the end of
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Amount
of money back
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For
Example,on a Rs.1,00,000 policy
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15 years
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12 years
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4th
year
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30%
of sum assured
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Rs.
30000
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8th
year
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30%
"
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Rs.
30000
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12th
year
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40%
"
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Rs.
40000
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20 years
|
15 years
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5th
year
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25%
of sum assured
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Rs.
25000
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10th
year
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25%
"
|
Rs.
25000
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15th
year
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25%
"
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Rs.
25000
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20th
year
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25%
"
|
Rs.
25000
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25 years
|
18 years
|
5th
year
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20%
of sum assured
|
Rs.
20000
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10th
year
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20%
"
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Rs.
20000
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15th
year
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20%
"
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Rs.
20000
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20th
year
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20%
"
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Rs.
20000
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25th
year
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20%
"
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Rs.
20000
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On Death
In case of death
of life assured within the term, basic sum assured
along with vested bonus is paid irrespective
of earlier survival benefits to the nominee.
In addition, the following benefits are given
depending on the duration elapsed from the commencement
of the policy to the date of death.
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If
death occurs during
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Additional
Risk cover for Rs.1000 sum assured
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15
years
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20
years
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25
years
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First
5yrs
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Nil
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Nil
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Nil
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6
to 10th yr
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Rs.500
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Rs.500
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Rs.500
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11th
to 15th yr
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Rs.1000
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Rs.1000
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Rs.1000
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16th
to 20th yr
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-
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Rs.1500
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Rs.1500
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21st
to 25th yr
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-
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-
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Rs.2000
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Accident
Benefit
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Minimum
Sum Assured Rs 20,000
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Minimum
premium must be Rs.800 per annum
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Minimum
age at entry - 14 years
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Maximum
age at entry :
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15 year policy - 55 years
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20 year policy - 50 years
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25 year policy - 45 years
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People
who can produce standard age proof only can
take this policy viz
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A Municipal birth certificate or a School
leaving certificate
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Age extract from service register, maintained
by govt., quasi govt., and public limited
companies in respect of their employees
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No
loan will be granted on this policy
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