Jeevan
Surabhi plan is similar to other money
back plans.However main differences
in regular money back plans and Jeevan
Surabhi are as under
Maturity
term is more than premium paying term.
Early
and higher rate of survival benefit
payment.
Risk
cover increases every five years.
The
actual term and the premium paying term
for these plans are as under.
Plan no. Policy Term Premium Paying
Term
106 15 years 12 years
107 20 years 15 years
108 25 years 18 years
Full sum assured is paid back as survival
benefit by the end of premium paying
term. However, the risk cover and additional
risk cover continue and the policy participates
in profits till the end of policy term.
Accident
Benefit is restricted to the premium
paying period and to the overall limit
of Rs.5 lakhs on a single life.
Suitable
For:
This plan holds special interest to
people who besides wishing to provide
for their old age and family feel the
need for lump sum benefits at periodical
intervals.
Introduction
Insurance Regulatory & Development
Authority (IRDA) requires all life insurance
companies operating in India to provide
official illustrations to their customers.
The illustrations are based on the investment
rates of return set by the Life Insurance
Council (constituted under Section 64C(a)
of the Insurance Act 1938) and is not
intended to reflect the actual investment
returns achieved or may be achieved
in future by Life Insurance Corporation
of India (LICI).
For
the year 2004-05 the two rates of investment
return declared by the Life Insurance
Council are 6% and 10% per annum.
Product
summary
This is a with-profits plan available
for three different terms of 15, 20
and 25 years with corresponding premium
paying terms of 12, 15 and 18 years.
The plan provides a specified percentage
of Sum Assured on survival up to specified
durations. A life insurance cover is
available throughout the term of the
plan which increases after every five
yearly intervals.
Premiums
:
Premiums are payable yearly, half-yearly,
quarterly, monthly or through salary
deductions as opted by you throughout
the premium paying term of the policy
or till the earlier death.
Bonuses
:
This is a with-profit plan and participate
in the profits of the Corporation's
life insurance business. It gets a share
of the profits in the form of bonuses.
Simple Reversionary Bonuses are declared
per thousand Sum Assured annually at
the end of each financial year. Once
declared, they form part of the guaranteed
benefits of the plan. A Final (Additional)
Bonus may also be payable provided policy
has run for certain minimum period.
Death
Benefit:
The Sum Assured alongwith the additional
cover, if any, plus all bonuses declared
till death is payable in a lump sum
upon the death of the life assured during
the policy term. The survival benefits
paid prior to death will not be deducted
from the claim amount.
Maturity
Benefit :
The policy matures on your survival
to the end of the policy term. All bonuses
declared up to maturity date will be
paid in a lump sum.
Supplementary/Extra
Benefits :
These are the optional benefits that
can be added to your basic plan for
extra protection/option. An additional
premium is required to be paid for these
benefits.
Surrender
Value :
Buying a life insurance contract is
a long-term commitment. However, surrender
values are available under the plan
on earlier termination of the contract.
Guaranteed
Surrender Value :
The policy may be surrendered after
it has been in force for 3 years or
more. The guaranteed surrender value
is 30% of the basic premiums paid excluding
the first year's premium in case no
survival benefit payment has already
fallen due. Where one or more survival
benefits have fallen due, the guaranteed
surrender value will be 30% of the premiums
paid on or after the due date of payment
of latest survival benefit.
Corporation's
policy on surrenders :
In practice, the Corporation will pay
a Special Surrender Value - which is
either equal to or more than the Guaranteed
Surrender Value. The benefit payable
on surrender is the discounted value
of the reduced claim amount that would
be payable on death or at maturity.
This value will depend on the number
of premiums paid and the duration at
which surrender value is calculated.
In some circumstances, in case of early
termination of the policy, the surrender
value payable may be less than the total
premium paid.
The
Corporation reviews the surrender value
under its plans from time to time depending
on the economic environment, experience
and other factors.
Note:
The above is the product summary giving
the key features of the plan. This is
for illustrative purpose only. This
does not represent a contract and for
details please refer to your policy
document.
.
