| Insurance >> Youngsters >> Jeevan Surabhi |
| Table No. 106, 107, 108 |
|
| Features |
|
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. |
|
| Benefits |
|
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.
If death occurs at anytime during the term
of a policy (provided the policy has been
kept in force by payment of all premiums
that had fallen due), the basic sum assured
along with the vested bonus will be paid.
The survival benefits already paid, if any,
will not be deducted from this claim amount.
An additional amount (depending on the duration
of the policy) will also be paid on death
under such a policy. The additional amounts
payable, at various stages are shown in
the table given below. |
|
| Policy |
1st
year Policy |
policy
year
6th-10th
|
11th-15th
policy year
|
16th-20th
policy year
|
21st-26th policy
year |
| 106 |
NIL |
500 |
1000 |
NIL |
NIL |
| 107 |
NIL |
500 |
1000 |
1500 |
NIL |
| 108 |
NIL |
500 |
1000 |
1500 |
2000 |
|
|
Survival
Benefits:
A percentage of sum assured as mentioned
below will be paid on your survival to the
end of specified durations: |
|
| Percentage of
Sum Assured payable at the end of
specified duration |
| Plan
and Term ( Premium Paying Term ) |
| Duration |
Plan |
| 106/15(12) |
107/20(15) |
108/25(18) |
| 4 |
30% |
25% |
20% |
| 5 |
- |
|
- |
| 8 |
30% |
25% |
20% |
| 10 |
- |
- |
- |
| 12 |
40% |
25% |
20% |
| 15 |
- |
25% |
20% |
| 18 |
- |
|
20% |
|
| |
| Plan
no |
Survival
Benefits |
%
of basic Sum Assured. |
Risk
Cover upto |
| 106 |
at the end
of 4 years |
30 |
15
years |
| at the end
of 8 years |
30 |
| at the end
of 12 years |
40 |
| at the end
of 15 years |
Bonus |
| 107 |
at the end
of 4 years |
25 |
20
years |
| at the end
of 8 years |
25 |
| at the end
of 12 years |
25 |
| at the end
of 15 years |
25 |
| at the end of
20 years |
Bonus |
| 108 |
at the end
of 4 years |
25 |
25
years |
| at the end
of 8 years |
25 |
| at the end
of 12 years |
25 |
| at the end
of 15 years |
25 |
| at the end of
18years |
Bonus |
|
|
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. |
|
| Benefit Illustration |
|
Statutory
Warning :
“Some benefits
are guaranteed and some benefits are variable
with returns based on the future performance
of your insurer carrying on life insurance
business. If your policy offers guaranteed
returns then these will be clearly marked
“guaranteed” in the illustration
table on this page. If your policy offers
variable returns then the illustrations
on this page will show two different rates
of assumed future investment returns. These
assumed rates of return are not guaranteed
and they are not the upper or lower limits
of what you might get back as the value
of your policy is dependent on a number
of factors including future investment performance.”
Illustration 1 :
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 /- |
|
| End
of year |
Total
premiums paid till 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 |
114400 |
178800 |
| 7 |
76741 |
150000 |
16800 |
33600 |
116800 |
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 |
|
|
| End
of year |
Total
premiums paid till 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 |
0 |
| 5 |
54815 |
0 |
0 |
0 |
0 |
20000 |
| 6 |
65778 |
0 |
0 |
0 |
0 |
0 |
| 7 |
76741 |
0 |
0 |
0 |
0 |
0 |
| 8 |
87704 |
30000 |
0 |
0 |
30000 |
0 |
| 9 |
98667 |
0 |
0 |
0 |
0 |
0 |
| 10 |
109630 |
0 |
0 |
0 |
0 |
20000 |
| 12 |
131556 |
40000 |
0 |
0 |
40000 |
20000 |
| 15 |
131556 |
0 |
36000 |
72000 |
36000 |
72000 |
|
|
Illustration 2 :
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual
Premium : Rs. 5507 /- |
|
| End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
9581 |
100000 |
2100 |
4600 |
102100 |
104600 |
| 2 |
19162 |
100000 |
4200 |
9200 |
104200 |
109200 |
| 3 |
28743 |
100000 |
6300 |
13800 |
106300 |
113800 |
| 4 |
38324 |
100000 |
8400 |
18400 |
108400 |
118400 |
| 5 |
47905 |
100000 |
10500 |
23000 |
110500 |
123000 |
| 6 |
57486 |
150000 |
12600 |
27600 |
162600 |
177600 |
| 7 |
67067 |
150000 |
14700 |
32200 |
164700 |
182200 |
| 8 |
76648 |
150000 |
16800 |
36800 |
166800 |
186800 |
| 9 |
86229 |
150000 |
18900 |
41400 |
168900 |
191400 |
| 10 |
95810 |
150000 |
21000 |
46000 |
171000 |
196000 |
| 12 |
114972 |
200000 |
25200 |
55200 |
225200 |
255200 |
| 15 |
143715 |
200000 |
31500 |
69000 |
231500 |
269000 |
| 20 |
143715 |
250000 |
42000 |
92000 |
292000 |
342000 |
|
|
| End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
9581 |
0 |
0 |
0 |
0 |
0 |
| 2 |
19162 |
0 |
0 |
0 |
0 |
0 |
| 3 |
28743 |
0 |
0 |
0 |
0 |
0 |
| 4 |
38324 |
25000 |
0 |
0 |
25000 |
25000 |
| 5 |
47905 |
0 |
0 |
0 |
0 |
0 |
| 6 |
57486 |
0 |
0 |
0 |
0 |
0 |
| 7 |
67067 |
0 |
0 |
0 |
0 |
0 |
| 8 |
76648 |
25000 |
0 |
0 |
25000 |
25000 |
| 9 |
86229 |
0 |
0 |
0 |
0 |
0 |
| 10 |
95810 |
0 |
0 |
0 |
15000 |
15000 |
| 15 |
114972 |
25000 |
0 |
0 |
25000 |
25000 |
| 20 |
143715 |
25000 |
0 |
0 |
25000 |
25000 |
| 25 |
143715 |
0 |
56000 |
122000 |
56000 |
122000 |
|
|
Illustration 3 :
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /-
Annual
Premium : Rs. 5507 /- |
|
| End
of year |
Total
premiums paid till end of year |
Benefit
on Death during the year (Rs.) |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
8776 |
100000 |
2800 |
6500 |
102800 |
106500 |
| 2 |
17552 |
100000 |
5600 |
13000 |
105600 |
113000 |
| 3 |
26328 |
100000 |
8400 |
19500 |
108400 |
119500 |
| 4 |
35104 |
100000 |
11200 |
26000 |
111200 |
126000 |
| 5 |
43880 |
100000 |
14000 |
32500 |
114000 |
132500 |
| 6 |
52656 |
150000 |
16800 |
39000 |
166800 |
189000 |
| 7 |
61432 |
150000 |
19600 |
45500 |
169600 |
195500 |
| 8 |
70208 |
150000 |
22400 |
52000 |
172400 |
202000 |
| 9 |
78984 |
150000 |
25200 |
58500 |
175200 |
208500 |
| 10 |
87760 |
150000 |
28000 |
65000 |
178000 |
215000 |
| 12 |
105312 |
200000 |
33600 |
78000 |
233600 |
278000 |
| 15 |
131640 |
200000 |
42000 |
97500 |
242000 |
297500 |
| 18 |
157968 |
250000 |
50400 |
117000 |
300400 |
367000 |
| 20 |
157968 |
250000 |
56000 |
130000 |
306000 |
380000 |
| 25 |
157968 |
300000 |
70000 |
162500 |
370000 |
462500 |
|
|
| End
of year |
Total
premiums paid till end of year |
Benefit
on survival / maturity at the
end of year |
| Guaranteed |
Variable |
Total |
| Scenario
1 |
Scenario
2 |
Scenario
1 |
Scenario
2 |
| 1 |
9581 |
0 |
0 |
0 |
0 |
0 |
| 2 |
19162 |
0 |
0 |
0 |
0 |
0 |
| 3 |
28743 |
0 |
0 |
0 |
0 |
0 |
| 4 |
38324 |
20000 |
0 |
0 |
20000 |
20000 |
| 5 |
47905 |
0 |
0 |
0 |
0 |
0 |
| 6 |
57486 |
0 |
0 |
0 |
0 |
0 |
| 7 |
67067 |
0 |
0 |
0 |
0 |
0 |
| 8 |
76648 |
20000 |
0 |
0 |
20000 |
20000 |
| 9 |
86229 |
0 |
0 |
0 |
0 |
0 |
| 10 |
95810 |
0 |
0 |
0 |
20000 |
20000 |
| 15 |
114972 |
20000 |
0 |
0 |
20000 |
20000 |
| 20 |
143715 |
20000 |
0 |
0 |
20000 |
20000 |
| 25 |
143715 |
0 |
93000 |
220500 |
93000 |
220500 |
|
|
i) This illustration is applicable
to a non-smoker male/female standard (from
medical, life style and occupation point
of view) life.
ii) The non-guaranteed benefits (1) and
(2) in above illustration are calculated
so that they are consistent with the Projected
Investment Rate of Return assumption of
6% p.a.(Scenario 1) and 10% p.a. (Scenario
2) respectively. In other words, in preparing
this benefit illustration, it is assumed
that the Projected Investment Rate of Return
that LICI will be able to earn throughout
the term of the policy will be 6% p.a. or
10% p.a., as the case may be. The Projected
Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration
is that the client is able to appreciate
the features of the product and the flow
of benefits in different circumstances with
some level of quantification.
iv) Future bonus will depend on future profits
and as such is not guaranteed. However,
once bonus is declared in any year and added
to the policy, the bonus so added is guaranteed. |
|
| Plan Parameters |
|
| Entry age |
14 (last birthday) |
| Plan 106 |
55 |
| Plan 107 |
50 |
| Plan 108 |
45 |
|
| Sum assured
(Rs.) |
50,000 |
NO
LIMIT |
| Term (years) |
15 years |
Fixed Term |
|
|
| Yearly, Half-yearly,Quarterly,
Monthly, Salary Saving Scheme |
70 years |
No |
|
| |
Top  |
