LIC Jeevan Surabhi Money back plan - Review, features, benefits, returns, premium and disadvantages

LIC Jeevan Surabhi insurance policy is the policy for those who want returns in between the premium and cant wait for full term. See details about the features of LIC Jeevan Surabhi Money back policy, its advantages and disadvantage, premium calculations, benefits and reviews.

Details about LIC Jeevan Surabhi Plan

Life Insurance Corporation (LIC) of India is largest insurance company in India. The company offers Jeevan Surubhi plan which is Money Back Plan, also referred as an anticipated endowment policy. This is a non unit-linked insurance traditional plan where funds are paid in pre-decided intervals. The Premium is paid for just 12 years but life cover remains for whole tenure of 15 years. If policy holder survives then he will get 30% of the Sum Assured in the interval of 4 and 8 years and the rest 40% of the Sum Assured after 12 years. Besides this, the life cover remains till the policy matures where the policyholder would receive the benefit in the form of Bonus. However, in case the policy holder dies within policy tenure, then nominee assigned by insured person would get the Sum Assured, which keeps growing by 50% once after every 5 years.

Features of LIC Jeevan Surabhi Money back policy

Optional higher cover through Riders.

Death Benefit rises by 50% once in each 5 years.

Simple Reversionary Bonus is granted after Policy get matures.

Extended risk cover is offered for three years after the premium payment of initial 3 years.

Survival Benefit is provided which is 30% of the Sum Assured at the end of four and eight years.

The plan is available for investment for all Resident and Non-Resident Indians who are in the age group of 14-55/50/45 years according and the policy term is 15 or 20 or 25 years.

Tax saving, returns, bonus and other benefits of Jeevan Surubhi Plan

Accrued bonus is paid if the policy holder dies before maturity.

Already paid survival benefit to policy holder will not be deducted from the death claim amount.

Accident benefit is provided only on basic SA during premium paying term.

In case insurance is financed by parent's income up to SA of 10 lakhs then this plan is allowed to minor females.

Life insurance cover increases without undergoing special medical exam. You also don't need to pay any extra premium.

Premium paid is eligible for tax exemption under section 80C of the Income Tax Act as per overall cap of Rs 1 Lakh per annum permitted by code for tax savings.

Policy holder can also get tax exemption on the claims received by way of survival benefits or Maturity claims, whatever may be the bonus accumulated in the year is also non-taxable.

How to Apply for LIC Jeevan Surabhi Policy

One can contact nearest Life Insurance Corporation (LIC) of India Branch/ LIC Agent. Or else one can visit site of LIC and fill the Application form to apply online. The site also offers online calculator which help customer in calculating correct amount of his premium.

Drawbacks of LIC Jeevan Surabhi Money back Policy

The plan is quite expensive as compared to other plans of Life Insurance Corporation of India.

As this plan is more inclined towards offering life cover to policyholder than investment one can choose it as term plan and opt for other product to avail investment on return.

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