LIC Jeevan Surabhi Plan 20 years is a Money Back Plan in which you will receive money at pre-decided intervals. This non unit-linked insurance traditional plan involves Premium which is paid for 15 years and cover lasts for a tenure of 20 years. Assuming that the Life Insured survives this period, then he/ she will be receiving 25% of the Sum Assured.
This amount will be received by the Life Insured as they complete 4, 8, 12 and 15 years of the tenure. Further, the life cover is valid until policy matures at which point the Life Insured will receive the Bonus. In the event of the death of the Life Insured during the policy tenure, the Sum Assured will be received by the nominee. The Sum Assured will increase by 50% every 5 years.
Maximum maturity age | 70 years |
Maximum entry age | 50 years |
Minimum entry age | 14 years |
Minimum Sum assured | Rs. 50,000 |
Minimum Term | 15 years |
Maximum Term | Fixed Term |
Plan type | This plan is available for three different terms of 15, 20 and 25 years. The premium paying terms corresponds with this with 12, 15 and 18 years. The customer will get a specified percentage of Sum Assured at different specified intervals. In intervals of five years, life insurance cover is available during the term of the plan. This amount increases every five years. |
Premium paying terms | The customer will get to choose the intervals at which premiums are paid which can be yearly, quarterly, half-yearly, monthly or can be deducted from the customer's salary. The premium must be paid for the premium paying term of the policy or until the premature death of the customer. |
Policy term | 20 years |
Bonuses | Annually at the end of each financial year, Simple Reversionary Bonuses are stated per thousand Sum Assured. Once the bank has stated this, it becomes a part of the guaranteed benefits of the plan. In addition to this, the customer may get a Bonus if the policy runs for a certain minimum period. |
Following are the key Benefits/Advantages of LIC Jeevan Surabhi Plan 20 years :
In case a customer would like extra protection, they can opt for optional benefits which can be added to your basic plan. The customer must pay an additional premium for these benefits.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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