LIC Jeevan Surabhi 20 Years Plan

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.

Eligibility Conditions for LIC Jeevan Surabhi Plan 20 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

Key Features of LIC Jeevan Surabhi Plan 20 years

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.

Benefits/Advantages of LIC Jeevan Surabhi Plan 20 years

Following are the key Benefits/Advantages of LIC Jeevan Surabhi Plan 20 years :

  • Survival Benefit: A percentage of sum assured as mentioned below will be paid on your survival to the end of specified durations:

    The Sum Assured percentage which is payable at the end of indicated duration
    Premium Paying Term (Plan and Term)
    Duration 107/20(15 years) 106/15(12 years) 108/25(18 years)
    4 25% 30% 20%
    5 - - -
    8 25% 30% 20%
    10 - - -
    12 25% 40% 20%
    15 25% 20%
    18 - - 20%
  • Death Benefit: In the event of the death of the policyholder during the policy term, the bank must pay the Sum Assured along, additional cover (if any) as well as all bonuses declared till death in a lump sum. This does not mean that the survival benefits which was paid before the policy holder's death will be deducted from the claim amount.
  • Surrender Value: Even though buying a life insurance policy is a long-term commitment, it is possible to get surrender values under the plan in case he/ she would like to terminate the contract earlier.
  • Guaranteed Surrender Value: Customers do have the option of surrendering the policy once it is in force for 3 years or more. The value of the guaranteed surrender is 30% of the basic premiums paid. This does not however include the first year's premium in case no survival benefit payment has already fallen due. In the event that 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: A Special Surrender Value, which is either equal to or more than the Guaranteed Surrender Value, will be paid by the Corporation. The value will depend on the duration at which surrender value is calculated and the number of premiums paid. In the instance that the LIC money back policy was terminated early, the surrender value payable may be less than the total premium paid.


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.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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