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Jeevan Surabhi
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Posted On :
Nov-25-2011
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Article Word Count :
512
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Jeevan Surabhi is a special money back plan provided by LIC. This policy provides lump sum amounts to the life assured at periodic intervals on survival. In concern with premium paying terms policyholders can choose the alternative for submitting premiums of policy term 15, 20 and 25 years.
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Jeevan Surabhi is a special money back plan provided by LIC. This policy provides lump sum amounts to the life assured at periodic intervals on survival. In concern with premium paying terms policyholders can choose the alternative for submitting premiums of policy term 15, 20 and 25 years. Sum Assured available in this plan offer many options like in terms of two installments 30% of each and one installment of each 40% surviving 4,8 and 12 years will be allotted to the nominee. In case of 4 Installments of 25% each on surviving 4,8,12 and 15 years in case of 20-Year Plan and for 5 installments of 20% each on surviving 4, 8, 12, 15 and 18 years in case of 25-Year Plan is permissible under this plan. This special plan for LIC provides bonuses which will be allocated at the end of the policy term to the nominee. These bonuses are the Simple Reversionary bonuses that will be payable per thousand Sum Assured at the end of each financial year. Premiums can be paid yearly, monthly, quarterly throughout the premium paying term.
Under this plan death benefit is also allocated to the policyholder in this plan Sum Assured along with additional cover will be allocated in lump sum during the policy term. If death occurs during policy term then Sum Assured along with vested bonuses will be offered in lump sum during the policy term. On early termination of the LIC contract surrender values are payable. These values will be greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders. This plan offers Guaranteed Surrender value which will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Eligibility conditions for Jeevan Surabhi plan:
Minimum age for entry is of 14 years, maximum age for entry is from 50 to 55 years, minimum sum assured will be Rs. 50,000 minimum policy term is 15 years and maximum policy term is 25 years for this policy.
Jeevan Surabhi provides surrender benefits this benefit is payable on surrender reflects the discounted value of the reduced claim amount that would be allocated on death or at maturity. This value will depend on the period for which premiums have been paid and the policy duration at the date of surrender. In some situations especially in case of early termination of the policy, the surrender value payable may be less than the total premium paid. This scheme offers for periodic payments of partial survival benefits during the term of the policy.
Jeevan Surabhi offers for an additional benefit, over and above the policy amount, ranging from Rs 500 to Rs 2,000 per thousand sum assured, depending upon the duration of the policy and the period of death of the policyholder. This plan is thus well applicable for you and for your family during market fluctuations and safeguards your investment.
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Article Source :
http://www.articleseen.com/Article_Jeevan Surabhi_109878.aspx
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Author Resource :
Jeevan surabhi and lic plans
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Keywords :
Jeevan surabhi, lic plans,
Category :
Business
:
Business
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