Showing posts with label PLan no 108. Show all posts
Showing posts with label PLan no 108. Show all posts

Jeevan Surabhi plan no 106, 107 and 108

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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.


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
20
25 years
at the end of 8 years
20
at the end of 12 years
20
at the end of 15 years
20
at the end of 18years
20
at the end of 25years
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.

Jeevan Surabhi 108-25 Agent Chart

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Click on Image to ZoomJeevan Surabhi 108-25 Agent Chart
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