This is a fixed
term money back policy. on survival of the policy holder till
maturity the survival benefits payable to him .
One of the
distinct feature of this policy is that the payment of premium
cases earlier to maturity.
In case the policy
holder dies before the term of the policy, the sum payable to
his nominee.
The survival
benefits already paid to the policy holder will not be
deducted from the death claim. Please note that the risk cover
increases by 50% of basis sum assured once in every 5 years.
So for a policy of
15 years one pays premium for 12 yrs only. Similarly for a
policy of 20 years premium payable is for 15 years only and
for a policy of 25 years the premium payable is for 18 years
only.
Benefits:
The survival benefits received by the policy holder takes care
of his short term financial needs like buying household
durables or any such needs like educational expenses of
children. The regular increase in life risk cover is available
to the policy holder without payment of extra premium or even
without under going other formalities like medical exams or
special medical report. After sometime after taking the policy
the policy holder may be in need for more insurance due to
increase in responsibility like increase in liability or
income in which case he may have to take a new policy later
after fulfilling all the formalities like medical examination.
In case of Jeevan Surabhi, this hassle of taking new policy is
avoided.
The shorter
premium paying term helps the policy holder to restrict the
payment of premium to his productive years and simultaneously
continue the life risk cover to desired age depending on the
needs of the family.
The survival
benefit received may be reinvested if not required at that
moment in any safe and high interest yielding
investments so that one can have a handsome amount at the end
of the policy term.
Income Tax Benefit
Available upto 20% of Premium Paid
