LIC Jeevan Surabhi Plan 106 was a traditional money-back life insurance policy with a 15-year policy term and a 12-year premium-paying term. It was designed to provide periodic money-back benefits during the policy period, insurance protection throughout the term, and accumulated bonus at maturity.

This guide is written for existing policyholders who want to understand the maturity amount, survival benefit schedule, death benefit, bonus calculation and surrender value. LIC classifies Jeevan Surabhi Plan 106, UIN 512N100V01, as a withdrawn plan, with withdrawal effective from 1 January 2014.

The most important point is simple: the basic Sum Assured is paid back in instalments during the policy term. Therefore, at the end of Year 15, the maturity payment is mainly the accumulated vested bonus and any applicable Final Additional Bonus, rather than the Sum Assured again.

The official brochure confirms the 15-year term, 12-year premium term, 30%-30%-40% survival-benefit schedule, increasing death cover, and bonus-based maturity benefit.

LIC Jeevan Surabhi Calculator Plan 106

This calculator helps estimate the following policy values:

• Total premium paid
• Money-back benefit received or due
• Estimated vested bonus
• Maturity amount at the end of Year 15
• Total benefits received across the policy term
• Death benefit for a selected policy year
• Guaranteed surrender value

The calculator should be used as an estimation tool. The exact maturity amount depends on the vested bonus attached to the policy, any applicable Final Additional Bonus, the policy status, and deductions such as an outstanding loan, if any.

LIC Jeevan Surabhi Plan 106 Overview

Policy Feature	Details
Plan Name	LIC Jeevan Surabhi – 15 Years
Plan Number	106
UIN	512N100V01
Policy Term	15 years
Premium Paying Term	12 years
Plan Type	Participating money-back policy
Bonus Type	Simple Reversionary Bonus
Final Additional Bonus	May be applicable
Survival Benefits	End of Year 4, 8 and 12
Maturity	End of Year 15
Surrender Eligibility	After at least 3 policy years
Plan Status	Withdrawn

Premiums could be paid yearly, half-yearly, quarterly, monthly, or through salary deduction, subject to the option selected in the original policy. The plan participated in LIC’s profits through bonuses.

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What Is LIC Jeevan Surabhi Plan 106?

LIC Jeevan Surabhi Plan 106 was built for policyholders who wanted periodic payouts before maturity instead of waiting until the final policy year. The policyholder paid premiums for 12 years, while the risk cover continued for a total of 15 years.

The plan paid 30% of the Sum Assured at the end of the fourth policy year, another 30% at the end of the eighth year, and the remaining 40% at the end of the twelfth year. This means that the total basic Sum Assured was fully paid back through money-back instalments before the policy reached maturity.

The final maturity payment at the end of Year 15 was the accumulated bonus declared and vested under the policy, along with any Final Additional Bonus that LIC may have declared for eligible policies.

This structure is often misunderstood. Many policyholders assume that LIC pays the full Sum Assured again at maturity. That is not how this plan works. The Sum Assured is already distributed as three money-back payments. The maturity amount is normally the bonus portion that remains payable at the end of the 15th year.

LIC Jeevan Surabhi Plan 106 Survival Benefits

The survival benefit is the money-back amount paid while the life assured is alive and the policy is in force.

End of Policy Year	Survival Benefit
Year 4	30% of Sum Assured
Year 8	30% of Sum Assured
Year 12	40% of Sum Assured
Total	100% of Sum Assured

For example, where the Sum Assured is ₹1,00,000:

Policy Year	Money-Back Amount
End of Year 4	₹30,000
End of Year 8	₹30,000
End of Year 12	₹40,000
Total Money-Back Received	₹1,00,000

The survival benefit payments are important because they should not be treated as a deduction from the death claim. LIC’s brochure states that money-back benefits paid before death are not deducted from the amount payable on death during the policy term.

LIC Jeevan Surabhi Plan 106 Maturity Amount Formula

The Plan 106 maturity amount is paid when the life assured survives until the end of the 15-year policy term.

Maturity Amount
= Total Vested Simple Reversionary Bonus
+ Final Additional Bonus, if applicable

The total amount received throughout the entire policy term is different from the final maturity payout.

Total Policy Benefits
= Year 4 Survival Benefit
+ Year 8 Survival Benefit
+ Year 12 Survival Benefit
+ Maturity Bonus
+ Final Additional Bonus, if applicable

Since the Year 4, Year 8 and Year 12 payouts total 100% of the Sum Assured, the maturity payout at Year 15 is generally bonus-based.

For example, a ₹1 lakh policy may pay ₹30,000 in Year 4, ₹30,000 in Year 8, and ₹40,000 in Year 12. These three payments already return ₹1 lakh. If the vested bonus at maturity is ₹36,000, the final Year 15 maturity payment would be ₹36,000, while the total policy receipts across 15 years would be ₹1,36,000.

The actual bonus depends on LIC’s declarations during the policy period. Future bonus rates are not guaranteed, although bonuses already declared and added to the policy become vested.

How to Use the LIC Jeevan Surabhi Calculator Plan 106

The calculator is designed for existing Plan 106 policyholders. Keep the policy bond, premium receipt, and bonus information available before entering details.

Step 1: Enter the Sum Assured

Enter the basic Sum Assured mentioned in the policy bond.

For example:

Sum Assured: ₹1,00,000

The calculator uses this value to calculate money-back benefits, death cover and estimated bonus.

Step 2: Select the Policy Year

Enter the current or selected policy year between 1 and 15.

For example:

Selected Policy Year: 15

Selecting Year 15 shows the estimated maturity benefit. Selecting Year 4, 8 or 12 shows the money-back benefit due at that stage.

Step 3: Add Premium Payment Details

Select the premium mode and enter the premium amount printed in the policy document.

The calculator should not automatically calculate premium based only on age and Sum Assured. The official brochure provides one sample premium illustration, but it does not provide the complete premium-rate chart for every age, Sum Assured slab and premium mode.

Enter the actual premium from the policy bond for a more useful result.

Step 4: Enter Premium Years Paid

Plan 106 has a 12-year premium-paying term. Enter the actual number of completed premium years.

Maximum Premium Years: 12

This helps calculate total premium paid and may also be used for surrender-value estimation.

Step 5: Enter Bonus Rate or Vested Bonus

The calculator may use an estimated annual bonus rate per ₹1,000 of Sum Assured.

Estimated Annual Bonus
= (Sum Assured ÷ 1,000) × Bonus Rate

For a more accurate maturity estimate, use the actual vested bonus shown in LIC records, policy statements or maturity quotation whenever available.

Step 6: Add Final Additional Bonus, If Known

Final Additional Bonus is not guaranteed. Enter it only when confirmed through LIC’s official maturity quotation or policy records.

Step 7: Click Calculate

After clicking the Calculate button, the result should show:

• Total premiums paid
• Money-back benefits due
• Estimated bonus
• Maturity amount at Year 15
• Total lifetime policy benefit
• Death benefit for the selected year
• Guaranteed surrender value, where applicable

LIC Jeevan Surabhi Plan 106 Calculation Example

The LIC brochure provides an illustration for a standard non-smoker life aged 35 years.

Particular	Illustration Value
Entry Age	35 years
Sum Assured	₹1,00,000
Policy Term	15 years
Premium Paying Term	12 years
Premium Mode	Yearly
Annual Premium	₹10,963
Total Premium Paid	₹1,31,556

The annual premium of ₹10,963 is only an official brochure illustration for that specific example. It should not be used as the standard premium for every policyholder.

Money-Back Calculation

For a Sum Assured of ₹1,00,000:

Year 4 Benefit = ₹1,00,000 × 30%
               = ₹30,000

Year 8 Benefit = ₹1,00,000 × 30%
               = ₹30,000

Year 12 Benefit = ₹1,00,000 × 40%
                = ₹40,000

Total Survival Benefits
= ₹30,000 + ₹30,000 + ₹40,000
= ₹1,00,000

Maturity Calculation Under Brochure Illustration

The brochure shows two illustration scenarios. Under the first scenario, the Year 15 maturity bonus is shown as ₹36,000. Under the second scenario, the Year 15 maturity bonus is shown as ₹72,000.

Benefit	Scenario 1	Scenario 2
Year 4 Money-Back	₹30,000	₹30,000
Year 8 Money-Back	₹30,000	₹30,000
Year 12 Money-Back	₹40,000	₹40,000
Maturity Bonus at Year 15	₹36,000	₹72,000
Total Policy Receipts	₹1,36,000	₹1,72,000

The brochure states that these scenarios were based on assumed projected investment-return rates of 6% and 10% respectively. They are not guaranteed returns, and they should not be treated as promised maturity amounts.

For calculator testing, the first scenario can be represented with an estimated bonus rate of ₹24 per ₹1,000 Sum Assured per year:

Annual Bonus
= (₹1,00,000 ÷ 1,000) × ₹24
= ₹2,400

Estimated Bonus for 15 Years
= ₹2,400 × 15
= ₹36,000

The second brochure scenario works out to an illustration-equivalent figure of ₹48 per ₹1,000 Sum Assured per year:

Annual Bonus
= (₹1,00,000 ÷ 1,000) × ₹48
= ₹4,800

Estimated Bonus for 15 Years
= ₹4,800 × 15
= ₹72,000

These figures are useful only for understanding the historical brochure illustration. Actual bonus depends on LIC’s declarations during the policy term.

LIC Jeevan Surabhi Plan 106 Death Benefit

The death benefit under Plan 106 increased after every five-year interval.

Death During Policy Year	Basic Death Cover
Year 1 to Year 5	100% of Sum Assured
Year 6 to Year 10	150% of Sum Assured
Year 11 to Year 15	200% of Sum Assured

The broad formula is:

Death Benefit
= Applicable Death Cover
+ Vested Bonus
+ Eligible Final Additional Bonus, if any

For a policy with ₹1,00,000 Sum Assured:

Death Period	Basic Cover
Year 1 to 5	₹1,00,000
Year 6 to 10	₹1,50,000
Year 11 to 15	₹2,00,000

For example, if death occurs in Year 11 and vested bonus is ₹26,400, the estimated death claim before any eligible Final Additional Bonus would be:

Death Claim
= ₹2,00,000 + ₹26,400
= ₹2,26,400

The ₹30,000, ₹30,000 and ₹40,000 survival benefits already received by the family are not deducted from the death claim under the brochure terms.

How Bonus Works in Jeevan Surabhi Plan 106

Plan 106 is a with-profits policy. This means it participates in LIC’s life-insurance business profits through bonus declarations.

LIC declares Simple Reversionary Bonus per ₹1,000 of Sum Assured. Once the bonus is declared and attached to the policy, it becomes vested. However, the future bonus rate is not guaranteed because it depends on future performance and LIC’s declaration.

Estimated Bonus
= (Sum Assured ÷ 1,000)
× Annual Bonus Rate
× Number of Bonus Years

The calculator should label any bonus estimate clearly. It should not show estimated bonus as guaranteed maturity value.

For accurate results, use the vested bonus amount mentioned in the policy statement, LIC branch records or official maturity quotation. The calculator is useful for planning, but the final amount payable will be determined by LIC according to the policy record.

LIC Jeevan Surabhi Plan 106 Surrender Value

Plan 106 can be surrendered after the policy has been in force for at least three years.

The brochure provides a Guaranteed Surrender Value formula. The actual Special Surrender Value may be higher, depending on LIC’s applicable factors.

Before Any Survival Benefit Becomes Due

When no survival benefit has fallen due, the Guaranteed Surrender Value is:

Guaranteed Surrender Value
= 30% × (Basic Premiums Paid − First-Year Basic Premium)

Example: annual premium ₹10,963 and three premiums paid.

Total Premium Paid
= ₹10,963 × 3
= ₹32,889

Guaranteed Surrender Value
= 30% × (₹32,889 − ₹10,963)
= 30% × ₹21,926
= ₹6,577.80

After a Survival Benefit Has Been Paid

After one or more money-back benefits have become due, the Guaranteed Surrender Value is:

Guaranteed Surrender Value
= 30% of basic premiums paid
on or after the latest survival benefit due date

For example, after the Year 8 money-back benefit, the calculation should consider premiums paid on or after the Year 8 survival-benefit date.

The calculator therefore asks for “Premium Paid After Latest Survival Benefit” when surrender value is being estimated after a money-back payment. This prevents an incorrect calculation based on all premiums paid since policy commencement.

LIC’s brochure explains that Special Surrender Value may be equal to or more than the Guaranteed Surrender Value. It is based on the discounted value of reduced death or maturity benefits and depends on factors such as the duration and number of premiums paid.

Important Points Before Relying on the Calculator

Use the premium printed in the policy bond. Do not assume that the brochure’s ₹10,963 annual premium applies to every Plan 106 policy.

Use actual vested bonus information wherever possible. An estimated bonus rate is helpful for planning but cannot replace LIC’s official maturity calculation.

Do not treat the 6% and 10% brochure scenarios as guaranteed returns. They were only illustration assumptions.

The calculator may not include rider premiums, GST or older service-tax charges, late-payment interest, loan deductions, revival charges or deductions for policy alterations.

A policy that is lapsed, revived, converted to paid-up status or surrendered may have a different payable value. The original policy document and LIC’s official quotation remain decisive.

Frequently Asked Questions

Is LIC Jeevan Surabhi Plan 106 still available?

No. LIC lists Jeevan Surabhi Plan 106 under withdrawn plans, with a withdrawal date of 1 January 2014. This guide is relevant for existing policyholders checking maturity, bonus, surrender value or death benefits.

What is the maturity amount of LIC Jeevan Surabhi Plan 106?

The maturity amount at the end of Year 15 is generally the total vested bonus plus any applicable Final Additional Bonus. The basic Sum Assured is paid earlier through the 30%, 30% and 40% survival benefits.

When are the money-back instalments paid in Plan 106?

Plan 106 pays 30% of the Sum Assured at the end of Year 4, 30% at the end of Year 8 and 40% at the end of Year 12.

Does LIC pay the Sum Assured again at maturity?

No. The full basic Sum Assured is already paid through money-back instalments by the end of Year 12. The final Year 15 payment is usually the accumulated bonus and applicable Final Additional Bonus.

Are previous money-back payments deducted from the death claim?

No. LIC’s official brochure states that survival benefits already paid before death are not deducted from the death claim payable during the policy term.

Can LIC Jeevan Surabhi Plan 106 be surrendered?

Yes, surrender value becomes available after the policy has been in force for at least three years. The Guaranteed Surrender Value is calculated according to the stage of the policy and the survival benefits already due.

Why can the actual maturity amount differ from the calculator result?

The calculator may use estimated bonus assumptions. Actual maturity depends on vested bonus, Final Additional Bonus, policy status, loan deductions and LIC’s official policy record.

Final Words

The LIC Jeevan Surabhi Plan 106 Maturity Calculator makes it easier to understand a policy that has multiple payouts spread over 15 years. The key is to separate three things clearly: money-back benefits, maturity bonus and death benefit.

For a policyholder with Plan 106, the total Sum Assured is paid through the Year 4, Year 8 and Year 12 survival benefits. The final maturity amount at Year 15 is mainly the vested bonus amount, plus any eligible Final Additional Bonus. Entering the actual policy premium and vested bonus details will provide the most practical estimate.