LIC Jeevan Surabhi Plan 107 Calculator
20-Year Policy • 15-Year Premium Term • Survival Benefit at Years 4, 8, 12 and 15
| End of Year | Benefit |
|---|---|
| 4 | 25% of Basic Sum Assured |
| 8 | 25% of Basic Sum Assured |
| 12 | 25% of Basic Sum Assured |
| 15 | 25% of Basic Sum Assured |
| Policy Year | Death Cover |
|---|---|
| 1 to 5 | 100% of Basic Sum Assured |
| 6 to 10 | 150% of Basic Sum Assured |
| 11 to 15 | 200% of Basic Sum Assured |
| 16 to 20 | 250% of Basic Sum Assured |
LIC Jeevan Surabhi Plan 107 was a traditional money-back life insurance policy designed for policyholders who wanted periodic payouts along with life cover. The policy had a 20-year term, but premiums were payable for only 15 years. During the policy term, it paid 25% of the Basic Sum Assured at the end of the 4th, 8th, 12th and 15th policy years.
LIC Jeevan Surabhi Plan 107 is now a withdrawn plan, so a fresh purchase is not available. However, existing policyholders may still need to check survival benefits, maturity value, bonus details, death cover or surrender value. LIC lists Plan 107, UIN 512N101V01, under its withdrawn plans and records its withdrawal date as 22 December 2013.
This guide explains how the policy works in simple language. It also explains how to use the Jeevan Surabhi Plan 107 maturity calculator correctly without assuming guaranteed bonus rates.
Table of Contents
LIC Jeevan Surabhi Plan 107 Maturity Calculator
The calculator helps estimate policy values using details from the policy bond or LIC records. It can show:
- Total premium paid
- Survival benefits received
- Next survival benefit due
- Current death cover
- Estimated vested bonus
- Estimated maturity benefit
- Guaranteed surrender value
- Full-term cash benefit estimate
The calculator should be used as an estimate tool. Actual bonus, Final Additional Bonus and Special Surrender Value depend on LIC declarations and the policy’s official records.
For accurate results, enter the Basic Sum Assured, policy commencement date, premium amount, premium mode, total instalments paid and available bonus details. The calculator should not be treated as an official claim quotation.
Also Read:
How to Use the Jeevan Surabhi Plan 107 Calculator
Using the LIC Jeevan Surabhi Plan 107 calculator is simple when policy details are available.
Step 1: Enter the Basic Sum Assured
Enter the Basic Sum Assured mentioned in the policy bond. For example, if the policy has a Sum Assured of ₹1,00,000, enter 100000.
The Basic Sum Assured is important because survival benefits, death cover and bonus calculations are linked to it.
Step 2: Select the Policy Commencement Date
Enter the original policy start date. The calculator uses this date to identify the completed policy year.
For example, a policy beginning on 1 April 2008 completes its fourth policy year on 1 April 2012.
Step 3: Add the Calculation Date
Enter the date on which the estimate is required. This can be today’s date, maturity date, surrender date or an assumed claim date.
The calculator uses this date to identify whether survival benefits are already due and which death-cover stage is applicable.
Step 4: Select Premium Payment Mode
The brochure states that premiums could be paid yearly, half-yearly, quarterly, monthly or through salary deduction. Select the payment mode used in the policy.
Enter the actual basic premium per instalment. Do not include rider premium unless the calculator specifically asks for it.
Step 5: Enter Total Instalments Paid
Enter the number of premium instalments already paid. This helps calculate total premium paid and may also be useful while estimating the Guaranteed Surrender Value.
Step 6: Add Bonus Information
There are two ways to use the bonus section:
| Method | When to Use |
|---|---|
| Bonus Rate Per ₹1,000 | When annual declared bonus rates are available |
| Total Vested Bonus | When LIC records already show the accumulated vested bonus |
Use the manual bonus option where actual vested bonus information is available. It is generally more reliable than applying one assumed bonus rate for every year.
Step 7: Add Final Additional Bonus, If Applicable
Enter Final Additional Bonus only when it appears in LIC records, maturity quotation or claim information. It is not automatically payable for every policy.
Step 8: Press Calculate
After pressing the Calculate button, the tool shows estimated policy values. Check the result section carefully and compare it with policy records before making any financial decision.
Jeevan Surabhi Plan 107 at a Glance
| Feature | Details |
|---|---|
| Plan Name | LIC Jeevan Surabhi |
| Plan Number | 107 |
| UIN | 512N101V01 |
| Policy Term | 20 years |
| Premium Paying Term | 15 years |
| Policy Type | With-profits money-back plan |
| Survival Benefit | 25% at years 4, 8, 12 and 15 |
| Total Survival Benefit | 100% of Basic Sum Assured |
| Maturity Benefit | Vested bonus plus applicable Final Additional Bonus |
| Death Cover | Increases after every five-year interval |
| Current Status | Withdrawn from sale |
LIC’s brochure describes Jeevan Surabhi Plan 107 as a with-profits policy with a 20-year term and a 15-year premium-paying term.
What Is LIC Jeevan Surabhi Plan 107?
LIC Jeevan Surabhi Plan 107 was a money-back insurance plan. Unlike a regular endowment policy, it paid part of the Basic Sum Assured during the policy term.
The policyholder received 25% of the Basic Sum Assured on four occasions. These payments were made at the end of years 4, 8, 12 and 15. Together, they returned 100% of the Basic Sum Assured before maturity.
Life insurance protection continued throughout the 20-year policy term. The death cover increased as the policy completed five-year stages. The plan also participated in LIC’s profits through bonus declarations.
This structure made the policy useful for policyholders who wanted periodic money-back payments for education costs, family expenses, debt reduction or other planned requirements.
Survival Benefit in Jeevan Surabhi Plan 107
The survival benefit is the main money-back feature of the policy.
| End of Policy Year | Survival Benefit |
|---|---|
| 4th year | 25% of Basic Sum Assured |
| 8th year | 25% of Basic Sum Assured |
| 12th year | 25% of Basic Sum Assured |
| 15th year | 25% of Basic Sum Assured |
| Total | 100% of Basic Sum Assured |
For a policy with a Basic Sum Assured of ₹2,00,000:
| Policy Year | Survival Benefit |
|---|---|
| 4 | ₹50,000 |
| 8 | ₹50,000 |
| 12 | ₹50,000 |
| 15 | ₹50,000 |
| Total | ₹2,00,000 |
The official brochure confirms that Plan 107 pays 25% of the Sum Assured at the end of the 4th, 8th, 12th and 15th policy years.
A common misunderstanding is that the Basic Sum Assured will be paid again at maturity. That is generally not the case under this plan because 100% of the Basic Sum Assured has already been paid as four survival-benefit instalments.
Jeevan Surabhi Plan 107 Maturity Benefit
The maturity benefit becomes payable when the life assured survives until the end of the 20-year policy term.
Since the complete Basic Sum Assured is already paid through survival benefits, the maturity amount is mainly the accumulated bonus amount.
Maturity Benefit = Total Vested Bonus + Final Additional Bonus, if applicableSimple Reversionary Bonus is declared by LIC per ₹1,000 of Basic Sum Assured. Once declared and attached to the policy, it becomes vested. A Final Additional Bonus may also be payable if LIC declares it and the policy satisfies applicable conditions.
The brochure’s illustration clearly shows that maturity at year 20 consists of variable bonus values. It does not show the Basic Sum Assured again as a separate maturity payment because that amount has already been paid during years 4, 8, 12 and 15.
How Bonus Works in LIC Jeevan Surabhi Plan 107
Jeevan Surabhi Plan 107 is a participating or with-profits policy. This means it can receive a share of LIC’s surplus in the form of bonuses.
Simple Reversionary Bonus
LIC declares this bonus per ₹1,000 of Basic Sum Assured. Once declared, the bonus becomes part of the policy benefit.
The broad formula is:
Annual Bonus = (Basic Sum Assured ÷ 1,000) × Declared Bonus RateFor example, if the Basic Sum Assured is ₹2,00,000 and the declared bonus rate is ₹25 per ₹1,000:
Annual Bonus = 200 × ₹25 = ₹5,000If the same rate applied for 20 years, the estimated vested bonus would be ₹1,00,000. Actual LIC bonus rates may vary from year to year, so this should be treated only as a calculator example.
Final Additional Bonus
Final Additional Bonus, also known in some cases as terminal bonus, may be payable at maturity or claim depending on LIC’s terms for the relevant valuation period.
It is not a fixed or guaranteed amount. Enter it in the calculator only after checking LIC’s maturity quotation, claim details or official declaration.
The brochure specifically notes that future bonuses depend on future profits and are not guaranteed. However, once a bonus is declared and added to the policy, that declared bonus becomes guaranteed.
LIC Jeevan Surabhi Plan 107 Death Benefit
The death benefit under Plan 107 was designed to increase after every five-year interval. Earlier survival benefits are not deducted from the death claim.
| Death During Policy Year | Basic Death Cover |
|---|---|
| Year 1 to 5 | 100% of Basic Sum Assured |
| Year 6 to 10 | 150% of Basic Sum Assured |
| Year 11 to 15 | 200% of Basic Sum Assured |
| Year 16 to 20 | 250% of Basic Sum Assured |
The working formula is:
Death Benefit = Applicable Death Cover + Vested Bonus + Applicable Additional BonusFor a ₹1,00,000 Basic Sum Assured policy:
| Period | Death Cover Before Bonus |
|---|---|
| Year 1 to 5 | ₹1,00,000 |
| Year 6 to 10 | ₹1,50,000 |
| Year 11 to 15 | ₹2,00,000 |
| Year 16 to 20 | ₹2,50,000 |
The official illustration for Plan 107 shows the guaranteed death-cover amount at ₹1,00,000 during the first five years, ₹1,50,000 during the next stage, ₹2,00,000 in the following stage and ₹2,50,000 by year 20 for a ₹1 lakh Sum Assured policy.
An important policy benefit is that survival benefits already paid are not deducted from the death claim. For example, a policyholder who received ₹25,000 at year 4 can still receive the full applicable death benefit if death occurs later during the policy term.
Premium Payment Under LIC Jeevan Surabhi Plan 107
Premiums were payable for 15 years, while the total policy term was 20 years. The brochure allowed yearly, half-yearly, quarterly, monthly and salary-deduction modes.
The brochure includes one illustration for a standard 35-year-old life with a Basic Sum Assured of ₹1,00,000 and yearly premium payment. The annual premium shown is ₹9,581, making the total premium for 15 years ₹1,43,715.
This illustration should not be treated as a universal premium chart. Actual premium depended on age, Sum Assured, payment mode, underwriting and policy conditions. Use the actual premium printed in the policy bond or premium receipt for calculator input.
Real Calculation Example for LIC Jeevan Surabhi 20 Years Maturity calculator
Consider an existing LIC Jeevan Surabhi Plan 107 policy with the following values.
| Detail | Example Value |
|---|---|
| Basic Sum Assured | ₹2,00,000 |
| Policy Term | 20 years |
| Premium Paying Term | 15 years |
| Premium Mode | Yearly |
| Annual Basic Premium | ₹18,000 |
| Bonus Rate Used for Estimate | ₹25 per ₹1,000 |
| Final Additional Bonus | ₹20,000 |
Step 1: Calculate Survival Benefits
The policy pays 25% of ₹2,00,000 at four stages.
25% of ₹2,00,000 = ₹50,000| End of Year | Survival Benefit |
|---|---|
| 4 | ₹50,000 |
| 8 | ₹50,000 |
| 12 | ₹50,000 |
| 15 | ₹50,000 |
| Total | ₹2,00,000 |
Step 2: Calculate Estimated Vested Bonus
Basic Sum Assured ÷ 1,000 = 200
200 × ₹25 = ₹5,000 annual bonus
₹5,000 × 20 years = ₹1,00,000 estimated vested bonusStep 3: Add Final Additional Bonus
Estimated Vested Bonus = ₹1,00,000
Final Additional Bonus = ₹20,000
Estimated Maturity Benefit = ₹1,20,000Step 4: Calculate Full-Term Cash Benefit
Total Survival Benefits = ₹2,00,000
Estimated Maturity Benefit = ₹1,20,000
Expected Full-Term Cash Benefits = ₹3,20,000This example is only for understanding the calculator. The bonus rate and Final Additional Bonus are assumed values, not guaranteed LIC benefits.
Brochure Illustration Example
The official Plan 107 brochure gives an illustration for a 35-year-old standard life, Basic Sum Assured of ₹1,00,000, 20-year term, 15-year premium-paying term and yearly premium of ₹9,581. Total premium paid over 15 years is shown as ₹1,43,715.
The illustration shows survival benefits of ₹25,000 each at years 4, 8, 12 and 15. At maturity, the illustration shows ₹56,000 under Scenario 1 and ₹1,22,000 under Scenario 2. These were based on assumed investment-return scenarios of 6% and 10% used for the benefit illustration at that time. They are not guaranteed future returns.
Do not use these figures as current expected maturity values. Enter actual vested bonus details from LIC records in the calculator wherever possible.
Jeevan Surabhi Plan 107 Surrender Value
The policy can be surrendered after it has been in force for at least three years.
Before any survival benefit becomes due, the Guaranteed Surrender Value is broadly calculated as:
Guaranteed Surrender Value =
30% × (Basic Premiums Paid − First-Year Basic Premium)After one or more survival benefits have become due, the calculation changes:
Guaranteed Surrender Value =
30% × Basic Premiums Paid on or After
the Latest Survival Benefit Due DateThe brochure says LIC may pay a Special Surrender Value that is equal to or higher than the Guaranteed Surrender Value. Special Surrender Value depends on the reduced claim value, policy duration, premiums paid and LIC’s applicable surrender factors.
Because Special Surrender Value factors are not provided in the brochure, the calculator can estimate Guaranteed Surrender Value only. The final surrender amount should be confirmed directly through LIC.
Important Points Before Using the Calculator
- Jeevan Surabhi Plan 107 is a withdrawn plan and cannot be purchased as a fresh LIC policy.
- The policy term is 20 years, while premiums are generally payable for 15 years.
- Survival benefits total 100% of Basic Sum Assured over four instalments.
- Maturity mainly consists of accrued bonuses and applicable Final Additional Bonus.
- Survival benefits are not deducted from death benefit.
- Bonus estimates may differ from the final LIC maturity or claim amount.
- Special Surrender Value cannot be accurately estimated without LIC’s applicable factors.
- The original policy bond and LIC’s official maturity, surrender or claim quotation remain final.
Frequently Asked Questions
Is LIC Jeevan Surabhi Plan 107 still available?
No. LIC lists Jeevan Surabhi Plan 107 under withdrawn plans. Its withdrawal date is recorded as 22 December 2013. Existing policyholders can continue to check benefits according to their policy terms.
What is the maturity amount in Jeevan Surabhi Plan 107?
The maturity amount is generally the total vested bonus plus applicable Final Additional Bonus. The Basic Sum Assured is not normally paid again at maturity because it has already been returned through four survival-benefit instalments.
When are survival benefits paid in Plan 107?
Survival benefits are paid at the end of the 4th, 8th, 12th and 15th policy years. Each payment equals 25% of the Basic Sum Assured.
Does the policyholder receive 100% of the Sum Assured at maturity?
No. The policyholder receives 100% of the Basic Sum Assured through four survival benefits during the policy term. Maturity generally consists of vested bonus and applicable Final Additional Bonus.
Are survival benefits deducted from the death claim?
No. The brochure clearly states that survival benefits paid before death are not deducted from the death claim.
What is the death cover after 15 years?
During policy years 16 to 20, the basic death cover is 250% of the Basic Sum Assured, plus vested bonuses and applicable additional bonus.
How is bonus calculated in LIC Jeevan Surabhi Plan 107?
Simple Reversionary Bonus is declared per ₹1,000 of Basic Sum Assured. Once declared and vested, it becomes part of the policy benefit. Bonus rates can vary by valuation period.
Can Jeevan Surabhi Plan 107 be surrendered after three years?
Yes. The brochure states that surrender value becomes available after the policy has been in force for three years or more.
What is the difference between Guaranteed Surrender Value and Special Surrender Value?
Guaranteed Surrender Value follows the minimum formula stated in the policy. Special Surrender Value is calculated by LIC using policy-specific factors and may be equal to or more than the Guaranteed Surrender Value.
Why does the calculator show an estimated maturity amount?
Future bonus and Final Additional Bonus are not guaranteed. The calculator can estimate results using entered values, but the final amount depends on LIC’s declared bonuses and applicable policy records.
Conclusion
LIC Jeevan Surabhi Plan 107 was a 20-year money-back policy with 15 years of premium payments, four survival-benefit instalments and increasing death cover. The LIC Jeevan Surabhi 20 Years Maturity Calculator makes it easier to estimate policy values, but actual bonus, maturity, surrender and claim amounts must always be verified through LIC records and the original policy bond.