LIC HAS always been sensitive to the changing aspirations of its customers and thus, brings out different products from time to time to cater to those needs. Close on the heels of Jeevan Aastha, which was a runaway success, LIC latest offering is Jeevan Varsha, a close-ended guaranteed additions plan. The plan provides guaranteed benefits on death as well as maturity and has a few unique features.
It is a money back plan with only two policy terms ie, 9 years and 12 years, with premium paying term restricted to only nine years for both. This has been done keeping in view the preference of the people for short duration policies. Further, it offers attractive guaranteed additions of Rs 65 per thousand sum assured per year for nine-year term and Rs 70 per thousand sum assured for a policy of 12-year term.
For the first time in any money back policy, the survival benefits are payable every three years. This means that for a nine-year term policy, the payouts would be at the end of 3rd, 6th and 9th years and for a 12-year term policy, the payouts would be at end of 3rd, 6th, 9th and 12th years. This provision makes Jeevan Varsha a plan with periodical payments and helps the buyer in meeting various expenses during the course of the policy, while enjoying full insurance coverage for the entire policy term.
Any person who has completed 15 years of age can buy this policy so that first survival benefits becomes payable to him only after he attains majority. The maximum age at maturity has been pegged at 75 years which means that the maximum age of entry for nine-year term would be 66 years and for the 12-year term it would be 63 years.
This is a regular premium plan where all modes of payment yearly, half yearly, quarterly and monthly (ECS mode only) are allowed.
The minimum sum assured for ECS monthly mode is Rs 75000 and Rs 50,000 for other modes, there being no limit on the maximum sum assured.
