LIC Jeevan Varsha Plan

Type

A close ended Money Back plan.

Basis

Individual.

Coverage

1. Death Benefit: In the event the life insured dies during the policy term, the sum assured is payable along with guaranteed and loyalty additions.
2. Survival Benefit: The policyholder gets the following survival benefits:9 year term:At the end of 3 years - 15% of sum assuredAt the end of 6 years - 25% of sum assuredAt the end of 9 years - 60% of sum assured with guaranteed and loyalty additions.12 year term:At the end of 3 years - 10% of sum assuredAt the end of 6 years - 20% of sum assuredAt the end of 9 years - 30% of sum assuredAt the end of 12 years - 40% of sum assured with guaranteed and loyalty additions.

Sum assured

Minimum: For monthly mode it is Rs.75,000 and for other modes it is Rs.50,000.

Maximum: No limit

Minimum Premium amount

For sum assured Rs.1,000 the premium is as follows for different age group for different policy term:

1. Age 20: Rs.161.85 for 9 year term and Rs.165 for 12 year term.
2. Age 25: Rs.161.90 for 9 year term and Rs.165.10 for 12 year term.
3. Age 30: Rs.162.05 for 9 year term and Rs.165.30 for 12 year term
4. Age 35: Rs.162.45 for 9 year term and Rs.165.85 for 12 year term
5. Age 40: Rs.163.20 for 9 year term and Rs.166.90 for 12 year term
6. Age 45: Rs.164.60 for 9 year term and Rs.168.65 for 12 year term
7. Age 50: Rs.166.95 for 9 year term and Rs.171.50 for 12 year term

Premium paying frequency

Monthly, quarterly, half-yearly and yearly.

Premium paying method

Monthly premium payment must be transferred through ECS or direct debit.

Revival

If the premium which is due is not paid within the grace period, then the policy will lapse. The policy can be revived within 5 years from the date of the first unpaid premium or before maturity. The arrears must be paid with interest.

Bonuses

No bonus offered.

Surrender Value

The surrender value will be paid after completing 3 policy years. It is 30% of the total amount of the premiums paid.

Paid-up value

If you have paid 3 full year premiums, and you fail to pay premiums after the 3 years, the policy doesn't lapse instead it will be converted to a paid-up policy.

Loan

Loan facility is available after the policy acquired paid-up value.

Grace period

30 days grace period will be allowed for yearly, half-yearly and quarterly premiums. 15 days for monthly premium.

Free look period / Cooling off period

The plan has a 15 days free look period from the date of receipt of the policy document. After submitting in writing the reason for you to cancel the plan you will receive refund on the date of allocation along with deductions, if any.

Tax benefits

Tax benefits that are relevant will be applicable.

Nomination

You can appoint a nominee.

Exclusion

If the policyholder commits suicide within a year from the date of taking the policy, the nominee will get the fund value as available on the date of death.