"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • LIC Jeevan Varsha Plan

    LIC Life Insurance

    LIC Jeevan Varsha provides periodic payments and maturity benefits and death benefits. You will also get guaranteed and loyalty additions on death and maturity.

    Eligibility Conditions of LIC Jeevan Varsha

    Entry Age

    Minimum – 15 years

    Maximum – 66 years

    Maturity Maximum – 75 years
    Policy Term

    9 years

    12 years

    Key Features of LIC Jeevan Varsha

    Type

    A close ended Money Back plan.

    Basis

    Individual.

    Coverage

    • Death Benefit: In the event the life insured dies during the policy term, the sum assured is payable along with guaranteed and loyalty additions.
    • Survival Benefit: The policyholder gets the following survival benefits:

      9 year term:

      At the end of 3 years – 15% of sum assured

      At the end of 6 years – 25% of sum assured

      At 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 assured

      At the end of 6 years – 20% of sum assured

      At the end of 9 years – 30% of sum assured

      At 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:

    • Age 20: Rs.161.85 for 9 year term and Rs.165 for 12 year term.
    • Age 25: Rs.161.90 for 9 year term and Rs.165.10 for 12 year term.
    • Age 30: Rs.162.05 for 9 year term and Rs.165.30 for 12 year term
    • Age 35: Rs.162.45 for 9 year term and Rs.165.85 for 12 year term
    • Age 40: Rs.163.20 for 9 year term and Rs.166.90 for 12 year term
    • Age 45: Rs.164.60 for 9 year term and Rs.168.65 for 12 year term
    • 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.

    Advantages of of LIC Jeevan Varsha

    • Survival benefits are paid.
    • Death benefit is offered to the nominee.
    • Guaranteed additions of Rs.65,000 sum assured for 9 year policy term of LIC and Rs.70,000 per year for 12 year policy term is offered.
    • Loyalty additions are paid based on maturity or on death.
    • Tax benefits can be availed.

    How the Plan Works

    Miss. Shubha who is 35 years old invested in LIC Jeevan Varsha for 12 year term. The premium paying term is 9 years. The annual premium she has to pay is Rs.16,053. The sum assured is Rs.1 lakh. She will get guaranteed additions of Rs.1,000 per year per sum assured. The guaranteed benefits by the end of the 12th year will be Rs.1,84,000.

    Premium Payment

    The premium paying term is 9 years. The premium can be paid yearly, half-yearly, quarterly or monthly. The monthly payments are to be made through ECS or Direct Debit.

    Riders

    This policy has no riders.

  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.