LIC launches Jeevan Varsha plan
Life Insurance Corporation of India, premium insurance company, recently launched a new insurance plan with guaranteed addition money back plan. The plan provides guaranteed benefits on death as well as maturity and has a few unique features as well
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, our 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. The plan would be open for sale from February 16, 2009 to March 31, 2009.
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 SA per year for nine-year term and Rs 70 per thousand SA 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.
The loyalty additions are also payable depending on the experience of the corporation with regard to interest rate assumed, expenses and mortality.
The plan has provisions for loan, surrender and revival. Usual conditions regarding grace period and cooling-off are also applicable to this plan. Tax benefits as per the existing income tax rules are also admissible.
The plan is ideally suited for a person who wishes to plan for his future needs arising at different intervals, ensuring complete safety of his capital and with assurance of a reasonable rate of return. In other words it is a key to open the doors of enjoyment and happiness for the buyers.
.can u tell me the details of premium amount for Rs.50000 and Rs 75000 for 12 yeras & 9 years
.can you please tell me what is the premium amount for quarterly term if the sum assured is Rs. 50000 and Rs. 100000 for 12 years and 9 years and the details of returns at the end of 3rd, 6th, 9th and 12th years.
.can you tell whether this scheme is for N.R.I'S also and second question is if i want to take policy for 5,00,000,how much money in return i will get after 3,6,9 and 12 years and how much i have to pay for this yearly as my age is 43.pl give the information at the earliest.
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