LIC has always been sensitive to the changing aspirations of its customers and thusbrings out different products from time to time to cater to those needs . Close on the heels of Jeevan Aastha, whichwas a runaway success, our latest offering is Jeevan Varsha, a Close-endedGuaranteed Additions plan. The Planprovides guaranteed benefits on death as well as maturity and has a few uniquefeatures. The Plan would be open for sale from 16th February 2009 to 31st March 2009 .
It is a Money Back Plan with only 2 Policy terms i.e., 9 years and 12 years , withPremium paying term restricted to only 9 years for both . This has been done keeping in view thepreference of the people for short duration policies. Further it offersattractive Guaranteed Additions of Rs.65/- per thousand S.A. peryear for 9-year term and Rs. 70/- per thousandS.A.for a policy of 12-year term.
For the first time in any Money Back Policy, the Survival Benefits are payable every 3 years. This means that for a 9-yearterm policy, the payouts would be at the end of 3rd,6thand 9th years and for a 12-year term policy, the payouts would be atend of 3rd,6th,9th and 12th years. This provision makes Jeevan Varsha aplan with periodical payments (Survival benefit) and helps the buyer in meetingvarious expenses during the course of the policy , while enjoying fullinsurance coverage for the entire policy term .
Any person who has completed 15 years of age can buy this policy so that firstSurvival Benefits becomes payable to him only after he attains majority. The maximum age at maturity has been peggedat 75 years which means that the maximum age of entry for 9-year term would be66 years and for the 12-year term it would be 63 years.
This is a regular premium plan where all modes of payment Yearly,Hly,Qly and monthly (ECS mode only)are allowed.
The minimum Sum Assured for ECS monthly mode is Rs. 75000/- and Rs. 50,000/- forother modes, there being no limit on the maximum Sum Assured.
The Loyalty Additions are also payable depending on the experience of theCorporation with regard to interest rate assumed, expenses and mortality.
The plan has provisions for Loan, Surrender and Revival. Usual conditions regarding Grace Period andCooling-off are also applicable to this plan. Tax Benefits as per the existingIncome Tax Rules are also admissible.
The plan is ideally suited for a person who wishes to plan for his future needsarising at different intervals, ensuring complete safety of his capital andwith assurance of a reasonable rate of return. In other words it is a key toopen the doors of enjoyment & happiness for the buyers.
Is there any change to extend the last date?