Jeevan Varsha – Unique Money Back Plan

LIC Jeevan Varsha Summary:

Jeevan Varsha (Plan No. 196) is a money-back plan with Guaranteed Additions and Loyalty Additions if any.
Jeevan Varsha is a close-ended plan and it would be open for sale from 16th February 2009 to 31st March 2009.

1. Features:

  • Short-Term Money-Back for 9 Years or 12 years.
  • Policy Term for 9 Years or 12 Years
  • Assured Money-Back every 3 years (Survival Benefit)
  • Guaranteed Returns – Rs.65 per Thousand for 9 Years and Rs.70 per Thousand for 12 Years
  • Complete Risk Coverage throughout the Tenure
  • Profit-Sharing through Loyalty Additions.

2. Benefits:

A) Death Benefit:
On death during the policy term excluding last policy year:  Sum Assured with accrued Guaranteed Additions.
On death during last policy year:  Sum Assured with accrued Guaranteed Additions along with Loyalty Addition if any.

B) Survival Benefits in Jeevan Varsha:

Survival benefits will be payable as given below:

Survival at end of 9-year plan12-year plan
3rd year15% of Sum Assured
10% of Sum Assured
6th year25% of Sum Assured20% of Sum Assured
9th year60% of S.A +G.A + L.A30% of Sum Assured
12th yearNA40% S.A+ G.A+ L.A

c) Maturity Benefit

For policy term of 9 years: 60% of the Sum Assured along with Guaranteed Additions and Loyalty Addition, if any, will be payable.

For policy term of 12 years:  40% of the Sum Assured along with Guaranteed Additions and Loyalty Addition, if any, will be payable as described in the above survival benefit table.

D) Guaranteed Addition:

The Guaranteed Addition will accrue for each policy year at the following rates:

– Rs. 65 per thousand Sum Assured per year for a policy of 9 years term.

– Rs. 70 per thousand Sum Assured per year for a policy of 12 years term.

In case of a death claim or surrender of a fully paid-up policy (applicable for a policy term of 12 years), the Guaranteed Additions for the policy year of death or surrender will be added fully.

In the case of surrenders and paid-up policies, the Guaranteed Additions for the policy year in which the last premium is received will be added on a proportionate basis. For example, if two months’ premiums have been received for the policy year, then 2/12th of the Guaranteed Additions for that policy year shall be added.

E) Loyalty Addition:

Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy will be eligible for Loyalty Addition on death during the last policy year or on the Life Assured surviving the stipulated date of maturity at such rate and on such terms as may be declared by the Corporation.

Eligibility Conditions and Restrictions Jeevan Varsha:

a) Minimum Sum Assured: Rs.75,000/- for ECS monthly mode OR Rs 50,000/- for other modes

b) Maximum Sum Assured: No limit

c) Minimum age at entry: 15 years completed.

d) Maximum age at entry: 66 years (nearest birthday) for the policy of term 9 years 63 years(nearest birthday) for the policy of term 12 years

e) Maximum age at maturity: 75 years nearest birthday

f) Policy Term : 9 & 12 years

g) Premium Paying Term:9 years

The Sum Assured shall be in multiples of Rs. 5,000.

Age at entry for the life assured is to be taken as age nearest birthday except for the minimum age at entry i.e. 15 years.

4. Modes of Premium Payment :

You can pay premium Yearly, Half-yearly, Quarterly, and Monthly (through ECS only)

Grace Period For Payment Of Premium:

A grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured shall be paid after deduction of the said premium as also unpaid premiums falling due before the next Policy anniversary.

If a premium is not paid before the expiry of the grace days, then the Policy will lapses.

5. Rebates (Discount):

Mode Rebates:

Rebates are available at the following rates:
Yearly mode: 2% of tabular premium
Half-yearly mode: 1% of the tabular premium

Sum Assured Rebates:

Sum Assured
Rebate
Less than Rs.1, 00,000Nil
Rs 1, 00,000 to Rs 1, 99,999Rs 2.00
Rs 2, 00,000 ato Rs. 4,99,999Rs 3.50
Rs. 5,00,000 and aboveRs 5.00

6. Paid-Up Value:

If after at least 3 full years’ premiums have been paid in respect of this policy and any subsequent premium be not duly paid, this policy shall not be wholly void but shall subsist as a paid-up policy for a reduced sum.

7. Guaranteed Surrender Value:

The Guaranteed surrender value will be available after the expiry of 3 policy years, provided the premiums have been paid for at least three years. The guaranteed surrender value allowable under this policy is equal to 30 percent of the total amount of the premiums paid excluding the premium for the first year, all extra premiums that may have been paid and the number of survival benefits paid earlier. The cash value of any existing guaranteed additions will also be payable.

Jeevan Varsha Special Surrender Value:

The special surrender value will be payable if it is more favorable to the policyholder. The Special Surrender Value will be the discounted value of the Sum Assured and Guaranteed Additions accrued. The discount factors shall be the special surrender value factors used for the Endowment Assurance plan, which will depend on the policy term and the duration elapsed since the commencement of the policy. The cash value of any existing guaranteed additions will also be payable.

10. Loans:

A loan facility will be available under this plan after the policy acquires paid-up value.
The rate of interest charged for this loan amount would be determined from time to time by the Corporation (LIC Of India).


Update: Plan No. 196 Has Been Discontinued.


42 thoughts on “Jeevan Varsha – Unique Money Back Plan”

  1. rajesh bahirwar

    I want to surrender my policy JEEVAN VARSHA MONEY BACK PLAN-922376423,open in 10-july-2009.But Because of my financial problem I unable to pay premium monthaly 4308/-. plz tell me how much amount I will get.

  2. To Buy a New LIC Insurance Policy in Kolkata, please call/SMS our LIC DMKT DEPARTMENT 9007468003 (Kolkata only)

  3. I took a policy for Rs.50,000, under this 12 year plan (table 196) i am investing Rs.4087.00 half yearly, which will become an amount of Rs.73,566.00 after 9 years of regular premium payment.

    Rs.73,566.00 – Rs.50,000.00= Rs.23,566.00

    Now my question is, if i get total money back after 12 years (i.e 100% of sum assured=Rs.50,000.00), what about the remaining amount of Rs.23,566.00 ??
    How could i become benefited at the time of maturity??

    waiting for a quick reply.
    with regards
    Shabin Das.

    1. Hi Shabina Das

      Apart from the sum assured u will get Guaranteed Returns of 3500*12=42000 and Loyalty addition based on corporation profit ration

  4. Mrs. J.Rama Dev i have a same question fom corporation….
    did u get ant reply from the corporation….
    i yes plz forward me the same detail…
    thanks mam…

  5. Respected sir,

    I have taken policy 12 years for Rs.16150 with half yearly premium 8075 in jeevan varsha policy in 2009 .so i would like to know how much i will get money back after 3 years, 6 and 9 years.

    today only i have paid the 3rd yr premium, when i will get money for first 3rd year. whats the procedure.

  6. hi dis s kannan my age s 24 i need a sum assured of 10,00,000 for 9yrs jeevan policy for that i want to know my monthly premium ,returns &benefits dteails

  7. I’m looking for a long term guaranteed return policy, So If i want to invest 20,000 per year for 20 years then which policy will be good for me to give me a good guaranteed return.

    Please also give me the example also with money return. I don’t want to go with ULIP plans.

    Thanks
    Amit Patel

  8. Respected sir,
    i invest 20 years for Rs.20000 in jiven varsha policy .so how many Rs. get me yearly.After 20 year which amount give me.
    plz tell me some information.

  9. I have subscribed LIC jeevan varsha plan 196 for 9 years, sum assured 5,00,000/- and paying 6827/ p.m. premium through ECS. So totally I am paying Rs. 81,124/ p.m and 7,37,316/- per 9 years term. It means I am paying 2,37,316/- more than the sum assured.What happens to the extra 2,37,316 money? will your corporation return thisa amount along with your guaranteed additions and loyalty additions. Please clarify and send e-mail to me. Thank You
    Rama Devi

  10. Dear sir,

    pl. send me the details of highest return insurance policy lic of India. also send the details of jeevan varsha and jeevan aastha ,market plus policy with details example of premium rs.100000/-

  11. dear sir

    i got jeevan varsha for an annual premium of Rs 31189.00.
    Could you please let me know my sum assured value.
    Please reply on my mail ID.

    Thanx
    Pankaj

    P.S. my DOB is 14-03-1972

  12. sathish kulkarni

    I request you to kindly send onle wealth plus plane form No.300(WP) thank you sir,

    Kulkarni

  13. sandip ramesh shelar

    i am lic advisore, i asked the new policy detail in sent to my email id also help the policy detail in best webside in lic side

  14. Dear sir/madam

    I wanted to insure 200000 for 12 years,plz tell what will be my premium for quarterly,halfyearly and annual.my d.o.b. is 05/01/1982.plz reply this.

  15. dear sir,
    my d.o.b. is 05/01/1982. I want to know that for 2lacks insurance what’s amount i have paid yearly.plz give me detail on my mail id

  16. Hi,

    I wanted to insure 100,000 f0r 9 years, please tell me what will be my premium for quarterly.

    Thanks,
    Regards,

    Savitha

  17. for jeevan varsha,for 50,000 how much i hav to pay for monthily,quarterly,half yearly,and yearly.plz let me know exact full amount which i hav 2 pay with details.and more over what all benifits i will get comparteivly with each type of payment(monthily,quarterly,half yearly,and yearly)

    waiting 4 u r valuable information,i hope u will replz soon.
    regards
    sagar

    1. For a 25yrs old individual premium would be Rs.7933/- annual. For details on jeevan varsha and its benefits please refer the website or use search feature on left corner.

  18. Please tell me Jeevan Varsha is a UNIT Link Plan or not.

    I want to invest Rs. 25000/- every year for 12 year plan.
    Now please tell is this a unit link plan or not? Please tell me at the earliest and also tell me that after 12 year howmuch amount I shall get?(Approximately).

  19. DR.MANOJ KUMAR GAUTAM

    I am 34yrs old and I want jeevan varsha policiy on yearly mode of premium, what is my premium ammount?

  20. Dear Sir/madam,

    I want to know monthly premuim of jeevan varsha plan
    & how many years i have to pay, & i want to know about money back

  21. hi,I want to invest 1 lakh on single payment for 9 years ,pls inform me benefits and details.Thanks and regards by Elango

    1. @V.ELANGOVAN,

      Jeevan varsha is regular premium plan. If you need to pay only one time premium then you must go for any other plan. I would suggest Jeevan Tarang. Let me know what you need?

  22. shaikh sahazahan

    my age 34 yr i wants to do a policy of lic jeevan varsha,s.a rs 50.000/- for 9yr plan,how much i pay yearly premium plz inform me.
    with regards
    Shaikh Sahazahan
    jaj pur,orissa,india

    1. @Bharat Lal Jangir,

      Jeevan Varsha is a regular premium plan. You may go for any other plan. ie.. Jeevan Tarang

  23. dear sir
    i have few enquiries pl comment,whether jeevan varsha is for N.R.I’S also.if suppose i take policy for 10,00,000 how much i have to pay every year if my present age is 43 and how much money i will get after 3,6,9 and 12 years[pl tell me amoun not the percentage] and on maturity how much money i will get ,[again pl explain amount wise] write in detail.,waiting for a quick reply.
    parvinder

    1. @parvinder,

      Your premium would be Rs. 1,55,672 yearly for 10 lakh sum assured

      Money back is as follows:
      3rd year 15% of Sum Assured
      6th year 25% of Sum Assured
      9th year 60% of S.A +G.A + L.A

  24. Hi
    Could you please give me an example of this scheme.
    I want to invest monthly Rs.1000 for 9 years. Please tell me the benefits.with calculation.

    thanx

    Sudhir Jadhav

  25. Kindly give the details of premium to be paid, agewise for Jeevan Varsha.

    Thanks

    Rajinder

  26. Hi,

    Could you please give me an example of this scheme.
    I want to invest 40,000 Rs. for 9 years. Please tell me the benefits.

    Thanks in Advance.
    Kunal

    1. @Kunal,

      This is regular premium policy. You need to pay premium for 9 years. You can pay monthly, half yearly or yearly.

      Return depends on your sum assured.

      If you go for 1lakh sum assured for 9 yrs term
      you will get money back on every 3 yrs:
      3rd year 15k
      6th year 25k
      and finally on 9th year 60k +G.A + L.A

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