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.

Also Read  New Jeevan Nidhi

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:

Also Read  Komal Jeevan

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.

Also Read  Jeevan Mitra

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.


  1. 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

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

    • @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?

  3. Bharat Lal Jangir March 9, 2009 at 8:13 am

    Please send me One time paid Plan. Thanks

  4. shaikh sahazahan March 9, 2009 at 8:11 am

    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

  5. Bharat Lal Jangir March 9, 2009 at 8:09 am

    Please send me the plan to full payment in one time.Thanks

    • @Bharat Lal Jangir,

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

  6. 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

    • @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

  7. 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

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

    Thanks

    Rajinder

  9. 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

    • @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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