Jeevan Varsha – Unique Money Back Plan

LIC Jeevan Varsha was a close-ended money-back insurance plan introduced by the Life Insurance Corporation of India (LIC) to offer policyholders a blend of guaranteed returns and loyalty additions. Although this plan was discontinued and is no longer available for new policies, it provided comprehensive financial security through short-term money-back options with unique benefits. Here’s an overview of the features, benefits, and legacy of the LIC Jeevan Varsha plan.

Overview of LIC Jeevan Varsha

Jeevan Varsha was available from February 16, 2009, to March 31, 2009, and was structured with flexible short-term terms to suit the varying needs of policyholders.

Key Features of LIC Jeevan Varsha

1. Policy Terms
   • Offered two short-term policy options: 9 years or 12 years.
2. Survival Benefits
   • Policyholders received money-back payments at intervals throughout the policy term:
     • For the 9-Year Term:
       • 3rd Year: 15% of Sum Assured
       • 6th Year: 25% of Sum Assured
       • 9th Year: 60% of Sum Assured + Guaranteed Additions (G.A.) + Loyalty Additions (L.A.)
     • For the 12-Year Term:
       • 3rd Year: 10% of Sum Assured
       • 6th Year: 20% of Sum Assured
       • 12th Year: 40% of Sum Assured + G.A. + L.A.
3. Guaranteed Returns
   • Guaranteed returns accrued based on the policy term:
     • 9-Year Term: ?65 per ?1,000 sum assured
     • 12-Year Term: ?70 per ?1,000 sum assured
4. Risk Coverage Throughout Policy Term
   • Comprehensive risk coverage was provided for the entire term, ensuring financial protection.
5. Profit-Sharing
   • The plan was eligible for loyalty additions based on LIC’s annual profits, providing an additional benefit.

Benefits of LIC Jeevan Varsha

Death Benefit

• During the policy term (excluding the last policy year): Sum Assured + accrued Guaranteed Additions.
• During the last policy year: Sum Assured + Guaranteed Additions + Loyalty Additions.

Maturity Benefit

• 9-Year Term: 60% of Sum Assured + G.A. + L.A.
• 12-Year Term: 40% of Sum Assured + G.A. + L.A.

Guaranteed Additions

Guaranteed additions were accrued at predetermined rates based on the policy term, enhancing the benefits for death or surrender scenarios.

Eligibility Conditions for LIC Jeevan Varsha

1. Sum Assured
   • Minimum: ?75,000 for ECS mode; ?50,000 for other modes.
   • Maximum: No specified limit.
2. Entry Age
   • Minimum: 15 years
   • Maximum: 66 years for 9-year policy; 63 years for 12-year policy.
3. Premium Payment Term
   • Fixed at 9 years, with flexible payment modes including yearly, half-yearly, quarterly, and ECS monthly.
4. Grace Period and Rebates
   • Policyholders could benefit from a grace period for premium payments. Rebates were available for premium payment modes and higher sums assured.

Additional Features: Premium Payment and Surrender Value

The premium payment modes included yearly, half-yearly, quarterly, and ECS monthly options, providing flexibility. A guaranteed surrender value was accessible after three years of premium payments.

Looking for Similar Options?

Though LIC Jeevan Varsha is now discontinued, LIC offers alternative plans with similar benefits. For example, the LIC Dhan Varsha Plan provides a single premium format, offering both savings and insurance benefits in one.

To explore more insurance options with LIC, consider reading about the LIC Jeevan Saral, a flexible plan offering additional benefits, or visit the LIC Jeevan Anand page for details on endowment insurance plans.

Conclusion

LIC Jeevan Varsha provided a robust combination of guaranteed returns and financial security, aimed at delivering value through periodic money-back options and loyalty additions. As it is now discontinued, interested individuals should explore LIC’s current offerings like Dhan Varsha or LIC Jeevan Anand for alternative solutions.

For more insights on LIC plans, such as LIC’s health protection policies and LIC wealth management options,